SBI and ICICI Announce Offers on Home Loan: Brings Cheer to Buyers
Apr 07, 2017 Home Loan
In a move aimed at attracting home loan seekers in the festive season, the country’s largest bank, the State Bank of India has announced a reduction in interest rates on home loans. As per the announcement, SBI has slashed interest rates by 0.15 percent points for Home Loans up to Rs 75 lakh. The SBI’s offer on the home loan was followed by the launch of overdraft facility by ICICI bank.
With the latest interest rate cut, SBI Home Loans are now cheapest in the market and are proving to be beneficial for thousands of home buyers throughout the country. Moreover, many existing Home Loan customers of other banks are opting to switch their loan to SBI due to highly affordable interest rates.
In order to boost the loan borrowing capacity of women, SBI has further announced a rate cut of 0.05 percent points for women who wish to seek a home loan. As things stand, the interest rate on Home Loans charged by SBI is at 9.10 percent for women borrowers and 9.15 percent for all other borrowers.
How much benefit will the interest rate cut bring to customers?
Suppose you take a home loan of Rs 50 lakh from SBI and choose to repay it in 30 years of time. So, the rate cut of 0.15 percent points will help you save around Rs 540 per month on your EMI which translates into a total saving of roughly Rs 2 lakh in 30 years. Moreover, if you keep on depositing the Rs 540 you save monthly in a recurring deposit, you may end up with around Rs 6 lakh at the end of the loan tenure.
More about ‘ICICI Bank Home Overdraft’:
Apart from the announcements made by SBI, the country’s largest private sector bank-ICICI have also launched key schemes to seek more home loan customers. ICICI bank has launched ‘ICICI Bank Home Overdraft’, which offers overdraft facility to its Home Loan customers. The newly launched product will enable its customers the advantage of term loan as well as an overdraft facility.
As per the statement released by ICICI bank while launching the ‘ICICI Bank Home Overdraft’ product, the bank stressed on providing instant finances against overdraft loan for various expenses such as personal needs, medical emergencies, education, overseas travels to name a few.
Starting from Rs 5 lakh upto Rs 1 crore, customers opting for the said product can avail a minimum of 10 percent of the total amount as term loan and a maximum of 90 percent as an overdraft. The bank has further mentioned that the interest on term loan shall be charged as per the EMI. Charges for overdraft facility will be computed on the basis of funds utilised for the specific period.
With the latest interest rate cut, SBI Home Loans are now cheapest in the market and are proving to be beneficial for thousands of home buyers throughout the country. Moreover, many existing Home Loan customers of other banks are opting to switch their loan to SBI due to highly affordable interest rates.
In order to boost the loan borrowing capacity of women, SBI has further announced a rate cut of 0.05 percent points for women who wish to seek a home loan. As things stand, the interest rate on Home Loans charged by SBI is at 9.10 percent for women borrowers and 9.15 percent for all other borrowers.
How much benefit will the interest rate cut bring to customers?
Suppose you take a home loan of Rs 50 lakh from SBI and choose to repay it in 30 years of time. So, the rate cut of 0.15 percent points will help you save around Rs 540 per month on your EMI which translates into a total saving of roughly Rs 2 lakh in 30 years. Moreover, if you keep on depositing the Rs 540 you save monthly in a recurring deposit, you may end up with around Rs 6 lakh at the end of the loan tenure.
More about ‘ICICI Bank Home Overdraft’:
Apart from the announcements made by SBI, the country’s largest private sector bank-ICICI have also launched key schemes to seek more home loan customers. ICICI bank has launched ‘ICICI Bank Home Overdraft’, which offers overdraft facility to its Home Loan customers. The newly launched product will enable its customers the advantage of term loan as well as an overdraft facility.
As per the statement released by ICICI bank while launching the ‘ICICI Bank Home Overdraft’ product, the bank stressed on providing instant finances against overdraft loan for various expenses such as personal needs, medical emergencies, education, overseas travels to name a few.
Starting from Rs 5 lakh upto Rs 1 crore, customers opting for the said product can avail a minimum of 10 percent of the total amount as term loan and a maximum of 90 percent as an overdraft. The bank has further mentioned that the interest on term loan shall be charged as per the EMI. Charges for overdraft facility will be computed on the basis of funds utilised for the specific period.
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