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Tamil Nadu
Bank to launch home loan scheme
By Our Staff Reporter
CHENNAI,
NOV. 18.
The IDBI Bank will launch `HouseFull Home Loan' scheme on Friday, coinciding with the opening of its three-day property exhibition here.
Under the scheme, customers selecting property promoted by 25 builders participating in the exhibition at Rajah Muthiah Hall in Egmore, would be sanctioned 100 per cent loan subject to fulfilment of certain conditions.
Over 250 projects in and around Chennai, will be on display, said Prashant Joshi, head of Retail Asset, today. He said the bank would also launch a slogan contest, whose winner would be from loan applicants.
No upper limit
He told mediapersons that there was no upper limit. "We have sanctioned a loan of Rs.5 crores in Mumbai," he said, pointing out that the average size of the loan was between Rs.10 lakhs and Rs.11 lakhs.
The bank, he said, planned to increase its portfolio of home loans to Rs. 5,000 crores by the year-end. It was growing at Rs. 200 crores a month.
On the growing interest rates (floating rate) on home loans, he said: "It makes sense for the customers to get into the fixed rate now."
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