ABN Amro Bank Unveils All Smiles Home Loans

Chennai, Feb 25: | Updated: Feb 26 2004, 05:30am hrs
ABN AMRO Bank, one of the leading foreign banks in the country, has launched All Smiles Home Loans- multiple options products here on Wednesday. It has also launched loan protect, a loan protection plan in association with ICICI Lombard General Insurance Company in the city.

Addressing the press, Mr Romesh Sobti, executive vice president, head, strategic value businesses, Asia and Middle East said the ABN AMRO Bank All Smiles Home Loans offers customers a host of interest rate options for their housing loan. Loans are offered to customers at same rate of interest irrespective of the amount of loan and repayment tenure.

The All Smiles Home loans also include a unique super saver package under which the rate of interest of loan would be six per cent during the first year, 6.5 per cent in the second year and from the third year it would be floating rate of interest prevailing in the market. This package also comes with a split interest rate option wherein the customers can have a combination of both fixed and floating rate of interest during the tenure of loan. They can opt for either 60 per cent floating rate and 40 per cent of fixed rate or 80 per cent floating rate and 20 per cent fixed rate combination.

The bank has also introduced loan protect, an insurance cover on its home loans in association with ICICI Lombard. The plan covers all outstanding loan payments of the customer in case of death, permanent disability and cover for pre-specified number of EMIs in case of loss of employment and critical illness.