Now, borrow money for not only buying your dream house but for house warming as well.
The Kerala based Federal Bank has introduced a loan scheme called "House Warming Loan", which is meant for its existing as well as new customers. The loan amount can be used for meeting the expenses of house warming and related activities.
The scheme will be provided on acquisition of a built house or completion of house /flat. Its interest rate has been kept at 2 percent above the home loan interest rate. The maximum loan amount that can be availed under the scheme is up to 5 percent of the home loan amount. But, the maximum amount should not exceed Rs. 2 lakh.
The bank issued a press release announcing the launch of the new loan product. On the matter, the Additional General Manager and Head (Retail Business Department) of the private sector bank said that "The timely help in the form of house warming loan to housing loan borrowers will enable customers to conduct house warming functions without resorting to raising short term loans at high rate of interest."