Uttar Pradesh, India (PressExposure) August 07, 2009 -- One of India's largest lenders, State Bank of India came up with a non-conventional method to promote its home loan section. The bank recently organised a 'SBI Home Fair 2009' in Chennai and has also entered into an agreement with 12 builders so as to promote its home loan segment.
As stated by Chief General Manager, State Bank of India, Chennai Circle, J. Chandrasekaran, the bank is looking forward to develop special processing channels so as to provide quick services to home loan customers. At present, home loan market is expected to improve on the back of relaxed prices. The bank held the fair so as to promote its 2 new home loan products - SBI Easy Home Loan and SBI Advantage Home Loan.
For the Chennai circle, the home loan segment grew more than Rs. 1000 crore in 2008-09. The bank also passed 1,800 home loans, summing upto Rs. 240 crore for the first quarter of the current fiscal in Chennai.
Chandrasekaran also stated that there will be no processing fees on loans, adding that the home loans ([http://www.paisawaisa.com/loans/home-loans.aspx]) approved at the fair will bear 0.25% less interest rate than the nominal rate from the start of 4th year of repayment. Around 24 property dealers and builders were there in the fair.