Chennai, Nov 7:The State Bank of India (SBI) today announced reduction in interest rates and processing charges for its housing and car loans to mark the festival season.
An SBI release here said the uniqueness of the Home Loan Mela was that there was no maximum ceiling on the loan amount for purchase or construction of a house or flat.
With a boom in the real estate sector, everybody was looking for a dream home for themselves. Envisaging the needs of the public, the SBI had come up with this reduction in interest rates,'' Mr Tirumalaiappan, AGM, SBI, Chennai, said.
For the housing loans, the bank had tie ups with builders like Hallmark, Mantri, Hiranandani, Puravankara and Abirami. This gives the public a platform to choose their land or property then and there. The interest rate on housing started from ten per cent per annum and the EMI started from Rs 982 per lakh.