Pradhan Mantri Awas Yojana – SBI Offers Home Loan at 8.35% Interest Rate

June 20, 2017 | Last Modified: June 20, 2017 at 1:07 pm

State Bank of India or SBI Bank is offering home loan under Pradhan Mantri Awas Yojana and now introduced Special Home Loan Interest rate for a limited period up to 31st July 2017. Interested one can apply for Pradhan Mantri Awas Yojana SBI home loans. SBI Bank is offering an effective interest rate of 8.35 percent on home loan amount up to Rs. 30 lakh in a limited-period offer.

Pradhan Mantri Awas Yojana SBI Home Loan

SBI is an India’s largest bank is in line with the government’s push on affordable housing “Pradhan Mantri Awas Yojana. Eligible borrowers seeking for PMAY home loans from SBI bank can also avail an interest subsidy up to Rs. 2.67 lakh under PMAY-CLSS for LIG & MIG. The government scheme is aimed at providing subsidised housing loans to the low income group and middle income groups of the society. As per the information received from SBI, customers of other banks can also transfer their existing home loans to SBI without any processing fee.

The SBI Offer for Home Loan is valid till 31st July 2017 and you can complete details of SBI home loan offer from

SBI’s Affordable Home Loans Scheme

The revised rates are effective on new home loans from May 9, 2017
Two year fixed interest rate home loans up to Rs. 30 lakh. Information about borrower type and effective rate of interest is given below:

For salaried:
Women: 8.35%
Other: 8.40%

For non-salaried:
Women: 8.50%
Others: 8.55%

Interest subsidy on home loan will be provided to those eligible home loan borrowers buying their first home under Pradhan Mantri Awas Yojana. National Housing Bank or NHB has come up with operational guidelines for availing subsidy under Pradhan Mantri Awas Yojana (Urban) for middle-income groups.

SBI informed that the SBI is offering home loan takeovers without any processing fee till June 30, 2017. This facility is applicable on home loans from scheduled commercial bank, private and foreign banks and housing finance companies (HFCs) registered with the National Housing Bank (NHB), among others.

Mobile application has also been launched by SBI with the name SBI Loans, which enables customers to check loan eligibility and apply for SBI home loans online. The SBI Loans app is available on both Android and iPhone platforms.