ibnlive » Business

Aug 07, 2009 at 06:08pm IST

SBI launches 'My Home' campaign for home loan

Mumbai: India's largest bank, State Bank of India, on Friday said it was launching a three-month-long home loan campaign called SBI My Home Campaign, which will offer loans at attractive interest rates and zero processing fee to home buyers during the forthcoming festival season.

The campaign will be launched on Saturday, a press release issued in New Delhi said.

There are several home loan schemes under the ambit of this campaign that will facilitate home loans during the three-month festival season.

HOMELY AFFAIR: SBI's 'My Home' campaign will be launched on Saturday.

One of them is the SBI Hi-Five Home loan, through which one could borrow up to Rs 5 lakh at 8 per cent interest (fixed) for five years.

Thereafter, the customer has an option to choose between floating rate of 2.75 per cent below the State Bank Advance Rate (SBAR) or a fixed rate of 1.25 per cent below SBAR for a further loan term of five years, the release said.

Those who need loans up to Rs 50 lakh can avail SBI Easy Home Loan where interest is fixed at 8 per cent during the first year and 8.5 per cent per annum during the second and third year.

After three-years, the customer can choose between a floating rate at 2.75 per cent below SBAR or a fixed rate at 1.25 per cent below SBAR.

Customers can further consolidate the gains of lower interest rates by availing SBI's Maxgain overdraft facility, the release said