Reduce Interest Rate by 2% Existing Outstanding SBI Home Loan Pay 1% Fees
SBI has launched a new scheme for its existing Home loan customers. Now Old customers with floating interest rate can reduce their home loan interest rates as par with the New customer by paying one time fees of 1 % for outstanding loan amount. Currently customers are paying 2 % to 2.5 % higher interest rate as compare to new customers and after opting this scheme they will be at par with the new customer rate as provided below . The new rates as applicable from 07.08.2012 is give below.
| Loan Amount | Linkage with Base Rate over the tenor of the loan | Effective Rate |
| Upto Rs. 30.00 lakhs | 0.25% above Base Rate | 10.25% p.a.* |
| Above Rs. 30.00 lakhs and upto Rs. 75.00 lakhs | 0.40% above Base Rate | 10.40 % p.a.* |
| Above Rs. 75.00 lakhs | 1.25% above Base Rate | 11.25% p.a.* |
| No fixed rate option in any limit bracket. |
Suppose your loan is for 30 lacs and you are paying 12.25 % interest loan rate then by paying one time fees you can convert home loan interest rate to 10.25 % ( please contact your home branch for details for more details). The decision will help a third of its home loan customers of more than 17 lakh in bringing down interest payments by as much as two percentage points, or a gain of about Rs 6,000 a month on a 20-year, Rs 50-lakh mortgage, a back-ofthe-envelope calculation shows. Conversely, it could bring down the tenor by a few years.
Note: For more details contact your SBI Home Loan Branch
Best Regards
Prakash Nair 
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