By Tricitynews Reporter
Chandigarh 17th
May:- The country’s largest lender and Home Loan provider, State Bank of India
has reduced the interest rates on Home Loans for borrowers for up to Rs. 30
lacs by 25 bps.
Mohan Ganeshan,
DGM Chandigarh said that the new rates, which are applicable to all new Home
Loans sanctioned after 09.05.2017, will give a fillip to the affordable Housing
segment, keeping in view the Prime Minister’s vision of providing Housing for
all by 2022. It will aid millions of home buyers to purchase their dream home.
The new rates offered by SBI are the lowest in the industry.
He mentioned
further that the interest rates for loans above Rs.30 lacs have also been
reduced by 10 bps. Over and above this lucrative interest rate, an eligible
home buyer may also get interest subsidy upto Rs2.67 lacs under Prime Minister
Awas Yojana.
Mohan Ganeshan said
that SBI is also offering incentive to the builders in the form of interest
concession upto 35bps for construction finance, who take up affordable housing projects?
This will give a dual advantage to the sector as construction finance and home
loans for affordable housing will get the benefit.
The rate reduction
translates into a saving of Rs.540 per month on EMIs as shown in the chart
below
- For
a Home Loan of Rs.30 lacs with a tenure of 30 years:
|
|
Existing
Rate
of interest
|
Proposed
rate of interest
|
Existing
EMI
|
Proposed
EMI
|
Net
savings
Per
month
|
EMI,
after receipt of PMAY subsidy of Rs. 2.67 lacs
|
Net
savings/
month
after receipt of PMAY subsidy*
|
|
Women
|
8.60
|
8.35
|
23280
|
22749
|
541
|
20725
|
2555
|
|
Men
|
8.65
|
8.40
|
23387
|
22855
|
532
|
20821
|
2566
|
*If the net savings in EMI is invested in Recurring
Deposit, the total amount at the end of 30 years will be Rs.28.22 lacs
Individuals can
apply for Home Loans through multiple channels. The Bank offers a bouquet of
Home Loan products catering to the different sections of the society.
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