SBI aims to distribute Rs 150cr home loans

The State Bank of India (SBI) aims to disburse Rs 150 crore, through two property fairs, "SBI Home Loan Mahotsav", at City Centre in Salt Lake, at the Netaji Indoor Stadium in October.

Last year, at similar fairs, the bank had approved loans to 3,800 people which amounted to Rs 500 crore, and the final disbursement stood at Rs 80 crore.

"This year we are expecting to approve more than Rs 500 crore and disburse Rs 150 crore, through home loans and car loans," said A Mukand, chief general manager, SBI.

In this regard, the bank would be offering rate cuts of 75 and 50 basis points respectively for the loans above and below Rs 5 lakh. This indicated effective rate for the corresponding loan category would be 10.50 percent and 10.75 percent respectively.

"In addition to this there would be concession on processing fees as well and we would charge 50 percent of the normal processing charge during the fairs," he added. The bank approved 96 builders, most of whom would be participating in the fair.

"Around 50 property builders would be participating in the fairs," the CGM said.

Meanwhile, as apart of the corporate social responsibility, the bank had taken up the policy of adopting girl children. SBI adopted 20 girls today and as per the policy they would be granted Rs 3000-5000 per annum.

The financial support extended would be towards the education expenses, cost of books and stationary items and transport expenses.

Mukand said that the bank had adopted 58 girls so far in the Bengal circle.

"As a part of the policy, every branch of SBI would adopt and nurture a girl child who is orphan and poor, preferably in the age group of 6-14 years," he added.