State Bank of Travancore has offered to re-price existing home loans at lower interest rates. As per this scheme, borrowers can switch to current floating rates that are at a discount to the prime lending rate.
For switching to the current floating rates borrower has to pay a one-time ‘switchover fee’ of 1% of the outstanding loan. The revised lending rate will be linked to the bank’s prime lending rate. The new facility will provide a level-playing field to all home loan borrowers in the same slab.
State Bank of Travancore operates 580 branches in Kerala itself. Headquartered in Kerala, the bank has largest number of ATMs in the home state.
