Kolkata: From September 28 to October 7, the largest public sector bank in India, State Bank of India (SBI) has set a target to distribute Rs. 150 crore in home loans. SBI has organized two property fairs called "SBI Home Loan Mahotsav", at City Centre in Salt Lake, and another one at the Netaji Indoor Stadium at Kolkata.
The fair will be conducted in two phases, September 28 to 30 and October 5 to 7.
SBI has been holding such fairs in the past. Last year's fair had evoked tremendous response and SBI approved home loans to 3,800 people, totalling Rs. 500 crore, with the final disbursement reaching Rs. 80 crores.
Mr. A Mukund, chief general manager SBI, said "This year we are expecting to approve more than Rs 500 crore and disburse atleast Rs 150 crore, through home loans and car loans."
SBI offers various home loan schemes to suit a vast majority of the Indian population. The most popular schemes are 'SBI-Flexi' Home Loans, 'SBI-Maxgain' Home Loans, 'SBI-Realty' Home Loans and 'SBI-Freedom' Home Loans. These home loans are available to borrowers with suitable repayment capacity, meeting the eligibility criteria.
The hallmark of these property fairs will be on-the-spot in-principle approval, concessions in processing fee and easy interest rates. This time SBI will be offering a 75 basis points rate-cut on loans above 5 lakhs and a 50 basis point rate cut for loans below 5 lakhs. Thus the effective interest rates for the corresponding loan category will be 10.50 percent and 10.75 percent respectively. The bank will also waive 50% of the normal processing fee during the SBI Home Loan Mahotsav.
The bank has approved 96 builders, most of whom will participate in the fair and provide attractive offers to home seekers.