Great interest rate deals on offer

State Bank of India (SBI) has launched two special home loan schemes that assure low interest rates in the first three years. SBI easy loan for amounts up to Rs 30 lakh and SBI Advantage Home Loan for amounts above Rs.30 lakh will carry the special rate of 8%, introduced in February. Under SBI easy, interest rate for the second and third years is fixed at 9%. From the fourth year onwards, the customer can choose between floating rates 2% below the State Bank Advance Rate (SBAR) and fixed rate 1% below SBAR with a five-year reset. SBAR is the bank benchmark rate to which all floating rate loans are pegged. Under SBI Advantage, the interest rate is fixed at 9.5% for the second and third years. From the fourth year onwards, the customer can choose between a floating rate 1% below State Bank Advance Rate and a fixed rate 0.5% below SBAR with in a five year reset.
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