VIJAYAWADA: The State Bank of India (SBI) on Friday launched a two-day ‘Home Loan Mahotsav-2009’ at Dandamoodi Rajagopala Rao Indoor Stadium. Over 20 builders from the city arranged their stalls in the mela displaying the highlights of their ensuing ventures. The bank is offering home loans at a fixed interest rate of 8 per cent for the first year and a complete waiver of processing charges till April 30.
Rector of Acharya Nagarjuna University K. Viyyanna Rao, the chief guest, lauded the bank for offering concession in the rate of interest on home loans. “It is a right decision at right time. As the entire world is experiencing economic slowdown, there is a sudden drop in the money flow into the market. With this offer, people will come forward to own a house, which will ultimately boost construction and related industries,” he observed.
He said the practice of saving money in small sums had insulated Indians from global recession and its impact was less here compared to developed nations.
“Economic institutions, particularly the State Bank of India and its subsidiaries, are playing an important role in strengthening the economy. I hope the home loan scheme will become a success,” he said.
SBI AGM S. Eswaran said the bank was playing an important role in the money market and its share in the country’s credit market was around 25 per cent . “The bank has a large customer base.
We respect small customers too and design plans to address their needs. From a major industrialist to a small artisan, we have customers from different financial backgrounds. Our schemes are aimed at catering to their needs and help them grow further,” he said.
The bank’s AGMs V. Satyamurthy, V. Chinnaji and others were present.