- SBI's revised rates effective on new home loans from May 9, 2017
- Eligible borrowers can also avail interest subsidy up to Rs 2.67 lakh
- Affordable housing poised for major leap forward in near future, says SBI
Here are five things to know on SBI's affordable home loans scheme:
The revised rates are effective on new home loans from May 9, 2017. The rates are:
|Two year fixed interest rate home loans up to Rs 30 lakh:|
|Borrower type||Effective rate of interest|
Affordable housing push
"With a drop in interest rates and significant interest subsidy benefits offered by the Government of India, the affordable housing segment is poised for a major leap forward in the near future, with projects specially designed for the middle and lower income segments," SBI said.
Home loan borrowers buying their first home are eligible for subsidy on interest repayments under the Pradhan Mantri Awas scheme, which is a credit-linked subsidy scheme run by the government. National Housing Bank or NHB has come up with operational guidelines for availing subsidy under Pradhan Mantri Awas Yojana (Urban) for middle-income groups.
SBI is offering home loan takeovers without any processing fee till June 30, 2017. This facility is applicable on home loans from scheduled commercial bank, private and foreign banks and housing finance companies (HFCs) registered with the National Housing Bank (NHB), among others, SBI said.
SBI has also launched a mobile app - SBI Loans - that enables customers to check loan eligibility and apply for home loans online. The SBI Loans app is available on both Android and iPhone platforms.