Rajkot: Two new schemes - Reverse Mortgage Loan and SBI Home Cash have been launched by State Bank of India (SBI) in Gujarat.

Especially suited to the senior citizens, the Reverse Mortgage scheme can be availed by people above the age of 60. This scheme provides a reverse mortgage loan against self-owned and occupied houses. The loan taken as monthly, quarterly or as a lump sum payment. Carrying a fixed interest rate of 10.5 percent per annum revised at the end of every 5 years this scheme will provide regular income to senior citizens. State Bank of India announced the Reverse Mortgage Scheme earlier this month.

The SBI Home Cash is a product launched by SBI to help home owners in tackling any unforeseen or emergency financial crunch. Tailored exclusively for SBI home loan customers SBI Home Cash provides personal loans at attractive rates.

State Bank of India offers attractive home loans under various schemes such as ‘SBI-Flexi’ Home Loans, ‘SBI-Maxgain’ Home Loans, ‘SBI-Realty’ Home Loans, ‘SBI-Freedom’ Home Loans etc. SBI, country's largest public sector bank provides various other loans at attractive interest rates. Recently the bank had announced a rate cut in retail and home loans by 50-200 basis points along with a reduction in processing fee.