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Rate relief on SBI home loans

Mumbai, Aug. 24 (PTI): In a bid to retain customers, State Bank of India (SBI) has decided to provide fixed-rate home loan customers, who are paying higher interest, with a one-time option to switch over to prevailing fixed or floating rates.

“Those fixed-rate customers, who have taken home loans at a higher interest of 10-12 per cent or even higher in some cases, can now benefit by converting their loans to existing fixed rate or floating rate by paying a charge of 2 per cent of their outstanding loan amount,” a senior official said.

This scheme, devised to retain customers and stop them from switching over to other banks, would be available till December 31, 2003, he said.

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