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SBI to provide home loan at cheaper rates

Comments(4) Sub Category:Other cities,Realty News,Residential Real Estate Posted On: Jun 21, 2012

A Memorandum of Understanding (MoU) has been signed between Bihar government and the State Bank of India to provide home loan to state government employees at cheaper rates.

As per the MoU, the government being the guarantor would deduct the EMI from the loan beneficiary’s salary if he/she is in default on the loan.

This rule is applicable to any state government employee and the bank will not charge processing fee.

The interest that will be charged will be at 10.15 per cent.

After this rule has been implied, Bailey Road SBI branch in Patna has already given in-principle sanction to loans worth Rs 1.09 crore to 10 beneficiaries.

The politicials of the state stated that banks should come out with more such people-friendly schemes which will in turn help in the development of the state.

To read more real estate news:

Home loan prepayment penalty is waived out by RBI

Source: The Times of India

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