Financial Daily from THE HINDU group of publications
Wednesday, Sep 10, 2003
Financial Daily from THE HINDU group of publications Wednesday, Sep 10, 2003 |
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Money & Banking
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Housing Finance Federal Bank repackages home loan Our Bureau
Kochi Sept. 9 IN its bid to keep ahead of the competition, the Aluva-based Federal Bank has repackaged its housing loan product cutting its interest rates further and offering a bouquet of new and customer-friendly features. The bank has pegged its lowest housing loan interest rate at a competitive 7.5 per cent per annum.Also, housing loans are now available for purchasing residential plots as well. The bank has also introduced a new product called Home Plus for its existing housing loan customers, offerinh long repayment schedule and very low rate of interest. "Under the most attractive Home Plus privilege personal loan, the customer would be entitled to cash loans ranging up to Rs 10 lakh at interest rates as low as 10 per cent. Further, the bank has also volunteered to waive one per cent in interest rates for car education and personal loans, provided the customer had already availed of housing loan from it. Other highlights of the new scheme include free accident protection policy up to Rs 5 lakh for all car loan borrowers.
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