SBI launches cheaper home loans for Defence and government employees

dynamitenew.com
New Delhi/ 2 August 2016. State Bank of India (SBI) launched economical home loan schemes for Defence and other government employees with installment for tenure extending up to 75 years of age.

New home loan schemes 
SBI will introduce two new home loan schemes- one for government employees named ‘SBI Privilege Home Loan’ and other ‘SBI Shaurya Home Loan’ for Defence personnel without charging any processing fee. 

The schemes launched at the same time with the notification of 7th Pay Commission recommendations for government and Defence employees.

SBI statement on new schemes 
The corporate bank said in a statement “Under the new schemes, employees of central or state governments, Defence forces, public sector banks, public sector enterprises of central government and other individuals with pensionable service will be offered home loans tailored to their specific needs.” 

 
The new schemes include extending the tenure of repayment of loan till the borrower turns 75 years, and without paying a full processing fee. 

The bank will offer a lower EMI rates after their retirement and concession of 0.05 per cent on the home loan interest.