Chennai: State Bank of Mysore is organizing a home loan fair from this Monday. State Bank of Mysore's Home Loan Utsav as this fair is called, has the motto 'Find and fund your house'.
Around 10 builders are showcasing their projects at the venue and State Bank of Mysore (SBM) is hard-selling its home loan products to cash in the festive rush. SBM is offering a 50 percent discount on processing fees and in addition to it the bank is also willing to offer a home loan that takes care not only of the property costs but also the cost of furnishing and registration.
The home loans taken under this fair can also be insured with SBI Life, by just paying a one time premium, which will be a part of the home loan. SBM will charge 11 percent interest rate for this floating rate home loan.
Renowned actress, Kumari Sachu inaugurated the State Bank of Mysore’s home loan utsav on Monday at C.P. Ramaswamy Art Centre on Eldams Road. The fair will last till Wednesday.
SBM is also planning two more home loan fairs, especially catering to the IT corridor localities and in Anna Nagar. SBM has also decided to offer discounts on processing fees and interest rates for new home loans till November 30, as a gift for this festival season.
State Bank of Mysore offers mortgage Loan from Rs. 1 Lakh up to Rs.50 Lakhs to individuals, employees, professionals, self-employed and others who are income tax assessee and whose net monthly income is of Rs. 12,000/- for salaried persons or net annual income of Rs. 1,50,000/- in case of others and self-employed.
The maximum age for this loan is 65 years. The Salaried class can get a home loan up to 36 times their net monthly income while, others can avail a home loan of three times the net annual income. This loan can be repaid in 84 equated monthly installments.
Earlier, State Bank of India had also organized a home loan fair, the SBI home loan mahotsav at Kolkata.