Pradhan Mantri Awas Yojana in SBI
Under the new government scheme The State Bank Of India has cut down the rate of interest on Home loans by around 0.25 percent for borrowers. Presently the scheme is open only for limited time period for borrowers and offers with 8.35 percent interest rates for borrowers.
Main aims of the new scheme
- The government has clearly stated that it has taken this step to making housing more affordable.
- The giant step has been taken keeping in mind PM’s housing for all scheme for lower and middle class people in the country by the year 2022.
- Apart from this under the new scheme the SBI will also be offering with the lowest interest rates for house loan as compared to other banks.
Start And Last Dates for borrowers
- According to the sources the new rates of interest will be offered to the new borrowers starting from 10th May -17.
- The government has also stated that the last date for enrolment of male borrowers will be till July 31st The announcement was made officially on Monday by SBI officials.
Qualified Loans under this scheme
- According to the sources the government has stated that all loans that are under Rs 30 lakhs are eligible to qualify under this scheme for housing loan.
Interest rates for new borrowers
- Under the scheme it is certain that the male borrowers will be provided with an interest rate equivalent to around 8.40 percent. Male borrowers have been offered with the reduction rate of around 20 bps.
- According to the new rates women borrowers (non salaried) the reduction rates has been cut down by 20bps with 25 percent rates for salaried borrowers.
- SBI has already stated that it shall be offering with same interest rates for non-salaried and salaried male borrowers.
Net savings under the new scheme
- SBI director has stated that one percent point is equivalent to one hundred Basis points.
- 25 bps reduction rate means that the borrower will now be able to save around Rs 530 every month on the housing loan EMIs.
SBI present status for home loans
- Presently it is expected that out of overall Rs 2.23 trillion booked for home loan, SBI holds nearly 26 percent of its share in the present market.
- Even after implementing of the new rates for home loan SBI expects that its market share wound not go down as 45 percent of the total loan applications are below Rs 30 amount.
Apply Awas Yojana benefits
After taking loan from SBI you give have to fill the awas yojana form in the bank itself. Bank will take care of the processing. If you are eligible then an interest subsidy would be credited back in your bank account. You can apply for an interest subsidy of either 6.5%, 4% or 3% based on your economic condition.