SBI launches new home loan scheme for working executives

Mumbai: State Bank of India (SBI) Monday launched a new home loan scheme which will enable young working professionals to get higher amount than they are eligible for.

Under the scheme, 'SBI FlexiPay Home Loan', the additional loan amount will help such professionals in acquiring better and spacious living spaces for themselves and their families, the country's largest lender said in a statement here.

"To lower the impact of such additional loan amount on monthly repayments in form of EMIs, the customers availing of loan under the scheme will also be offered the option of paying only interest during the moratorium (pre-EMI) period of 3 to 5 years. Thereafter, they will pay moderated EMIs," it said.

The EMIs will be stepped up during the subsequent years.