The country's largest public-sector lender, State Bank of India (SBI), on Monday announced special term loan for repair and renovation of homes to help the flood affected citizens of Kerala.

Under this scheme, the bank offers loan of up to Rs 10 lakh at a reduced interest rate of 8.45 percent per annum along with waiver of processing fee.

The special rate will be applicable for home loan applications for repair and renovation submitted on or before November 30, 2018, a release said.

Earlier, HDFC said it will provide home improvement loans with zero processing fee and at lower rate of interest for rebuilding properties ravaged by floods in Kerala.

Home improvement loans are for properties located in Kerala, even if the customer is stationed somewhere else, and will be valid only for loan applications submitted till October 31, subject to the mortgage lender's norms and eligibility criteria.

Processing fee for the loan will be nil and the rate of interest will be 8.50 per cent under adjustable rate home loans (ARHL), it added.

As many as 483 people have lost lives in the state since the onset of the monsoon on May 28 and 14 were still missing.

First Published:Sept 3, 2018 6:04 PM IST