In continuation of its initiatives for putting housing sector back on the growth trajectory, SBI is launching a three month long “SBI My Home Campaign” from 8th August 2009 to facilitate home buyers during the forthcoming festival season. The Campaign kicks off with never before interest rates and nil processing fee.
Never before rates
The market response to SBI’s special initiatives- SBI Special Home Loans, SBI Happy Home Loans, SBI Easy Home Loans and SBI Advantage Home Loans- has been overwhelming. This is evident in the YoY increase of Rs.10,076 Cr in SBI’s Individual Home Loan book as on May 2009 as compared to the ASCB Home Loan growth of Rs.13,028 Cr during the same period.
Enthused by this, SBI has now come out with attractive home loan rates like never before- so customers can plan their budgets and relax!
The common man can now borrow upto Rs.5 Lacs under SBI Hi-Five Home Loan at an unbelievable rate of 8% fixed for a period of 5 years. Thereafter, the customer has an option to choose between floating rate of 2.75% below State Bank Advance Rate (SBAR) or a fixed rate of 1.25% below SBAR for a further loan term of 5 years.
People needing loans upto Rs.50 Lacs can take it easy with SBI Easy Home Loan, where interest is fixed at 8% p.a. during first year and 8.5% p.a. during 2nd and 3rd year. After 3 years, the customer can choose between a floating rate at 2.75% below SBAR or a fixed rate at 1.25% below SBAR.
Customers can further consolidate the gains of lower interest rates by availing SBI’s unique Maxgain overdraft facility.
High end customers will find an advantage in SBI Advantage Home Loan for loans above Rs.50 Lacs. SBI Advantage Home Loan comes with an attractive fixed interest rate of 8% p.a. during 1st year, and fixed rate of 9% p.a. during 2nd & 3rd year. Interest rate after 3 years will be either floating at 1.75% below SBAR or fixed at 0.75% below SBAR at the choice of the customer.
SBI’s total package
With lower repayment obligations during the initial fixed rate periods of 3/5 years, the customer can buy a new house without compromising on the lifestyle of the family. SBI’s prudent loaning practices help the customers keep borrowings in line with their present income levels. Assurance of SBI’s thorough due diligence is an added comfort. Free Personal Accident insurance offers complete protection. There is no levy for prepayment of loans out of customer’s own resources at any time. All this, at the customer’s doorstep through over 12,000 branches nationwide!
