SBI Launches Home Loans for Govt. and Defence Employees

NewsVoir | 01 Aug, 2016
Continuing with the long standing tradition of introducing innovative Home Loan products, State Bank of India has introduced two new Home Loan products âSBI Privilege Home Loanâ for Government Employees and âSBI Shaurya Home Loanâ for Defence Personnel. Under the new schemes, employees of Central / State Governments, Defence Forces, PSBs, PSUs of Central Government and other individual(s) with pensionable service will be offered schemes tailored to their specific needs which help them to purchase a spacious / luxurious home without stretching their post-retirement finances. The key features, common across the twin schemes, are as follows:

    Reduced burden of servicing EMIs under the new schemes as lower EMIs would need to be serviced during the post-retirement term.

    Flexibility of selecting a longer loan term as extended repayment up to the age of 75 years is available under the scheme. Under existing Home Loan schemes, repayment is normally available up to the age of 70 years only.

    Benefit of lower interest rate as a concession of 5 bps over the Home Loan Card Interest Rate is available wherever check-off facility is extended by the Government under tie-up arrangement with the Bank.

    Full waiver of Processing Fee.

    Option for customers of other Banks / FIs to switchover their Home Loan outstanding balance to State Bank of India.

The launch of âSBI Privilege Home Loanâ and âSBI Shaurya Home Loanâ products is timed with the notification of 7th Pay Commission recommendations by the Government. Surplus income can thus be utilized by Government Employees and Defence Personnel towards purchase of new / better house.

Further details about the products are available on our website www.sbi.co.in.