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SBI launches FlexiPay home loan

sbiflexiThe State Bank of India has launched SBI FlexiPay Home Loan. Under the scheme, the repayment terms will be lower EMIs in initial years, followed by higher EMIs. According to the bank, the new offering will enable young working professionals to get higher loan amount compared to their loan eligibility under normal home loan schemes. SBI MD Rajnish Kumar said while offering the loan, the bank will not dilute the prescribed loan-to-value (LTV) ratio. He also clarified that the product cannot be called teaser loan as the bank has taken adequate safeguards like making it available only for salaried professionals and not for all categories of customers. The main difference between FlexiPay home loan and teaser is that the interest rate in this scheme does not change as it did in a teaser loan, Kumar said.

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