For its employees State Bank of India has reviewed the housing loan scheme. After the revision the SBI has added liberal provisions in terms of maximum limits and expanded repayment period. Prior to this the scheme was revised in February, 2008.
All the employees who are on roll can enjoy the benefits of this scheme. The scheme is effective from September 19, 2014. It is reported that the new rates for all the all new loans sanctioned/ disbursed will be applicable from 30th September, 2014.
Existing commercial housing loan may be converted under the new scheme. According the new scheme the repayment of the loan will be made in 360 installments. On promotion, an employee will be permitted to draw up the entitlement to the grade to which he is promoted, for repaying loans taken on commercial/public terms.