The Hindu : IDBI offers new housing loan scheme

Online edition of India's National Newspaper
Wednesday, May 14, 2003

Southern States

Southern States - Karnataka-Bangalore

IDBI offers new housing loan scheme

By Our Special Correspondent

BANGALORE MAY 13. The IDBI Bank today launched a new housing loan scheme under which customers can avail themselves of loans up to 110 per cent of the property value.

Addressing presspersons here, Kumar Subramanya, Head (Operations and Retail Assets) of the bank, said that in order to market its housing scheme, the bank would organise a home loan mela at the Koramangala Indoor Stadium in Bangalore from May 16 to 18.

Stating that other commercial banks provided housing loans only up to 90 per cent of the property value, he said for the first time the IDBI Bank had come out with such an offer. The bank would charge 8.25 per cent interest on housing loans. Those who were drawing a minimum salary of Rs. 8,000 a month were eligible for housing loans, he added.

Under the scheme, the bank would provide assistance for the complete property value, stamp duty, registration, and amenities such as car park, club membership, and additional furnishing. An additional 10 per cent loan would be given as personal loan to customers to furnish their houses, Mr. Subramanya said.

He said the bank had crossed the Rs. 1,000-crore home loan disbursal mark. It had 92 branches and 260 ATM centres in 68 cities. On the future plans, he said the bank had decided to launch its operations in Hubli and Mysore in June.

T.R. Hanumanthappa, Regional Manager (Credit), was present.

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