SBI: Launched New Scheme For Its Existing Housing Loan Customers

India's largest lender SBI (State Bank Of India) had launched a new scheme for its existing housing  loan customers.

Currently, old customers with floating interest rate can reduce their home loan interest rates as par with the new customer by paying one time fees of 1 per cent  for outstanding loan amount.

Now, customers are paying 2 per cent  to 2.5 per cent  higher interest rate as compare to new customers & after opting this scheme they will be at par with the new customer rate as provided below .No fixed rate home loan option in any limit bracket.

 The new rates as applicable from August 7, 2012 (07.08.2012 ) is given below.

Loan Amount in Rs	Linkage with Base Rate over the tenor of the loan	Effective Rate (%)
Up to Rs. 30 lacs	0.25% above Base Rate	10.25 p.a
Above Rs. 30 lacs and up to Rs. 75 lacs	0.40% above Base Rate	10.40 p.a
Above Rs. 75.00 lacs	1.25% above Base Rate	11.25 p.a

Suppose any one's housing loan is for Rs. 30 lacs and are paying 12.25 % interest loan rate then by paying one time fees can convert housing  loan interest rate to 10.25 % .

The decision will help a one third of its housing loan customers of above 17 lakh in bringing down interest payments by as much as 2%, or a gain of  nearly  Rs. 3,000 a month on a 20 year, Rs. 25 lakh mortgage. Conversely, it could bring down the tenor by a few years. 

Same time, the SBI bank give any guarantee to again raised the floating interest rate. So, think one more time then pay 1% of outstanding home loan amount.

Contact your SBI branch for more details & share your experience with www.myreality.in 

Email Id : myrealityindia@gmail.com

Photo: Hindu 

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