SBI home loan scheme is attracting many borrowers

March 20, 2009 - PRLog -- People can apply for the home loan scheme launched by the SBI from the period of February to April. Sources have revealed that loans up to Rs 1300 crores have been sanctioned by the SBI in the month of February. A senior SBI official has said that the figure can grow higher in the coming two months and the banking authorities are getting excellent responses from the borrowers.

The officials further revealed that SBI will very soon reach the pinnacle by becoming the ace player in home loan lending field. The officials further added that they will soon overtake the HDFC and ICICI banks, that are currently holding the number one position in the home loan market.

Other major banks are also going on the steps of the SBI and they have also come up with many such schemes of offering discounted rates to the borrowers. Canara bank has also launched a scheme like this offering the borrowers fixed rates up to five years on loans up to Rs 30 lakhs.

The people can avail the Canara bank scheme only till December. According to this scheme, bank would ask the users to pay interest rate of 8.25 % for the first year, between the period of second and fifth year the bank will charge 9.25% interest rate and for the rest of the tenure it will charge prime lending rate minus 2.5%. Financial experts feel that the banks should come up with more such schemes in the coming days to maintain the momentum.

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