Bank expects growth rate of 25 per cent during current fiscal

A two-day home loan and home loan takeover mela of State Bank of India was inaugurated at YMCA, Beach Road on Saturday.

Nine builders with whom SBI has tie-up for hassle-free sanction of loans at an affordable interest rate have put up stalls. SBI Deputy General Manager Manoj Khattar, who inaugurated the mela, said they had sanctioned housing loans worth Rs.230 crore in the city last year and were expecting a growth rate of 25 per cent during the current fiscal.

Expeditious disbursal

The mela will be open from 10 a.m. to 8 p.m. All 65 SBI branches of Visakhapatnam are participating. The bank is offering home loans at the lowest rates of 9.95 per cent for loans up to Rs.30 lakh and at 10.10 per cent for loans above Rs.30 lakh for a maximum tenure of 30 years.

All the home loans registered in the mela will be processed and disbursed quickly. In-principle sanction letters will be issued to customers visiting the mela subjecting to fulfilling the eligibility criterion.

Mr. Khattar said they had a market share of 35 per cent in the city and their focus now was on housing loans as well as takeover loans. Existing borrowers from other banks could shift to SBI without any difficulty, he said.

He said they had emerged as the No. 1 in housing loans after HDFC and ICICI. He said they had a specialised processing cell. The bank is expecting to sanction 300 loans during the mela.

Noted housing ventures like Sriram Properties, Lansum Greens, V.L. Developers and Builders, Summit696, Brindavan Estates, Sri Surya Paradise and Sri Santhi Residency have put up their stalls.

There will be a lucky dip contest for people visiting the mela and the winner will be given a ‘surprise’ gift by Chief General Manager C.R. Sasi Kumar on Sunday, according to Regional Manager M.B. Diwakar.

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