SBI, LIC Housing Finance and Muthoot Home on Monday offered loans at concessional rate for repairing and renovation of homes to help people in flood-affected Kerala. State Bank of India (SBI) said it will offer the special term loan at 8.45 per cent for borrowings up to Rs 10 lakh for repair and renovation of homes for flood-affected victims in Kerala.
The bank will levy no processing fee on such loans. The special rate will be applicable for home loan applications for repair and renovation submitted on or before November 30, 2018, SBI said.
LIC Housing Finance will offer loans up to Rs 15 lakh at a concessional rate of 8.5 per cent under Kerala Flood Scheme.
Under the scheme loan up to Rs 15 lakhs will be extended for properties located in the flood affected areas of Kerala for the purpose of reconstruction, repair, renovation or up-gradation of dwelling units, LIC Housing Finance said in a statement. Customers can apply for loan till October 31.
Also as a relief for its existing customers, the company has decided not to levy any additional charges arising due to late payment of EMI for the month of August and September 2018, it said further.
All ancillary charges resulting from such late payments and recovery charges also have been waived till September 2018.
Muthoot HomeFin, subsidiary of Muthoot Finance, under its Punarnirman Kerala, will offer special loans for the renovation and reconstruction of houses in the flood affected areas.
The loans up to Rs 10 lakh will be processed with easy documentation and for longer tenure, the company said.
The scheme is valid till December 31, 2018. The maximum loan term shall be for a period of 20 years, Muthoot HomeFin said.
Pradhan Mantri Awas Yojana (PMAY) subsidy is also available for eligible cases, it added.