SIB announces new home loan scheme

Kerala-based South Indian Bank has announced a new low-rate housing loan scheme with fixed rate of interest for the first three years.

Kerala-based South Indian Bank has announced a new low-rate housing loan scheme with fixed rate of interest for the first three years.

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The scheme, titled 'SIB Shelter' with fixed interest rate for the first three years, would provide loans for purchasing ready-built houses or flats or constructing new ones on one's own land anywhere in India, a SIB release said on Thursday.

The interest rates under the scheme would be as low as 8.50 per cent fixed per annum for the first 18 months and 9.50 per cent in the following 18 months, it said.

This competitive package comes complemented with lower interest rate and speed in disposal of housing loan applications from 550 Core Banking System (CBS) branches all over India, it said.

"The SIB Shelter is our festival bonanza to those who wish to realize the cherished dream of owning a home faster," said Dr VA Joseph, Managing Director and Chief Executive Officer of the Bank.