State Bank of India (SBI) Monday announced special term loan for repairing and renovation of homes to help people in the flood-affected Kerala.
Under this scheme, the bank offers loan of up to Rs 10 lakh at a reduced interest rate of 8.45 per cent per annum along with waiver of processing fee, SBI said in a statement.
"The special rate will be applicable for home loan applications for repair and renovation submitted on or before November 30, 2018," it said.
There has been unprecedented damage of property in the State of Kerala during flood and the need of the hour is to repair and renovate residences to bring numerous lives to normalcy, it said.
To meet this crucial requirement SBI has customize this loan offering for urgent requirement of funds by the people of Kerala at minimal charges, it added.
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