SBI Lending Rates To Boost Realty Business

The credit-linked subsidy of Pradhan Mantri Awas scheme is offering eligible borrowers of SBI home loan an interest subsidy up to Rs. 2.67 lakh.

SBI is offering a home loan at the rate of 8.35% under the Pradhan Mantri Awas scheme, for up to Rs 30 lakh. All eligible borrowers can avail an interest subsidy for up to Rs. 2.67 lakh from SBI which has curtailed its interest rates in line with the Pradhan Mantri’s scheme. The primary aim of this scheme is to reduce interest rates for the middle and the lower income groups. In addition to this, the bank has announced that existing loans can also be transferred to SBI without involving any processing fee.

There are 5 things for you to know about the SBI home loan facility.

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:

For salaried:

Borrower type Effective rate of interest
Women 8.35%
Other 8.40%
For non-salaried:
Women 8.50%
Others 8.55%

Officials from SBI said," Since we have dropped the interest rates to affordable levels, the Pradhan Mantri Awas scheme will help the middle and the lower income group to come forward and buy houses. This move of ours will definitely make people shed their fear and boldly apply for loan".

Under the Pradhan Mantri Awas scheme, the first time home buyers are eligible for subsidy on interest repayments. This is a credit-linked subsidy scheme run by the government. The National Housing Bank has come up with proper guidelines to avail loans under the Pradan Mantri Scheme which will become more and more affective, with the passage of time.

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.

As a forward step, SBI has introduced an app using which people can check their eligibility for loan and apply online. The SBI Loans app is available on both Android and iPhone platforms.

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