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ABN Amro Bank launches home loan business in India
Monday, 20 October 2003, 19:30 IST
NEW DELHI: ABN Amro Bank, an Amsterdam-based financial services conglomerate, Monday announced the launch of home loan business in India as part of its drive to expand product portfolio in the country.
The bank's home loan products, launched under the brand name of All Smiles Home Loans, will offer customers a host of interest rate options, said Romesh Sobti, executive vice president and country representative of ABN Amro Bank.
"We are confident that the innovations and value additions that we have introduced will help us stand out amongst the crowd of home loan offerings in the country today," Sobti told a press conference here.
"The launch of home loan business further adds to the range of innovative and path breaking retail banking products introduced by us over the past two years."
In a move that could trigger a fierce competition in the domestic home loan market, Sobti said ABN Amro's interest rates would start from a sharply lower level of six percent and go up to 8.25 percent depending upon the scheme customer prefers.
Currently, the average interest rate on home loans varies between 7.5 percent and 12 percent, based on the loan amount and the time period within which the customer has to repay the amount.
"For the first time in India, we have introduced a fixed interest rate of 8.25 percent irrespective of the term of the loan or the amount of loan sanctioned," said Harjeet Toor, vice president (consumer loans) of ABN Amro Bank.
On the value added services, Toor said ABN Amro has tied up with non-life insurance firm ICICI Lombard to offer a free property insurance scheme that ensures home against fire and natural calamities like earthquakes.
Sobti said the bank intended to capture a 10-percent share of the 
400 billion Indian home loan market and emerge as one of the top five players in the segment over the next three years time.
ABN Amro will offer its home loan services through the bank's 13 branches in nine cities in the initial phase. "By 2005, we will have our presence in 20 to 25 cities across the country," said Sobti.
Source: IANS
400 billion Indian home loan market and emerge as one of the top five players in the segment over the next three years time.
ABN Amro will offer its home loan services through the bank's 13 branches in nine cities in the initial phase. "By 2005, we will have our presence in 20 to 25 cities across the country," said Sobti.
Source: IANS