Central Bank of India

BANKING

Central Bank targets Rs.10,000 crores

home loan disbursements in F Y 2012-13

Dec 15, 2012

Central Bank of India is targetting a total of Rs.10,000 crore

business from the home loan segment in this financial year. As of now, we have touched Rs.7,900 crores and we will do another Rs.2100 crores in the coming three months, said Mr. Ram Sangapuri, General Manager – Retail Banking, Central Bank of India speaking to media at the inaugural of its Two-day Home & Auto Loan Expo being organised for the first time in Hyderabad here at Banjara Function Hall, Road No. 1, Banjara Hills, Hyderabad. In the vehicle loans category we have a target of Rs.2500 crores, he added. Targeting prospective home seekers and vehicle seekers, the two-day expo being held on 15th & 16th December 2012 has leading Builders, Property Developers, Auto Dealers, etc. participating in with about 44 stalls. The expo is open from 10 AM to 7 PM on both days. The entry for the expo is free. Free Legal Advice services on housing matters will also be available at Central Bank stall at the show.

AP Minister for Housing, Mr. N. Uttamkumar Reddy inaugurated the expo by lighting the lamp and cutting the ribbon. Speaking at the inaugural ceremony he said that their government has taken up the largest ever housing project for urban and rural poor in India through its housing department and are providing government supported and government subsidized homes. The aim of our government is to see Andhra Pradesh without any huts. We are relentlessly trying to make Hyderabad a favourable destination and are keen to provide the best facilities in Hyderabad and make it a global city. A boost to housing is a major boost to the economy of the state. We consider Bankers and Builders as partners in the progress of our state, he said.

Central Bank of India is to soon announce a new scheme to provide affordable housing for the socially and economically backward. Under the new scheme loans of up to Rs.5 lakhs will be given to people without any guarantee / surety, no income proof or IT returns and on low interest rates. The loans will be guaranteed by the Government of India, informed Mr. Ram Sangapuri. The Central Bank is conducting series of property expos across the country. The Construction and Housing segment contributes around 13 percent to the National GDP, he said. A boost to the housing segment will help India achieve the projected GDP growth of 8-9 percent, he opined.

The two-day expo will to cater to the housing needs of all segments of the society under one roof. Spot sanctions will be done for eligible customers informed Mr. M. Elangovan, Field General Manager, Hyderabad Zone, Central Bank of India. To all the people who approach the bank during the expo, there will be no processing fee for home loans, the rate of interest will be reduced and only a base rate of 10.5 per cent will be charged for loan of any amount. For the vehicle loan seekers, there is on the spot sanction with only 11 per cent rate of interest and the disbursement within 1 or 2 days. Besides this, the participating auto dealers are also offering good discounts. We expect to do a business of 80-90 crores during the expo and around 2000 people visiting the expo, he added.

Mr. P. Dharmalingam, Senior Regional Manager, Hyderabad Region, Central Bank of India said that the expo is being organised as part of their national series of expos promoting housing sector in Indian economy. The Bank is organising such fairs across various cities and they plan to organise such shows in Vizag, Vijayawada and other major centres in Andhra Pradesh shortly. The bank has 183 branches in Andhra Pradesh in almost all district. He urged the people to come forward and utilize the opportunity. Our bank offers the cheapest and lowest interest rates, he said.

Builders and Property Developers who are exhibiting their real estate projects in and around Hyderabad include Rajapushpa Properties, Safeway Infra, Sarthak Infra Developers, Vasudeva Realtors, Muppa Homes Pvt. Ltd., Aliens Group,  ARK Homes, Manjeera Constructions, Vishal Projects, Modi Builders, Lanco Hills, NSL Infratech, IVRCL, Green Home Villas Pvt. Ltd., Kranthi Builders, Siva Sai Homes & Township, Magna Infratech (I) Pvt. Ltd., Saket Engineers, etc. Several projects with hundreds of dwelling units are on display at the show.LIC of India, Cholamandalam MS General Insurance, Bajaj Allianz have also put up stalls at the expo. Besides these Central Bank has also put up stalls for Retail Loans, Deposit Schemes, etc. Auto Dealers such as Tejaswi Motors, Pratul Auto, Radha Krishna Toyoto, RKS Motors Pvt. Ltd., Saboo Motors, Ibays Motors, etc. and others are also participating informed Mr. P. Dharmalingam, Senior Regional Manager, Hyderabad Region, Central Bank of India.