A home loan is the biggest loan that most people take to buy their dream home/property. Recently, one of the biggest banks of India (SBI) has lowered lending rates by 10 basis points, making home loans cheaper. The new rates mark the eight reductions by SBI this financial year. After the rate cut, SBI’s one-year marginal cost-based lending rates (MCLR) has come down to 7.9% per annum, down from 8.00 per cent.
State Bank of India offers attractive interest rates on home loans starting at 7.90% p.a… The loan tenure can be extended up to 30 years depending on the payment period, ensuring a comfortable repayment process. The processing fee on these loans is 0.35% of the loan amount (Min. Rs.2,000; Max. Rs.10,000) plus applicable taxes. Women borrowers are also offered an interest concession of 0.05% on SBI Home Loans. No hidden charges and a full waiver of prepayment charges make them one of the most preferred housing loan products in the country. The new rates will be applicable from January 1, 2020, onwards.
With this reduction, the interest rate for existing home loan customers as well as micro, small and medium enterprises (MSME) borrowers who have availed loans linked to external benchmark based rate would come down by 25 basis points which is a big advantage for all the buyers or investors. Some of the major advantages of SBI home loans are:
1) Low processing charges.
2) No hidden costs.
3) No prepayment penalties & fines.
4) Reduce your interest burden by prepaying the loan.
5) Low interest rates.
6) Repayment up to 30 years.
7) Home loan available as an overdraft.
8) Interest concession for women borrowers.
Now is the perfect time to buy your dream home with so many amazing projects in Noida Expressway like ACE Parkway, ACE Divino, ACE City with all the modern and lavish facilities. So, book your dream apartments in Noida Expressway today with ACE and live a peaceful, luxurious and comfortable life forever.