Home Loan rates to remain as it is: SBI
Mumbai: All the home loan rates, including the eight percent special scheme which was originally slated to end this week, are going to remain as it is, says SBI
“We have decided to keep the rates at the same level in the immediate future (including the 8 per cent scheme). The current rate structure will continue,” SBI Chief General Manager, P Nandakumar, said.
This statement came from SBI in response to the media reports that says that SBI may withdraw the special home loan scheme, which offers eight percent fixed interest rate for loans upto Rs 5 lakh for five years
The scheme, which offers loan upto Rs 50 lakh at 8 percent for the first year and at 8.5 percent in the second and third years was supposed to end on November 7.
State Bank is understood to have plans to come with some special offers on home loans in the near future.
In this quarter that ended on September 30, the bank had seen a 23.40 per cent growth in its home loan portfolio.
On the back of a healthy growth in net interest income and core fee income, State Bank clocked a 10.19 per cent jump in its standalone net profit at Rs 2,490-crore in Q2 FY 10.
SBI witnessed a healthy credit growth of 16.39 per cent in the quarter and is optimistic about achieving a growth rate of 22 per cent for the full financial year.
The lenders advances grew up to 16.39 percent, from Rs 4,98,513-crore in Q2 last fiscal to Rs 5,80,237-crore
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