SIB unveils home loan scheme

THIRUVANATHAPURAM: Kerala-based south Indian Bank (SIB) has announced a new low-rate housing loan scheme with a fixed rate of interest for the first three years. The new scheme, SIB Shelter, would provide loans for purchasing ready-buit houses or flats or constructing new ones on one's own land anywhere in India, a SIB release said today. Interest rate under the scheme would be as low as 8.50 percent fixed per annum for the first 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. "SIB Shelter is our festival bonanza to those who wish to realise the dream of owning a home faster," said VA Joseph, managing director and chief executive officer of the bank.