‘Borrow now, repay at
leisure’ seems to be the new refrain for aspiring home buyers as leading banks
gear up to improve their retail credit portfolio by making housing loans
attractive with longer repayment periods & lower EMIs.
Housing loans
bellwether SBI (State Bank of India) has fired the first salvo by announcing
home loans with a 30-year repayment period - the longest any bank has offered
in India’s banking history.
The new scheme
reduces the EMI (Equated Monthly Installment) for the customer, as compared
with the EMI he would pay if the repayment period was the normal 20 years the
banks and HFCs (Housing Finance Companies) offer.
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