State Bank of India has decided to extend the availability of ‘My Home Campaign’ till March 31, 2010. Three popular products are offered under this banner.
For loans up to Rs. 5 lakh with a maximum tenor of ten years, SBI Hi-Five Home Loan carries a fixed rate of 8 per cent for five years
For loans above Rs. 5 lakh and up to Rs. 50 lakh, SBI Easy Home Loan carries a fixed interest rate of 8 per cent per annum in the first year and 8.5 per cent per annum (fixed) during second and three year of the loan. “SBI MaxGain — home loan as overdraft with possibility of saving interest — immensely popular among the salaried-class, may also be availed of under the SBI Easy Home Loan,” SBI stated in a press release, here.
Customers looking for high-end properties can take SBI Advantage Home Loan which carries a fixed interest rate of 8 per cent per annum during first year and 9 per cent per annum during second and third year.
“SBI Home Loan customers, thus, can be certain about their loan repayment obligations at low interest rates for 3 to 5 years. The option of fixed rate with a reset frequency of five years or floating interest rate linked to State Bank Advance Rate for the remaining loan term is available to the customers under these schemes,” SBI stated.
These products were originally launched on August 8, 2009, for three months. “Owing to the success of the schemes in reviving interest in the residential real estate sector and to help more customers to avail themselves of the benefits, the offer has been extended till March 31, 2010,” SBI stated.
Meanwhile, SBI cut the domestic term deposit rates by 25 to 50 basis points with effect from November 9. Deposits with a duration of 15-45 days will now attract an interest rate of 2.50 per cent (existing 2.75 per cent); 46-90 days 3.50 per cent (3.75 per cent); 91-180 days 4.75 per cent (5 per cent); 181 days to less than one year 5.25 per cent (5.75 per cent); one year to less than two years 6 per cent (6.25 per cent); two years to less than three years 6.50 per cent (6.75 per cent); and three years to less than five years 6.50 per cent (7 per cent). However, SBI retained the 7.25 per cent deposit rate for five years to less than eight years and 7.50 per cent for eight years and up to ten years.