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With the finance ministry’s economic survey backing State Bank of India’s (SBI) controversial yet popular home loan scheme, bank chairman O P Bhatt said SBI will not have to make any special provisioning for such loans. SBI home loans, which offer a lower interest rate in the initial years and rate increases in the later […]
For homebuyers with a budget of Rs 15-20 lakh, the finance minister’s Budget speech would have been music to their ears. The finance minister proposed to raise the priority sector limit for houses from Rs 20 lakh to Rs 25 lakh. Priority sector broadly comprises agriculture, small-scale industries, road and water transport operators, small businesses, […]
If there’s one person who would be pleased with the Economic Survey, it would be State Bank of India chairman O P Bhatt. The government has after all sided with him in the public sector banker’s battle with the regulator over “teaser rates”. To begin with, government has said home loans offered by SBI (and […]
In major relief for home loan borrowers, the government has suggested that the public sector banks (PSBs) stop levying pre-payment penalty or foreclosure charges on home loans. Banks impose penalty of over 2 % of outstanding principal on borrowers who repay in totality or a portion of their home loan ahead of tenure. In a […]
