Chennai
With the festive season bringing cheers to home buyers to get better bargains in home loan lending rates, sops by way of reduction in processing charges and discounts from developers, the residential property market in Chennai is gearing up to notch up robust sales in the coming months. A few project launches are also coinciding with the onset of festive season to drive in sales.
India’s premier institution HDFC has recently reduced lending rates to 10.25 per cent for loans below Rs 30 lakh and 10.50 per cent for loans beyond Rs 30 lakh.
Apart from Standard Chartered Bank that offers varied sops during the festive season for home loan borrowers, HSBC has introduced a novel concept for takeover loans upto Rs 75 lakh at 9.99 per cent. Axis Bank has two tier structure at 10.25 per cent and 10.50 per cent for floating rate options. Kotak Mahindra Bank offers home loans above Rs 30 lakh at 10.40 per cent. SBI offers home loans at 10 per cent for loans below Rs 30 lakh and 10.15 per cent for loans above Rs 30 lakh.
“Festive season always offers an ideal opportunity for fence-sitters to jump on the bandwagon as it is yet another opportunity to strike bargain deals at get competitive prices”, said P Seshadri, CEO, gethomegetloan.com. The festive season offers might be extended upto March 31 next year in view of the continual festive season and also impending financial year end to enable more people avail the tax sops, he added.
It is not only the housing finance companies and banks that extend sops to home buyers and more importantly developers who want to push up sales and also those who are launching new projects to make an impact in the market. Akshaya is due to launch its tallest tower in Tamil Nadu, a 38-storied hyper luxurious lifestyle product. There are more developers who are planning to launch new projects during the festive season, according to market sources.
In a related development, a few developers have already forged strategic alliance with home loan lending institutions to absorb pre-EMI interest during the project implementation stage. Puravankara Projects had earlier offered such a facility for their Swan Lake project on OMR. Hirco is now offering pre-EMI interest waiver for investors in its Oragadam project.
V Nagarajan, Property Consultant
Source: http://content.magicbricks.com/festive-offers-on-properties-in-chennai/
