Nagercoil SBI to start housing loan mela

Eligible applicants to be given an `in principle' sanction letter

Staff Reporter

NAGERCOIL: The State Bank of India in Nagercoil has launched a housing loan mela — `Aavani Adirshtam' — for three days from August 22 for the benefit of middle class people.

Speaking to The Hindu, Assistant General Manager V. Chidambaram said eligible loan applicants would be given an on-the-spot `in principle' sanction letter subject to completion of other formalities. The interest rate would range from 7.5 to 8 per cent.

Authorities concerned would consider requisition (transfer) for those who had already got housing loans from other banks or financial institutions. However, processing charges would be waived.

Mr. Chidambaram said the Nagercoil branch had added one more feather in its cap, securing the third place in Chennai circle (Tamil Nadu and Pondicherry) in lending loans to the farming community. It also stood second in Madurai module for issuing the maximum number of ATM cards.

The Nagercoil Treasury identified the State Bank of India as its main bankers for salary payment to State government employees through the electronic clearing system, he said, adding that SBI employees were visiting various departments in order to facilitate those who wanted to open savings bank account without affecting their daily routine.

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