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StaffCorner

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02 Aug, 2016 10:08 PM

SBI offers cheaper home loans to govt employees

SBI offers cheaper home loans to govt employees Indian banks are eyeing the enhanced repaying capacity of Central government employees who got salary hike after the NDA government accepted the recommendations of the 7th Central Pay Commission (CPC). State Bank of India (SBI) is the first, offering home loan schemes with lower interest and extended tenure to repay the loan amount.

Central government employees would now have the option to repay home loans up to the age of 75 years, as against 70 at present, with the monthly outgo (equated monthly instalments, or EMIs) reducing after the borrower retires from service.

The bank is also offering full waiver of processing fee and a marginal reduction of 0.05 percent in interest rate to attract them. There are about 47 lakh Central government employees, including 14 lakh defence personnel, who will benefit from the salary hike.

"Benefit of lower interest rate as a concession of 5 bps (0.05 per cent) 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," SBI said in a statement.
The bank launched two schemes under which it will be offering home loans to employees who draw their salaries from the Central government.

Read more at http://www.ibtimes.co.in/7th-pay-commission-sbi-offers-cheaper-home-loans-govt-employees-after-salary-hike-688643#7BtW7IskoAr2VPqz.99



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