The Hindu Business Line : IDBI Bank launches `HouseFull scheme'

IN line with festive season offerings, IDBI Bank has launched its `HouseFull scheme' under which 100 per cent loan is given to consumers who purchase any of the 250 displayed projects in and around Delhi from over 35 builders participating in `Homes 2004' property exhibition.

The scheme has already been kicked off in Bangalore, Hyderabad, Chennai, Pune and Mumbai.

Under the scheme, the bank is extending 100 per cent financing (subject to certain conditions) for buying houses in National Capital Region at 7.25 per cent for floating loan, a fixed rate of 7.75 per cent for three year, and 8.25 per cent for five years. The home loan consumers would get life insurance cover from Birla Sunlife during the loan tenure for a nominal one-time premium

Commenting on the product, Mr Amit Bhatia, head - Home Loans, IDBI Bank said, "On the product side, we have analysed the market for at least the next two years and people are still extremely bullish. On an average, the capital appreciation of property will be at a CAGR of between 10 and15 per cent . So, that takes the loan value to about 92 per cent. The differential 8 per cent will come through collaterals such as the RBI bonds or Kisan Vikas Patra." He said IDBI's home loan portfolio is currently pegged at over Rs 4,000 crore and is expected to touch Rs 5,000 crore by April or May.

The two-day property exhibition - Homes 2004 begins on December 24. Under the HouseFull scheme, when a customer takes a home loan, he will get a chance to win a prize. IDBI Bank will furnish the house of the winner with appliances such as flat TV, washing machine, air conditioner and home theatre system.

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