Financial Daily from THE HINDU group of publications
Friday, Jul 18, 2003
Financial Daily from THE HINDU group of publications Friday, Jul 18, 2003 |
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Money & Banking
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Housing Finance SBI offer to Cusat staff Our Bureau
KOCHI: The State Bank of India has signed a MoU on Thursday with the Cochin University of Science and Technology (Cusat) for granting housing loans to its employees under a special package. The MoU was signed by the Registrar of the University, Dr K.V. Kunhikannan, and by Mr Sambasiva Rao, Deputy General Manager, SBI, in the presence of Dr N. Unnikrishnan Nair, Vice-Chancellor and Mr C. Sundarashyam, Chief General Manager, SBI, Kerala circle. Under the package, the eligible permanent employees of the Cusat having two years service would be extended finance up to 60 times of their basic pay for construction, purchase, renovation, extension and also for take over of housing loans availed by the employees from other banks and other financial institutions. Interest rates for loans up to Rs 5 lakh would be 8.75 per cent (fixed basis) and above Rs 5 lakh at 9 per cent. The tenure of the loan would be 18 years, according to an official press release here.
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