* Covering all new
staff home loan accounts with a group insurance policy as an added welfare
measure to all employees.
State Bank of India
(SBI) has revised home loan scheme for its employees by incorporating liberal
provisions in terms of maximum limits & expanded repayment period across
categories.
The scheme was last
revised in February, 2008. The latest revision was announced in a corporate
circular dated September 30, 2014.
The new home loan
entitlements were decided on by a meeting of the executive committee of the
central board held in Mumbai on September 19, 2014
The benefit of
revised home loan scheme will be applicable to all eligible employees who are
on roll as on September 19, 2014. The revised ceiling and interest rates will
be effective immediately to all new loans sanctioned / disbursed on or / after
September 30, 2014
The SBI is
considering the possibility of covering all new staff home loan accounts with a
group insurance policy as an added welfare measure to all employees.
The central board
noted that the loan limits fixed six years ago have lost relevance due to
increase in prices of land and construction materials. Property rates have gone
up substantially.
Employees / officers
have had to resort to borrowing on commercial rates to complete housing
projects or to acquire ready built-up flats / houses.
Existing commercial
housing loan may be converted under the new scheme. Option for enhancement of
loans is also allowed to liquidate existing loan, subject to conditions.
On promotion, an
employee will be permitted to draw up the entitlement to the grade / scale to
which he / she is promoted, for repaying loans taken on commercial / public
terms.
The SBI board noted
that a number of employees have raised additional home loan from the bank at
commercial rates. Such staff members may be permitted to take the home loan up
to their revised entitlement for repaying the outstanding home loan, subject to
conditions. This facility is available only as a one-time measure and has to be
used up before June 30, 2015.
Repayment for the new
loans will be in 360 instalments (224 for principal + 112 for interest + maximum
moratorium of 24 months.)
In the case of
existing loans, the original repayment schedule of 168 + 72 instalments will
continue.
Src: The Hindu
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