SBI offers discount on home loan EMIs for government servants

sbi-home-loan-government-servantState Bank of India, the public sector bank, announced a new scheme under which government and defence employees can get several concessions on home loans including a slower interest rate.

Under the scheme, government employees will get an interest rate concession of 5 basis points (0.05%) over the Home Loan Card Interest Rate is available wherever check-off facility is extended by the Government under tie-up arrangement with the Bank.

The facility is available to employees of government-owned companies as well.

In addition, they can schedule repayment up to the age of 75 years. Under existing Home Loan schemes, repayment is normally available up to the age of 70 years only.

The home loan will be structured in such a way that lower EMIs would need to be paid during the post-retirement term.

SBI will also fully waive processing fee under the two schemes — ‘SBI Privilege Home Loan’ for Government Employees and ‘SBI Shaurya Home Loan’ for Defence Personnel.

The above privileges are also available to those who want to switch their home loans from other banks to State Bank of India.