LIC Housing Finance and SBI announced on Monday that they will offer home loans at concessional rates for people in Kerala who wish to renovate or repair their homes that were torn down due to the recent floods.
LIC Housing will allow individuals to get a loan up to Rs.15 lakh under the scheme. The rate of interest for the ‘Kerala Flood Scheme’, as it is being called by LIC Housing, will be 8.5 per cent. The offer will be available to people residing in the flood-affected regions of the state. The borrowed amount can be utilised for renovation, repair, upgradation, or reconstruction of homes.
Individuals in Kerala can apply for the home loan and benefit from the temporary offer by 31 October 2018. No additional charges, ancillary charges, and recovery charges for delayed EMI payments in August and September will be levied.
State Bank of India (SBI) has also made a similar offer wherein people from the flood-affected areas of Kerala can avail a home loan up to Rs.10 lakh at a special rate of interest of 8.45 per cent. The concessional home loan rate will be available until 30 November 2018. In this case, too, no processing charges will be applicable on the loans.
Muthoot HomeFin, a subdivision of Muthoot Finance, offers special loans for people in Kerala who need to reconstruct or renovate their homes that were damaged by the floods. The scheme, known as ‘Punarnirman Kerala’, allows people to apply for long-term loans up to Rs.10 lakh with easy documentation. The maximum loan term that one can choose under the scheme is 20 years and one can apply under the scheme only until 31 December 2018.
Source: Business Line