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SBI, Muthoot announce special loan for home repair in Kerala

Livemint:  September 05, 2018

New Delhi: India’s biggest bank, State Bank of India or SBI, has announced a special loan for repair and renovation of homes to help the flood affected people in Kerala. Under the scheme, applicable for home loan applications for repair and renovation, SBI will be offering loan of up to Rs 10 lakh at a reduced interest rate of 8.45% per annum. SBI will levy no processing fee on such loans. The special rate will be applicable on applications submitted on or before November 30, 2018.

“There has been unprecedented damage of property in Kerala during flood and the need of the hour is to repair and renovate residences to bring numerous lives to normalcy. To meet this crucial requirement SBI has customize this loan offering for urgent requirement of funds by the people of Kerala at minimal charges,” SBI said.

Earlier, for existing customers, SBI had announced late payment fee waiver on loan EMIs help customers in the flood-ravaged state.

Other financial institutions have also announced concessional home loan for flood-affected Kerala.

Muthoot HomeFin, a subsidiary of Muthoot Finance, under its Punarnirman Kerala initiative, will offer special loans for the renovation and reconstruction of houses in the flood affected areas. Loans up to Rs 10 lakh will be processed with easy documentation and for longer tenure, the company said. The scheme is valid till December 31, 2018.

LIC Housing Finance will offer loans up to Rs 15 lakh at a concessional rate of 8.5%. Customers can apply for loan till October 31.LIC Housing Finance said that up to Rs 15 lakh will be extended for properties located in the flood affected areas of Kerala for the purpose of reconstruction, repair, renovation or up-gradation of dwelling units.

Also as a relief for its existing customers, LIC Housing Finance has decided not to levy any additional charges arising due to late payment of EMI for the month of August and September 2018.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.