State Bank of India launched two new home loan products – SBI Easy Home Loan and SBI Advantage Home Loan, with processing fee for both waived till September 30.
While SBI Easy Home is for loans up to Rs 30-lakh, SBI Advantage Home is for home buyers in the premium segment above Rs 30-lakh, a press release issued here said.
In SBI Easy Home Loan, the interest rate charged on a daily reducing balances would be 8 per cent per annum for the first year and 9 per cent per annum fixed for the second and third years.
From the fourth year onwards, the customer can choose between a floating rate of 2 per cent below the State Bank Advance Rate (SBAR) and a fixed rate of 1 per cent below SBAR with a five-year reset, the release said.
The indicative EMI for the first year would be Rs 836 and for the next two-years Rs 898 for a loan tenure of 20-years.
SBAR is 11.75 per cent with effect from June 29.
SBI Advantage Home, targeted at premium home buyers (above Rs 30-lakh), will have an 8 per cent per annum fixed interest for the first year and 9.5 per cent per annum fixed for the second and third years, the release said.
