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7th Pay Commission report recommendations: SBI offers cheaper home loans

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Mon August 01 2016, 6:24 pm
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    The 7th Pay Commission report has given a windfall to the Central government employees and despite the babus' complaints that it is not enough, it is not stopping a plethora of companies, banks and other financial institutions from trotting out goodies that they are going to buy as soon as they get their hands on the money. Very much in this frame of mind is the largest bank in India – the State Bank of India (SBI) – it has effected a massive home loan rate cut to entice the government servants to buy real estate, or at least consider it as a profitable investment option. According to SBI the tailor-made schemes will help govt staff to purchase homes that are spacious or even luxury homes without being forced to stretch their post-retirement money. Check the mouth-watering loan schemes:

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    7th Pay Commission report windfall is well on way into the bank accounts of the babus. SBI has swiftly moved to offer them a chance to buy their dream house – something that people in the private sector are finding it impossible to do, except at the highest echelons of the hierarchy. SBI home loan schemes for defence and other government employees are being given under the promise of extending the instalment tenure up to as high as 75 years of age. Plus more! (Reuters)

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    For the 7th Pay Commission report beneficiaries, SBI will offer two new home loan products 'SBI Privilege Home Loan' for government employees and 'SBI Shaurya Home Loan' for defence personnel and that too without charging any processing fee. In fact, SBI says, "Employees of central/state governments, defence forces, public sector banks, public sector enterprises of central government and other individuals with pensionable service will be offered home loans tailored to their specific needs." (Reuters)

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    On top of that, the 7th Pay Commission report beneficiaries will get another benefit of lower interest rate as SBI has cut the EMI burden post retirement and offered a 0.05 per cent concession over the home loan interest. This benefit is being extended by the govt through a tie-up with SBI. (Reuters)

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    And also, under the 7th Pay Commission report offers, those government servants who are customers of other banks or financial institutions will have an option to transfer their home loan outstanding balance to SBI. 7th Pay Commission report recommendations generated 'surplus income can thus be utilised by government employees and defence personnel to 'buy a new/better house', SBI said. (Reuters)

  1. S
    Simran Manek
    Aug 2, 2016 at 9:57 am
    SBI Offers Cheaper Home Loan - 7th Pay Commission Benificiary
    Reply

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