In a bid to attract young professionals and to bridge the gap between affordability of customers and their demand for better spacious living spaces, the State Bank of India (SBI) today has unveiled a new Home Loan Scheme which offers higher amount as loan. The new scheme will be known as ‘FlexiPay Home Loan’.
- The bank offers much higher amount as loan and also an interest pause for an initial period of 3 to 5 years.
- The move is done to enhance the bank’s home finance portfolio. However, according to NDTV, the bank has said that neither they are going to offer any rebate on interest rate, nor they will increase the loan value.
- Termed as the controversial ‘teaser loan’, this new home loan, the bank said however, will not bring any change in the interest rates. Net monthly income of a customer will decide the EMI.
- The FlexiPay Home Loan targets young working professional and will enable them to get higher amount compared to their eligibility under usual loan schemes.
- SBI in a statement said that to reduce the burden of such additional loan amount on EMIs, people who are availing the new home loan from SBI will also be offered of paying only the interest during the pre-EMI period for 3 to 5 years and after that, they can start paying quite moderate EMIs.