Federal Bank launches House Warming Loan
Private sector lender, Federal Bank has launched a new product "House Warming Loan", an innovative product that is offered to its housing loan customers (both existing and new) for meeting house warming and other related expenses.
Mr. D Sampath, Additional General Manager and Head, Retail Business Department said , "This is a product that offers support to the customer when he/she requires it and not when the lender is comfortable to sanction the same".
The timely help in the form of House Warming Loan to Housing loan borrowers will enable customers to conduct house warming functions without resorting to raising short term loans at high rate of interest.
The loan is offered at an attractive rate of 2 percent over the housing loan rate. The quantum of loan can be upto 5 percent of the Housing Loan limit with a maximum of Rs 2.00 Lakh.
The Bank also came up with special offers to its customers during this festive season attractive interest rate of 10.45 per cent for Home Loans irrespective of amount, Mr Sampath added in a statement.