SBI to give out loans worth Rs 150 crores at Home Loan Fair

The State Bank of India (SBI) plans to disburse home loans of Rs 150 crore through property fairs at Kolkata in City Centre, Salt Lake and at Netaji Indoor Stadium during October. With the “SBI Home Loan Mahotsav”, as it is called, SBI expects to approve more than Rs 500 crore and disburse Rs 150 crore through home loans and car loans.

In 2007, the bank had approved home loans to 3,800 people, amounting to Rs 500 crore, and the final disbursement stood at Rs 80 crore.

SBI is offering reduced interest rates on home loans, slashing down rates by 75 and 50 basis points respectively for home loans above and below Rs 5 lakh.

This indicated effective rate for the corresponding loan category would be 10.50 per cent and 10.75 per cent respectively.

As a part of the offers in the fair, the bank is also offering a 50 per cent concession on the processing fees. The bank approved 96 builders; most of which would participate in the fair. According to SBI, around 50 property builders will participate in the fairs.