India Loan Info

SBI as of 2010 is offering three housing loan schemes to suit different people and borrowal amounts.

There different schemes of SBI Housing Finance are as follows. Below you can find details on the schemes, repayment home loan interest rates etc.

SBI hi - fi loan can be availed when you want your home built or improved within an amount of 5 lakhs. You will be paying an interest rate of around 8 percentage per annum for the first year after borrowing. Following which the interest rate will be decided by the bank based on the regulated maximum rate by Reserve Bank of India. Generally the rate charged by the bank would be at least 2.5% below the limit indicated by SBAR or State Bank Advacned Rate.

SBI Easy Home Loan is when you would like to borrow amount lesser than 50 lakhs. This is the widely soughted loan from people. Interest rate is typically around 9 percentage per annum. Just like the previous loan scheme discussed this applies only to the first couple of years of repayment period. Following this the bank would charge a rate of 2.5% lesser than SBAR from third year onwards. However there is a fixed rate option where you would be paying .75% below State Bank Advanced Rate.

This loan is where the amount to be borrowed is at an excess of fifty lakh rupees. Interest rate for repayment during the first year would be 8 percentage per annum. Following this you would be required to pay 9 percentage per annum for the next two years. After the three year period you have to pay a rate around 1.5% below SBAR. Just like Easy home loan scheme discussed previously, this scheme has a got a fixed rate option where you would be paying much lower.