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Our Bureau

Kolkata , Nov. 6

STATE Bank of India, Bengal Circle, has set a target of Rs 650 crore of home loans for the current fiscal as compared to Rs 400 crore in 2004-05.

"We hope to sanction loans worth about Rs 150 crore in the present fair", said Mr Sumit Ghosh, Assistant General Manager, Personal Banking, SBI, Bengal Circle.

While talking to Business Line at the SBI Home Loan Mahotsav organised by the bank here, he said, "The in-principle sanctions, based on income and residence proofs, are being issued on the spot", adding, "all such sanctions will remain valid for disbursements till December 31".

A number of real estate developers as well as marketing companies are participating in the three-day fair, which was inaugurated by the Chief General Manager of the bank's Bengal Circle, Mr U.S. Roy.

Those signing for loans at the fair would be entitled to a lowest ever interest rate of 7.25 per cent annually floating and 7.75 per cent annually fixed for 20 years.

The loans would be available not only for purchase of new flats and buildings but also for renovation and repair of the existing ones and also for purchase of lands.

Home loans accounted for 54 per cent of the total loans sanctioned by the bank under personal banking in Bengal Circle, said Mr B.P. Deskari, Deputy-General Manager, Personal Banking, SBI, Bengal Circle.

"Total loans sanctioned under personal banking accounted for nearly 40 per cent of the total advances of the bank in Bengal Circle", he said.

Outside Kolkata, Siliguri was the next important market for SBI and the bank had tied up several leading developers, he said.

"Since our bank's name is involved, we take adequate precaution while selecting developers for tie-ups", Mr Ghosh added.

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