SBI launches 'My Home' campaign for home loans

MUMBAI: State Bank of India on Friday said that it was launching a three-month long home loan campaign at attractive interest rates and zero processing fee to facilitate home buyers during the forthcoming festival season.

Christened SBI My Home Campaign, it will be launched tomorrow, a press release issued here said.

The public sector lender said that one could borrow up to Rs 5-lakh under the SBI Hi-Five Home loan 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.

For those needing loans up to Rs 50-lakh, there is the 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.