SBI Flexi Pay Home Loan for young professionals
The State Bank of India introduced an esteemed Flexi Pay Teaser Home Loan scheme for young working executives. The main objective of the scheme is to give borrowers an option to pay only interest during the initial three-five years moratorium duration. After completion of this moratorium period the borrower is required to pay moderated equated monthly installment (EMIs).
SBI said in a statement, “To lower the impact of such additional loan amount on monthly repayments in the form of EMIs, the customers availing home loan under the scheme will also be offered the option of paying only interest during the moratorium (pre-EMI) period of 3 to 5 years, and thereafter, pay moderate EMIs.”
The EMIs will be stepped up during the subsequent years, capturing payment of the principal component. A statement issued by the bank also indicated that this procedure is expected to lower the impact of such additional loan amount on monthly repayments in the form of EMIs.
As compared to other existing loan schemes this new Flexi Pay sbi Home Loan will enable young working professional/executives to borrow high loan amounts.
SBI Flexipay Home Loan Interest Rates
| Interest Rates Term Loan | 9.10% – 10.00% |
| Processing Fee | Upto 10000 + GST |
| Repayment | 30 Years |
| Loan Amount | Upto 80% of Property |
| Foreclosure Charges | Nil |
| Monthly Income | Rs.12000 minimum |
| Lowest EMI per 1 Lakh | Rs.812 |
