SBI Offers Cheaper Home Loan - 7th Pay Commission Benificiary
State Bank Of India now launched two new home loan products for their defence and other Government employees to make more use of 7th pay commision benificiary.
This 7th pay commision specially designed home loan products which are “SBI Privilege Home Loan” for Government employees and “SBI Shaurya Home Loan” designed for defence personnel.
To make best use of 7th Pay Commision, State Bank Of India has launched cheaper home loan scheme for defence and other government employees.
According to State Bank Of India report, “Under these two new schemes, employees of Central Government and State Government, defense forces, Public Sector Banks, Public Sector Enterprises of Central Government nd also other individuals with available service which will be offered home loans tailored to their particular requirements”.
State Bank Of India also said that, these tailor-made products will also help customers to purchase their dream house or luxurious home without stretching their post finances.
Now employees of Central Government would have the new option to repay home loans up to 75 years of age as compared to 70 years at present, with the monthly export reducing after the borrower retires from their servise.
Currently there are approx. 47 lakh Central Government employees that include 14 lakh defence personnel, who will benefit from salary hike.
According to State Bank Of India, “Over the home loan card interest rate, benefit of lower interest rate as concession of 5 bps (0.05%), while check-off facility is increased by the government under tie-up arrangement with bank”.
State Bank Of India's current home loan schemes:
HomeLoan Interest Rate: 20bps above the MCLR
EMI per Lac for 30 year Tenor: Rs. 827
Maxgain above Rs.20 lacs & upto Rs. 1 Crore: 30bps above the MCLR
Maxgain above Rs. 1 Crore: 55bps above the MCLR
CRE maxgain: 75bps above the MCLR
HomeLoan Interest Rate: 25bps above the MCLR
EMI per Lac for 30 year Tenor: Rs. 830
Maxgain above Rs.20 lacs & upto Rs. 1 Crore: 35bps above the MCLR
Maxgain above Rs. 1 Crore: 60bps above the MCLR
CRE maxgain: 80bps above the MCLR