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SBI Offers The Cheapest Property Loans; Heat For Competitors?

In order to take the lead, State Bank in India (SBI) decided to launch a personal loan scheme against property loans which is quite becoming known to a lot of people these days. The loan that the bank offers is at interest rates lower than that of some of its competitors. The targets of this loan are those existing home loan borrowers.

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It will offer personal loan at 11.25% to existing home loan customers. This scheme is quite similar to what ICICI Bank and HDFC are offering where they pegged their loans at 12.25% and 12.50%, respectively. The name of this scheme is “SBI Home Equity scheme”. It is quite significant these days due to the increase in property price for the last few years.

An official of the bank that decided to hide his identity said that it would be too early to determine if this scheme would do well for the bank. More time is needed to rightfully say if the project had been a success or not.

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