K. Venkiteswaran

Plans to get aggressive in disbursing home loans

KOCHI:Indian Bank is trying to focus on the retail sector and is planning to disburse home loans in an aggressive manner, said R. Radhakrishnan, deputy general manager and circle head, Kerala, here at a news conference.

During the current fiscal the bank proposes to sanction Rs.81.45 crore towards housing loans in Kerala as against Rs.59.80 crore disbursed by the bank in the previous fiscal. The bank has already sanctioned Rs.31.13 crore towards housing loans in the first quarter of the current fiscal.

The NPA level of the bank for home loans in the State is less than 1.5 per cent, he said. The bank, he said, has formulated various schemes in the housing loans segment for the purchase of houses, flats and land for house construction. It is also providing loans to extend, repair, renovate or alter an existing house or flat.

The interest rates of the bank for housing loans are low compared to any other banks in the country, he added. The total business of the bank in the State last year is to the tune of Rs.3,000 crore and of this, deposits constituted Rs.2,000 crore. The bank, with 79 branches in the State, is all set to open a Micro Sat branch for Self Help Groups in Kollam. The bank has got the approval from RBI in this regard, Mr. Radhakrishnan added.

He said the bank currently has 23 ATMs across the State. It has recently signed an MoU with Indian Railway for setting up ATMs in seven railway stations – Ernakulam, Chalakkudy, Thrissur, Palakkad, Kozhikode, Mahe and Kasaragod.