SBI launches two new home loan products

State Bank of India launched two new home loan products - SBI Easy Home Loan and SBI Advantage Home Loan, with processing fee for both waived till September 30. While SBI Easy Home is for loans up to Rs 30-lakh, SBI Advantage Home is for home buyers in the premium segment above Rs 30-lakh.

In SBI Easy Home Loan, the interest rate charged on a daily reducing balances would be 8 per cent per annum for the first year and 9 per cent per annum fixed for the second and third years. From the fourth year onwards, the customer can choose between a floating rate of 2 per cent below the State Bank Advance Rate (SBAR) and a fixed rate of 1 per cent below SBAR with a five-year reset. SBAR is 11.75 per cent with effect from June 29.