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State Bank of India on Monday introduced a new home loan scheme ‘SBI FlexiPay Home Loan’ for young working professionals/executives. Under the scheme, borrowers will get higher loan amount compared to their loan eligibility under normal home loan schemes and they will also have the option of step-up monthly repayments.
India’s largest bank, in a statement, said the additional loan amount under ‘FlexiPay’ will help working professionals/executives acquire better and spacious living spaces for themselves and their families, taking into account their future needs.
Further, to lower the impact of such additional loan amount on monthly repayments in the form of equated monthly instalments (EMIs), customers taking home loans under the new scheme will also be offered the option of paying only interest during the moratorium (pre-EMI) period of three to five years.
After the moratorium, they pay moderated EMIs. The EMIs will be stepped up during the subsequent years, the statement said.
The basic undertone of the scheme is that borrowers’ home loan EMIs will move in tandem with their income today and tomorrow.
The bank has also provided applicants the facility of getting instant approval by applying online.
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