By Accommodation Times Bureau
In a move to help Kerala flood-affected people, SBI, LIC and Muthoot on August 23, has offered loan at concessional rate for and renovation of homes.
The special term loan at 8.45% for the borrowing of up to Rs 10 lakh for repairing and renovating homes will be offered for people whose houses are affected by flood in Kerala, said SBI.
No processing fee will be levied by the bank on such loans.
SBI also quoted that a special rate will be applied for home loan applications of repair and renovation submitted on or before November 30, 2018.
The application for a home loan should be submitted on or before this November 30 for repair and renovation.
Under Kerala Flood Scheme, loans of up to Rs 15 lakh will be provided by LIC Housing Finance at a concessional rate of 8.5 per cent.
LIC Housing Finance said in a statement that under this scheme loan up to Rs 15 lakhs will be extended for the properties located in the flood-affected areas of Kerala.
Application for loans by customers can be submitted till October 31.
Special loans to renovate and reconstruct houses in the flood-affected areas are also offered by Muthoot HomeFin, subsidiary of Muthoot Finance, under its Punarnirman Kerala.
The company stated that an easy documentation will be kept for the loans of up to Rs 10 lakh and for a longer tenure.
Muthoot HomeFin also added that the scheme will be valid till December 31, 2018, and the maximum loan term shall be for a period of 20 years.
Adding further it said that subsidy will also be available for eligible cases under PMAY.