Kolkata, Sept 26 (UNI) With easy interest rates and concessions on processing fees, the State Bank of India will organise 'Home Loan Mahotsav' from September 28 to October seven.
Adressing mediapersons here today, SBI Circle General Manager Ashok Mukund said the bank has come out with innovative offers on easy home loans.
''This year we have introduced SBI Home Cash for granting personal loans to home loan customers with repayment record of one year,'' Mr Mukund said.
The fair would be conducted in two phases-- September 28 to 30 and October 5 to 7, he added.
Besides, the fair would attract the customers with SBI Flexi Home Loans, customised combination of floating and fixed interest rates, SBI Maxgain, an overdraft facility with flexibility to operate the account like current account, he added.
SBI Realty loans to purchase land plots for house construction, and SBI Freedom without requirement of mortgage formalities were some other products that wouyld be launched in the mela.
The bank would also sanction spot-in-principle loans based on income and residence proof during the ongoing loan fair, the CGM added.
Announcing concessions in the rate of interest in loans for five years and up to 20 years, he said the floating rate on loans above five years is 0.75 per cent and effective rate is 10.50 per cent per annum.
The concessions on processing fees on the project cost for home loans is 50 per cent of the normal processing charge. This year 3800 people in the region have been santioned amount of Rs 80 crore.
The bank had also reduced the margin on loans above Rs one crore.
On loans up to Rs one crore the margin is 15 per cent whereas above one crore it is 20 per cent.