Clifton Savings Bank has set aside a $10 million fund “for special low-interest” home equity loans to victims of Hurricane Sandy.
Clifton executives said the new product combines a low interest rate with a no-fee loan structure to make the HELOC affordable and as easy as possible to access for homeowners who need to rebuild or repair their homes.
The loan will be available to homeowners through March 31. Borrowers can apply for up to $250,000 for repairs on their primary residence or vacation home.
The Clifton, N.J.-based community bank if offering different loan terms that may vary from five to 20 years.
This type of loan is expected to assist many homeowners who otherwise would have to wait for long periods of time for insurance payment funds and disaster relief assistance from the Federal Emergency Management Agency.
