There is a competition among the banks of offering best festive offers. The State Bank of Patiala has launched a Festival Bonanza with 3 new Home Loan schemes on liberal terms and conditions. According to bank’s press release the schemes will be applicable from September 1 to November 30, 2009. The release said the schemes have been launched to cater the customer’s need for attaining home loan at affordable rate of interest.
Under HI-Five Home Loan scheme SBP is offering a fixed rate of interest at 8% p.a. for 5 years for the loan of up to Rs.5 lacs. The loan repay back period has been set for 10 years. Under Easy Home Loan scheme SBP is offering a fixed interest rate of 8% p.a during 1st year 8.50% for 2nd and 3rd year. The maximum loan amount under this scheme is Rs.50 lacs and maximum repay back tenure is 25 years.
While under Advantage Home loan scheme SBP is offering 8% p.a interest for 1st year and 9% p.a. for 2nd and 3rd year. The scheme will be offered on above Rs.50 lacs for the period of 25 years. The bank will not charge any pre-payment penalty in case the borrower opts to pre-pay the loan at the time of reset in all variants. Processing fee has also been completely waived off up to 30.11.2009.
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