State Bank of India (SBI), the premier public sector bank in the home loan segment hosted its home and car expo 2017 on 25th and 26th of this month at Suguna Kalyana Mandapam in the city. Leading builders and car dealers participated in this two-day event. About 30 vendors in the home and car loan segment put up their stalls at this venue.
“SBI has brought out an array of home loan products catering to each and every segment of the society. The bank has exclusive product for Salaried persons (SBI Privilege), Defence persons (SBI Shaurya), young IT employees (SBI Flexi Loan), Self-employed persons, only to name a few. Apart from sanctioning home loan as a term loan, the bank also has an innovative product, i.e. Maxgain, wherein home loan is sanctioned as an overdraft facility and the customer can park excess money in this account to save interest and can also withdraw the amount over and above the dues payable.” P Kumaravelu, Assistant General Manager (Project Approval/ HLST) said.
We are told that this bank has also on offer a very competitive interest rate starting from 8.50% onwards and has completely waived off the processing fees. For women borrowers and co-borrowers there is an interest concession of 0.05%. Apart from new home loans, takeover of existing home loans from other banks and financial Institutions.
Take over cum top-up on existing Home Loans @ 8.70% up to Rs 25.00 lacs and 8.90% thereon, i.e. almost at the rate of home loan itself, were done at this expo. The visitors were rewarded with various facilities like spot sanction, pre-approvals i.e. loan sanctioned prior to identification of property, as per eligibility, information about subsidy schemes, legal services, advisories, wealth management etc. Apart from this, the bank is also providing other services like credit card, mutual fund, life insurance, tax planning, digital banking and mobile ATM among other services.
Commenting on the home and car loan expo, Jonna Raghava, General Manager, NW II said “Now is the right time to purchase a home. The recent budget has made us focus on affordable housing. This expo is happing at the right time.”
Seconding him was Rajesh Lund, President, Confederation of Real Estate Developers' Associations of India (CREDAI) said “Home loan prices are down and the home loan availing process is also made simple and easy. Now is the right time to purchase a home. I congratulate SBI for hosting this event and SBI should make this an annual event.” he said.