The three-day ‘housing and vehicle loan mela’ organised by the Tiruchi zone of the Corporation Bank was inaugurated here on Thursday. Coinciding with the ‘Deepavali’ festival, the bank offers a special package of concessions – a low rate of interest for housing, car and hospital loans, waiver in the processing fee and exemption from penalty for pre-mature instalments.

“We sanction to an individual a maximum of Rs.5crore towards housing loan and, Rs.1crore for purchase of vehicle,” says A. Balasubramanian, Senior Manager of the zone. He points out that on-the-spot processing of the applications has been an attraction for the borrowers.

Highlighting the features under housing loan scheme, he said that applications for take-over of housing loans from other financial institutions were also received during the mela. The long term duration of 30 years for housing loan was another attraction for the young employees and the lowest EMI was Rs.915. Explaining the procedure being followed to scrutinise the applications, M.Velu, Senior Manager, pointed out a large number of visitors had expressed their satisfaction over the expeditious process of the loan applications. The loan applications were tentatively processed on the spot facilitating the customers to furnish the required documents in course of time. Many visitors were surprised over the hassle-free credit system followed at the mela. For instance, a senior sales manager from a private company was sanctioned Rs.14.40 lakh for purchasing a house, although he was in need of just Rs.12.50 lakh,” he said.

The additional features of the mela were the availability of a panel of lawyers for legal counselling, ‘vasthu’ experts, builders and dealers in four wheelers. A special discount in interest percentage up to 0.25 per cent was available for those availing themselves of both housing and vehicle loans, Mr.Balasubramanian said. The mela, currently in progress at the Srinivasa Hall near Hotel Femina, is open from 10-00 a.m. to 8-00 p.m. till Saturday.