New Delhi: There’s good news for home loan borrowers. The State Bank of India (SBI), the country’s largest lender, on Saturday announced a special home loan offer for new customers as well as existing customers.
Under the scheme, SBI will offer home loans at an interest rate of 8 per cent for one year. The scheme will be valid between February 2 and April 30 of this year.
After one year, interest payable under the new offer will be realigned with the original rates applicable under the respective schemes.
The move comes ahead of a bankers’ meet with external affairs minister Pranab Mukherjee, who also holds the portfolio of finance ministry, on Monday. The issue of interest rate cut is expected to be taken up at the meeting.
Meanwhile, for its existing customers, SBI has introduced a scheme – SBI Lifestyle loan – under which customers can avail eight per cent interest rate for a period of one year.
However, this facility would be available to the extent of 10 per cent of their home loans but up to a maximum of Rs 5 lakh.
Existing borrowers under two schemes — up to Rs 5 lakh and between Rs 5 lakh and Rs 20 lakh — will be eligible for this offer.
For small and medium enterprises (SMEs), the bank has introduced a package under which an additional working capital facility of 20 per cent of the fund-based limits will be extended at 8 per cent to take care of inventories of raw materials, finished goods and delayed payments from buyers in the current downturn. This will also have a freeze period of one year.
Besides, under a scheme called SME Help, term loans will be offered at 8 per cent for the first year to purchase fixed assets like generator sets.
After the first year, the applicable rate will be charged for the loans.
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