THIRUVANANTHAPURAM: As a relief to many home loan customers who are keen on reducing their interest burden, State Bank of Travancore is offering to reprice the existing loans at lower interest rates. As per the announced plan, a borrower has to pay a small one-time switch over fee of one percent of the outstanding amount in the Home Loan Account.
The move will provide uniformity in interest rates to all home loan borrowers in the same slab.
The home loan lending rate is linked to the Bank’s Prime Lending Rate.
The option will help many borrowers to switch over to the new floating rates that are much lower than the Prime Lending Rate.