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Tuesday, Jun 15, 2004

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SBT housing loan scheme for KSEB staff

Our Bureau

Thiruvananthapuram , June 14

STATE Bank of Travancore has launched a housing loan scheme for employees of the Kerala State Electricity Board (KSEB).

All permanent employees of KSEB who have put in a minimum of two years of service are eligible for the loan, according to a statement from the bank.

The maximum amount of loan for house construction or purchase will be 60 times the basic pay. The loan amount will be 15 times the basic pay for extension work on a house. Loan will also be made available for maintenance and repairs, subject to a maximum amount of Rs 10 lakh.

Borrowers can opt for either floating or fixed rates of interest. Up to a period of five years, the interest will be seven per cent and 7.5 per cent at floating and fixed rate, respectively. The rates will be eight per cent and 8.5 per cent for periods above five years and up to 10 years and 8.25 per cent and 8.75 per cent, respectively, for above 10 years and up to 18 years.

The repayment amount in equated monthly instalments will be recovered from the borrower's salary within a maximum period of 18 years, excluding a start-up period of maximum nine months from the date of the loan. The loan will be covered under the group insurance scheme of SBI Life for SBT housing loan borrowers.

The main feature of the loan scheme is zero margin money and processing charges. Applications can be directly submitted to the branch along with the documents.

More Stories on : Housing Finance | Kerala | Public Sector Banks

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