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IDBI Bank to foray into vehicle financing

NEW DELHI: IDBI Bank is going to target 50 per cent growth in home loan business to over Rs. 5,000 crores as it plans to foray into vehicle and two-wheeler financing in six months. "At present our home loan portfolio stands at about Rs. 4,000 crores, which will increase to over Rs. 5,000 crores by the end of this fiscal compared to Rs. 3,300 crores in 2003-04," the bank's retail head, Prashant Joshi, said on the occasion of the launch of Housefull Home Loan Scheme here. Under the scheme, the bank is extending 100 per cent financing for buying houses in the National Capital Region at 7.25 per cent for floating loans and a fixed rate of 7.75 per cent for three year and 8 per cent for five years. The home loan consumers would get life insurance cover from Birla Sun Life during the loan tenure for a nominal one-time premium.

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