'My Home' campaign by SBI for home loans

The campaign will be launched on Saturday, stated a press release.

There are several home loan schemes under the ambit of this campaign that will facilitate home loans during the three-month festival season. One of them is the SBI Hi-Five Home loan, through which one could borrow up to Rs 5 lakh at 8 per cent interest (fixed) for five years. Thereafter, the customer has an option to choose between floating rate of 2.75 per cent below the State Bank Advance Rate (SBAR) or a fixed rate of 1.25 per cent below SBAR for a further loan term of five years, the release said.

Those who need loans up to Rs 50 lakh can avail SBI Easy Home Loan where interest is fixed at 8 per cent during the first year and 8.5 per cent per annum during the second and third year. After three-years, the customer can choose between a floating rate at 2.75 per cent below SBAR or a fixed rate at 1.25 per cent below SBAR.

Customers can further consolidate the gains of lower interest rates by availing SBI’s Maxgain overdraft facility, the release said.

High-end customer
For high-end customers, State Bank has come up with SBI Advantage Home Loan, which is for loans above Rs 50 lakh. SBI Advantage Home Loan have an attractive fixed interest rate of 8 per cent per annum during the first year and a fixed rate of 9 per cent per annum during the second and third year.Interest rate after three years will be either floating at 1.75 per cent below SBAR or will be fixed at 0.75 per cent below SBAR at the choice of the customer, the release said.

The bank said the market response to its special initiatives on the home loans “has been overwhelming.”

“This is evident in the YoY increase of Rs 10,076 crore in SBI’s individual home loan book as on May 2009,” it said.

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