Dream(house)come true: Loans at discounted rates
Sample this: Property type — Premium. Developer — A grade. Rate of interest on property loan — 3.5%. Sounds unbelievable? But this is true. Global real estate developer Emaar MGF, in association with HDFC Bank, has announced this discounted rate of interest for its premium property Palm Drive Terraces on the Sohna Road, Gurgaon. This irresistible offer, however, comes with a shelf life.
This reduced rate of interest is applicable till the property is handed over to the occupant. This means that the user will pay this minimal rate of interest, instead of the regular 10.25% interest, for 30 months till the occupancy of the flat/apartment.
This trend of discounted interest rates till the property is under construction made its entry in the Indian realty segment about a year ago when rising interest rates rendered property buying difficult for many mid-segment users. The resulting stagnation in transactions was hitting developers who were left with projects that were not selling. In the NCR market Assotech was the first to come up with a scheme where the developer offered to pick up most of the burden of EMI till the property was ready for occupancy.
More : economictimes.indiatimes.com