The Hindu Business Line : IOB(Vizag) to conduct home loan melas

THE Indian Overseas Bank (IOB), Visakhapatnam region, as part of a drive to disburse home loans, is to conduct home loan "melas'' on June 25 and 26 at nine centres in five coastal districts, according to Mr M.N. Krishnan, Chief Regional Manager.

Addressing a press meet here on Thursday, he said the 32 branches in the region had disbursed Rs 71 crore as housing loans last year and the target for the current financial year was set at Rs 75 crore. The housing loan "melas'' would be conducted at Visakhapatnam, Srikakulam, Anakapalle, Vizianagaram, Kakinada, Rajahmundry, Amalapuram, Bhimavaram and Eluru.

There would be no processing fees for the loans sanctioned during the two days and credit cards would be issued free of cost to all those who had been sanctioned the loans, he said. Accident insurance cover would be provided free to the borrowers.

Mr Krishnan said the bank's deposits in the region amounted to Rs 734.40 crore and advances Rs 473.26 crore. Priority sector lending constituted 66 per cent of the advances, he added.

He said the bank was offering housing loans at the lowest rates and there was no proposal to increase the rates. The floating rates ranged from 7.25 per cent to 9 and the fixed ones from 8.25 per cent to 10.75 per cent, depending on the tenure and loan amount. The borrower would also be permitted to switch once from a fixed rate to a floating one, or the other way round, during the loan tenure. The bank would also take over loans from other banks.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Rupee unchanged; bond prices fall

IOB(Vizag) to conduct home loan melas

Birla Sun Life's new unit-linked plan introduced

Windshield in pact with Cholamandalam MS

CEA office preparing Govt's brief on financial sector reforms

3 banks get RBI nod for China foray

Syndicate Bank education loans in Mangalore

Govt stock auction `fully subscribed'

Warehousing Corpn Act may be amended

MetLife India keen on buying AMP Sanmar