Friday, December 9 2005 19:29 Hrs (IST) - World Time -

Bangalore: Canara Bank is looking at 50 per cent growth in its homeloan portfolio of Rs 4,799 crore by the end of this fiscal, its top official said here today (Dec 9, 2005).

"At the moment, out of a total retail portfolio of Rs 12379 crore, our outstanding housing loan portfolio is in the order of Rs 4799 crore and we hope to increase 50 per cent on that (home loan portfolio) by March 31, 2006," Bank's CMD, M B N Rao said launching Canara bank's three-day home loan festival here.

The festival, in the midst of bank's centenary celebrations, offers a host of facilities in home loan finance, including spot loan approvals at the floating interest rates of 7 per cent upto five years and 7.25 per cent above 5 years to 20 years.

"This is a festival offer and is restricted to the three-day period," Rao told reporters.

"This is the first such exclusive home loan festival by Canara Bank and will be extended to other centres in Karnataka, including Mysore and also metro cities," he said.

"The other facilities offered include free property and accidental insurance, free legal scrutiny, free property valuation, free credit card and no processing fees," Rao said.

"At the moment, out of a total retail portfolio of Rs 12379 crore, our outstanding housing loan portfolio is in the order of Rs 4799 crore and we hope to increase 50 per cent on that by March 31, 2006," he said.

Describing the response to the festival as 'very good,' Rao said he expected the loan sanctions to touch Rs 500 crore during the three-day period.

"Already about 300 people have got spot loans for about Rs 60 crore," he said.

"Spot loan approvals will be given based on the financial information furnished by the buyer. They can finalise the property during the festival itself or later and obtain a formal sanction from any of the bank's branches in Bangalore before Jan 25, 2006," Rao said.