Canbank home loan targets

Public sector Canara Bank, which is celebrating its centenary year, aims to achieve a 50 per cent jump in its home loan sanctions by the end of the present fiscal 2005-06. Its present outstanding housing loan portfolio stands at Rs 4,799 crore.

Announcing this at a press conference after launching the three-day home loan festival at the Kanteerava Indoor Stadium on Friday, bank chairman and managing director M B N Rao said, home loan portfolio of the bank accounts for almost 40 per cent of its retail portfolio. In the case of Bangalore city, it is even higher around 56 per cent.

"We have organised the home loan festival as part of our efforts to become a financial super power. During the three days we are targetting sanctioning home loans of Rs 500 crore," he said.

Within few hours of opening of the festival, the bank had approved Rs 60 crore worth of home loans. Nearly 30 real estate and construction companies are participating in the three-day event.

The properties available were in the price range of Rs 15 lakh and Rs 5 crore. During the three days, the bank is offering a host of facilities to customers including free property and accidental insurance, free legal scrutiny, free property valuation, credit card and zero processing fees. Spot approvals are given at a special floating interest rate of 7 per cent.