State Bank Of India

State Bank of India (SBI) has unveiled new home loan products for Central/ State government/ public sector undertaking employees and defence personnel, whereby they will get the benefit of repaying the loan over a longer period and at softer interest rates. This step has been taken pursuant to government deciding to implement the recommendations of the 7th Pay Commission on wage hike with effect from August 1.

For the 7th Pay Commission report beneficiaries, SBI will offer two new home loan products ‘SBI Privilege Home Loan’ for government employees and ‘SBI Shaurya Home Loan’ for defence personnel and that too without charging any processing fee.

The borrowers under the two schemes will enjoy an interest rate concession of five basis points over the Home Loan Card Interest Rate. They will have the flexibility of repaying home loans up to the age of 75 years.