State Bank of India (SBI) has unveiled a new home loan scheme targeted at beneficiaries of the seventh pay commission recommendations.

The loan can be repaid till the beneficiary attains 75 years of age as against 70 years offered under other schemes. Defence personnel are also eligible to apply. SBI has also waived the entire processing fee for home loans under this scheme

“The launch of ‘SBI Privilege Home Loan’ and ‘SBI Shaurya Home Loan’ products is timed with the notification of 7th Pay Commission recommendations by the government. Surplus income can thus be utilised by government employees and defence personnel towards purchase of new / better house,” according to a statement from SBI. Amid sluggish loan demand from corporate sector, banks are pushing retail credit to expand business.

According to the latest data from Reserve bank of India, home loans recorded a year-on-year growth of 18 per cent so far.