Home Car loan schemes extends by SBI till Sep 30

Home Car loan schemes extends by SBI till Sep 30

State Bank of India has decided to expand its flagship home loan schemes: SBI Advantage Home Loans and SBI Easy Home Loans, and car loan schemes: SBI Advantage Car Loan and SBI Ezee Car Loan, and leave their terms unchanged following the transition to the Base Rate system with effect from July 1.

"The rates will be valid till September 30, unless the Base Rate is revised in the meantime," SBI said in a release here.

For home loans, the rate is 8 per cent per annum fixed for the first year and 9 per cent fixed for the second and third years irrespective of the loan amount. From the fourth year onwards, the rate is linked to the Base Rate and the effective rate is 9.25 per cent for loans up to Rs. 50 lakh and 9.75 per cent for loans above Rs. 50 lakh at present, it said.

For loans for new cars, the interest rate is 8 per cent fixed for the first year, 10 per cent fixed for the second and third years. Thereafter, the rates are linked to the Base Rate and the effective rate at present is 11.25 per cent for the fourth and fifth years and 11.5 per cent for sixth and seventh years for Ezee Car Loans with limits up to Rs. 5 lakh. For loans above Rs. 5 lakh under Advantage Car Loans, the floating rate is 25 basis points less than that for Ezee Car Loans.

Meanwhile LIC Housing Finance Ltd (LICHFL) announced three lending products on Wednesday. These are: Floating rate: For home loan borrowers preferring floating rates ab-initio the special offer rates for new customers for loans up to Rs. 1.50 crore will be 8.75 per cent. Earlier, the special offer rates for loans above Rs. 75 lakh and up to Rs. 1.50 crore were priced at 9.75 per cent.

New Fix-O-Floaty: For home loan borrowers opting for short-term fixed rate, the new Fix-O-Floaty offers loans at a competitive rate of 8.90 per cent fixed up to March 31, 2012, for loans up to Rs. 1.50 crore and thereafter on floating basis. The earlier rate of interest for loans above Rs. 75 lakh and up to Rs. 1.50 crore was 9.90 per cent. Advantage 5: LICHFL has brought out a product called Advantage 5' where under the lending rates are fixed at 9.25 per cent for five years and thereafter on floating basis.

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