To improve flow of housing finance to flood affected residents of Tamil Nadu, Sundaram BNP Paribas Home Finance will be extending housing loans up to Rs 10 lakh at a reduced concessional interest rate of 8.5%. This, according to the company will help people reconstruct, repair, renovate and upgrade their existing dwelling units.
The special scheme is valid for disbursements made till June 30, 2016. The tenure of the loan will be in the range of 3-7 years.
Srinivas Acharya, managing director, Sundaram Home Finance said: “We have received concessional refinance facility from National Housing Bank. We are happy that NHB has quickly extended such a scheme at this critical juncture where finance is a dire-need for rebuilding homes.”
Earlier this week, the company had decided to waive off overdue interest levied for any delay in payment of EMIs for the months of November and December for those customers who had paid EMIs due up to October 2015. Sundaram BNP Paribas Home Finance Ltd. is a 50.1% – 49.9% Joint Venture between Sundaram Finance and BNP Paribas of France.