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Home Loan Rates becomes Cheapest in Six years after SBI and Other Banks Cut down Rates

home loan rates sbi

The Home Loan Interest Rates were cut down by the India’s largest bank ‘State Bank of India’ from 9.10% to 8.6% and this result the home loan rates have fallen to their lowest level in six years. While the State Bank of India (SBI) cut its one-year marginal cost of lending rate (MCLR), the target to which home loans are linked to 8% rather than 8.9% earlier, it kept the spread above MCLR at 60 basis points, against 20 basis points earlier.

Meanwhile, home loans up to Rs 75 lakh, earlier available at 9.1% is now taking at 8.6%. For other people, it would be 8.65%, against 9.15% earlier. Apart from SBI, Punjab National Bank and the Union Bank of India also cut down the home loan rates. Private sector leading bank ICICI is also looking to follow the same strategy.

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Earlier reports said that the SBI and other banks were cut down the rates following Prime Minister Modi’s push to hint that benefits of demonetization in the form of record deposits are being shared with the poor and middle class.

However, the drop in lending rates announced by several public sector banks will mark the affordable home loan scheme, announced by PM Modi on Jan 1st, available at a little over 4% for debtors looking for loans up to Rs 9 lakh. The details of the scheme are not yet to be announced. The decrease in MCLR will allow new borrowers to get loans at the cheaper rates.

Old loans will get the benefit of the new rates only after their one-year lock-in ends. People those who had got loans before April 2016 would have their EMIs linked to the earlier benchmark. The SBI has also restored a teaser rate loan, where loans will be available at 8.5% for the first two years at a floating rate in following years.

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Other banks which have announced lower rates with the result from the New Year include Sate Bank of Travancore, IDBI Bank, and Indian Overseas Bank. SBI bank officials said that home loans would provide the bank with an alternative to space funds in government bonds where the return is less than 7%.

Meanwhile, the banks imagine the interest subsidy on loans for affordable homes and small scale businesses to counter the stoppage caused by economic tightening following demonetisation.

CASHe is India’s First Cash Loan giving Mobile App

CASHe

CASHe Smartphone App will Approve Loan in 8 Minutes

CASHe App provides a platform especially for the young and working professionally in an age group of 20 to 35 years for a maximum of 30 days and up to Rs.50,000.

Mr. V. Raman Kumar, the Chairman of TSLC PTE LTD., has informed that there is no human intervention in the loan granting process. The time taken to approve a loan is also something shocking to know. Almost 8 minutes is made by the automated system to grant or reject a loan with subject to the information provided.

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He also stated that minimum documentation, required for the purpose of loan requisition. There are no physical papers or signatures required by the applicant. He also announced the rate of interest that are applicable for the loan granted.

Though, there are variations in the rate of interest based on the period of the loan. There will be a one-time loan processing fee also. The rates differ from 1.5% to 3.5%. An additional 2% interest will also be charged for an extension of 7 days after the period.

Based on the salary of the employee, up to 40% of his income will be granted as a loan. The rate of interest is also similar to that of the credit cards.

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The documents are needed for uploading through the link that is meant for the app. Details like PAN, Latest month Salary Slip, Address Proof and Latest Bank Statement along with a Selfie are the minimum documents that are required for the applying the loan.

CASHe app is advertised on all the social media platforms. The link for downloading the app is available on the Internet.

One of the biggest advantage with this app is that the loan is granted for the eligible without any sureties or guarantors.