SBI

State Bank of India (SBI), country’s largest public sector lender, has unveiled a new home loan scheme ‘SBI FlexiPay Home Loan’ for young working professionals/executives.

Under this new scheme, borrowers will get higher loan amount compared to their loan eligibility under normal home loan schemes and they will also have the option of step-up monthly repayments. Furthermore, to lower the impact of such additional loan amount on monthly repayments in the form of equated monthly instalments (EMIs), customers taking home loans under the new scheme will also be offered the option of paying only interest during the moratorium (pre-EMI) period of three to five years.

The bank reported 25.11% rise in its net profit at Rs 3879.07 crore for the quarter ended September 30, 2015 as compared to Rs 3100.41 crore for the same quarter in the previous year. The bank’s total income increased by 12% to Rs 46854.81 crore for the quarter under review from Rs 41833.36 crore for the corresponding quarter of the previous year.