State Bank of India has launched a new Home loan scheme specially designed for Defense Personnel belonging to Army, Navy and Air force.
The scheme will have lower interest rates and other additional benefits when compared to regular home loans.
Here are 6 major highlights of the SBI Shaurya Home Loan:
1. Under this scheme, reduced burden of servicing EMIs as lower EMIs would need to be serviced during the post-retirement term.
2. This is because the EMIs to be serviced during the post-retirement term are capped at 50% of the current net Monthly Income.
3. There will be extended repayment upto the age of 75 years as against 70 years under normal Home Loan scheme. The maximum loan term, however, shall remain capped at 30 years.
4. Processing fee is not applicable for this scheme.
5. Benefit of lower interest rate as a concession of 5 basis points over the Home Loan Card Interest Rate is available wherever check-off facility is extended by the Government under tie-up arrangement with the Bank.
6. Customers of other Banks can switchover their Home Loan outstanding balance to State Bank of India.