December 2016 Current Affairs

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7th Pay Commission : SBI unveils cheaper home loans for beneficiaries

7th Pay Commission : SBI unveils cheaper home loans for beneficiaries
04 August 2016 Current Affairs: SBI has launched cheaper home loan schemes for defence and other government employees with installment tenure extending up to 75 years of age. 

It will offer two new home loan products ‘SBI Privilege Home Loan’ for government employees and ‘SBI Shaurya Home Loan’ for defence personnel without any processing fee.

Under the new schemes, employees of central/state governments, defense 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 bank said the tailor-made products will help customers purchase a spacious or luxurious home without stretching their post-retirement finances.

The new product includes extending the repayment term till the borrower turns 75 years from the existing 70 years, and also a full waiver of processing fees, it said. There will be a lower EMI burden post retirement and 0.05 per cent concession over the home loan interest.

Benefit of lower interest rate as a concession of 5 bps (0.05 per cent) 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.

Among others, customers of other banks or financial institutions will have an option to switch over their home loan outstanding balance to SBI.

The launch of ‘SBI Privilege Home Loan’ and ‘SBI Shaurya Home Loan’ products is timed with the notification of 7th Pay Commission recommendations. Surplus income can thus be utilised by government employees and defense personnel towards purchase of new/better house.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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