SBI Home Loan Mahotsav in Kolkata

Kolkata, Oct 20 (UNI) State Bank of India (SBI), the largest Public Sector Bank in the country, is organising a three-day property fair titled "SBI Home Loan Mahotsav" at Ice Skating Rink here from October 24.

Announcing this, SBI Bengal circle Chief General Manager S K Roy told newsmen this evening that during the Mahotsav, SBI will offer attractive interest rates, concessions on processing fees and reduction on margin requirement on the project cost for loans with tenures above five years.

He said for example, home loans upto Rs 15 lakhs would attract interest @ 8.75 percent PA (floating) if payable in 15 years.

Processing fee would be 0.25 percent of the loan amount. Margin would be 10 percent ie, 90 percent of the project cost may be financed.

EMI for a loan of Rs one lakh--repayable in 10 years-Rs 1253, in 15 years-Rs 999 and in 20 years Rs 884 instead of Rs 1320, Rs 1029 and Rs 916 during the normal period.

Stating that proposals for take over of existing Home Loans will also be accepted for consideration during the fair, Mr Roy said adding spot in-principle sanctions will be issued by the bank based on income and residence proof, which will also be extended to cover properties finalised during the offer period.

All in-principle sanctions issued at the fair will remain valid for full or part disbursement within 30 days from the date of offer he said adding 20 major builders are expected to participated in the fair.

The fair is expected to generate loan proposals worth over Rs 300 crores, he said replying to a query.

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