SBI’s special home loan scheme or teaser loan scheme has ultimately been extended up to 30th April 2010.
But the bank has stopped the teaser loan offer for loans less than Rs. 50 lakh. However, the bank has decided to extend its special home loan offer even after 30th March 2010 but did not make any official announcement of the duration of the extension of these loans.
As per the scheme, all home loans will attract an interest of 8% during the 1st year, 9% for the 2nd and 3rd year. After that, the loan will have a floating rate, based on the market condition.
At present, SBI offers 2 types of home loan products viz SBI Advantage and SBI Easy.
The previous period of the loan up to 31st March 2010 has been increased primarily because of the slow credit demand still prevalent in the country. SBI has nearly Rs. 50, 000 crore additional funds remaining to be disbursed. The rate is anticipated to remain until the base rate makes its entry.
Officials had said these teaser home loans have boosted the increase of the retail lending book of the bank.
SBI is the 1st bank to introduce the special home loan schemes in February 2009.
Get the best deals on loan offers
- Home loans
- Personal loans
- Car loans
Some useful personal finance calculators
- EMI calculator
- Loan repayment calculator
Also Read :
- SBI’s teaser home loans to extend beyond March
- Teaser home loans here today, gone tomorrow!
- More articles