Monday, February 2, 2009

To kick-start demand in the real estate sector, SBI cuts floating home loan rates to 8% for 1 year, on new loans, irrespective of the loan amount!

12-week offer: Opens today. Closes on April 30!

"Why only RBI and Indian real estate developers should have all the fun? Home buyers! come on, let us play home loan game !" says State Bank of India

Just drop the damn EMI!

# The EMI on a Rs 30-lakh loan for 20 years will fall by 15%

# EMI on a Rs 50-lakh loan will fall by 18%.

# The maximum benefit will accrue on home loan amounts of over Rs 75 lakh, where the interest rate comes down by 3 percentage points from 11% to 8%.

# The cut will benefit those who have borrowed under the special scheme announced by the Indian Banks' Association (IBA) in December. Under that scheme, the interest rate on home loans up to Rs 5 lakh was fixed at 8.5% and for those between Rs 5 lakh and Rs 20 lakh at 9.25%.

SBI Lifestyle Loan: Get Rs 5 lakh, at 8% interest, for 1 year and have fun!

For existing borrowers, SBI has offered a new personal loan scheme entitled `SBI Lifestyle Loan'. Under this, they can get a multipurpose loan of up to 10% of their home loan, subject to a maximum of Rs 5 lakh, at 8% interest. However, this loan will have to be repaid in one year.

Don't listen to any sad banker!

Some bankers, on condition of anonymity, argued that it was a smart move by SBI. Interest rates, they said, were likely to fall even lower by March-April and the country's biggest bank was, in fact, hoping to lock in borrowers at 8% for a year before that happened, they said.
To read more, please, visit - Prabhakar Sinha-The Times of India

Boys and Girls, Are you ready to play?

Take it easy! Stop complaining about property rates. This is an election year!! When officiating finance minister and RBI does't bother about deficit, why are you all worried about paying EMI? Just forget about it. Start your engine, go to the site office and buy under construction property and stimulate the economy or we will kick your ass!

Boys and girls, are you ready to play the game? Please, share your views in the comments. (Comments Policy)

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