Karnal co-op bank to offer home loans | punjab | Hindustan Times
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Karnal co-op bank to offer home loans

The Karnal Cooperative Bank Limited has become the first bank in the cooperative sector in Haryana to offer home loans.

punjab Updated: Jan 13, 2014 19:57 IST
HT Correspondent

The Karnal Cooperative Bank Limited has become the first bank in the cooperative sector in Haryana to offer home loans.


Inaugurating the scheme here on Monday, Congress legislator Sumita Singh said that the welfare facility would "set a precedent in the state".

According to the bank's chief executive officer, Rajinder Mehra, home loans would be offered up to Rs 25 lakh at an annual interest of 10.5%.

"It is the lowest interest rate in the market, and we hope to get overwhelming response," said Mehra, adding that the bank's rural branches would also offer the home loan facility.

According to the bank management, employees of government offices, municipal corporation, boards, multi-national banks and employees of government-aided educational institutes would be eligible for the loan.

In the first phase, the bank would offer loans for houses alloted by sectors developed by the Haryana Urban Development Authority (HUDA) and alottees in other residential areas.

Mehra said that the loan amount would be decided on the salary drawn by the individual and there would be no file charges for the loan.