February 2 2016, 15.35 PM IST || Pocket News Alert
Shri B. Ramesh Babu, Chief General Manager, in the presence of Shri G. Ravindranath, Shri. Indu Sekhar Dantu, General Manager, State Bank of India, Chennai Circle launched a New Variant in Home loan namely SBI FLEXIPAY HOME LOAN State bank of India, the biggest Commercial bank and a leading provider of Home Loans to public at present offering home loan at 9.50% for women borrowers For others the interest rate is 9.55%
This housing loan is unique in the Home Loan industry which offers benefits
* 20% extra loan amount
* Targeting mainly the Gen-next youngsters in the age group of 21 to 45
* Minimum experience in salaried service 2 years
* With a view to easing the stress on the customers, this product has been brought out in such a way that the payment of EMI is properties with the increase in salary
Offer special feature of this product is
* The moratorium period is available uo to 5 years, whereby interest alone has to be serviced. Thereafter, regular EMI has to paid for three years, followed by 5% increase in EMI for another three years. Finally, the loan outstanding will be liquidated with terminal EMI during the remaining period.
* The loan repayment period is available from 25 years to 30 years with an option for pre-payment.
* The minimum loan amount to be availed under the product is Rs 20.00 lacs.
As the strain on the borrower gets minimized during the initial loan period, it is expected that the SBI FlexiPay Home Loan, will attract the Gen-next in a big way.
Under the new scheme SBI, Chennai Circle has sanctioned 7 loans amounting to Rs 281.00 lacs. More details about the product are also available on Banks website www.sbi.co.in The Bank has also provided the facility of getting instant approval to the applicants by applying online onlineapply.sbi.co.in
