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 has also launched a mobile app, called SBI Loans, which enables customers to check loan eligibility and apply for home loans online. The SBI Loans app is available on both Android and iPhone platforms.