Mumbai: India's largest bank, State Bank of
India, today said it was launching a three-month-long home
loan campaign called SBI My Home Campaign, which will offer
loans at attractive interest rates and zero processing fee to
home buyers during the forthcoming festival season.
The campaign will be launched tomorrow, a press release
issued here said.
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
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.
First Published: Friday, August 07, 2009, 19:00