There seems to be good news doing round the corner. It is the deduction in the home loan. And, all the credit for this good news goes to one of the prime banks of India- the State Bank of India. What the government had promised and took an initiative to give a subsided rate is soon going to become a reality now.

However, not just this, SBI has even given the advantage to all individual to transfer their loan account to SBI and without the need of any form of processing fee.

So, in order to know more about the rate, just read on. These are the essential things that you must know about this home loan.

1. The loan amount is limited to 30 lakhs. Only then you can get the rate of interest at 8.35 percent
2. The new declared rate of interest will be effective from 9th May 2017 onwards
3. You will get a period of two years at a fixed interest rate
4. However, there are certain categories among which the rate of interest has been categorized. Like in the case of a working woman, the interest is 8.35%, for the rest working section, it will be 8.40%
5. There is again a separate division for the non working members of the society. In this case, for women, the rate is 8.50% and for the rest, it is 8.55%
6. This has changed the trend and the developers are more towards building houses convenient for the middle and lower class to purchase
7. Individuals going for their first house will get a additional discount in interest rates under the Pradhan Mantri Aawas Yojana
8. To know more details about the loan and its processing, you can take help of the new app that has been launched by SBI named SBI Loans.