The Hindu Business Line : SBI property fair to include car loan mela

Coimbatore, Aug. 17 The Coimbatore Module of State Bank of India is organising a three-day ‘Property Fair’ between August 17 and 19 at the Padmavathi Ammal Cultural Centre here.

This is the third successive year of the fair.

Over 20 builders, flat promoters and realtors apart from car dealers are participating in the fair this year against 12 last year.

The organisers have clubbed the property fair with the car loan mela. The concessional offers on home loan include a half-a-per cent reduction in interest rate, 50 per cent concession on processing charge and an in-principle on-the-spot sanction.

The organisers have for the first time arranged for free legal advice as well.

Car loans are being offered with a Triple Bonanza Offer such as a 50 basis point cut in interest rate, processing charge reduced by half and a 5 per cent reduction in margin.

The module is expecting to mop up a business of Rs 500 crore during the event.

“Our bookings crossed the Rs 180-crore mark last year,” Mr C. Jeyasooria, Assistant General Manager (Region 1), Coimbatore, told Business Line.

‘Home cash’

The organisers are also planning to popularise ‘Home Cash’ a product introduced a fortnight ago.

Explaining its features, he said: “regular and prompt repayers of our home loan are given additional credit facility. We calculate the balance between valuation and the outstanding dues and extend this sum as loan. This would be a multi purpose loan and persons with a good repayment track record (of one year) would be eligible to avail this facility.”

Mr Jeyasooria said that the bank was also contemplating giving a second home loan, if the ‘Home Cash’ facility had been taken and the borrower repaid his dues on this borrowing within a span of 24 months.

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