Tata Housing offers fixed home loan rates for buyers for one year

PTI, Oct 19, 2020, 7:52 PM IST

New Delhi: Tata Housing on Monday announced a scheme under which home buyers will have to pay a flat 3.99 per cent interest rate on home loans for one year and the company will bear the rest as part of its effort to attract prospective customers.

The scheme is valid across 10 projects till 20th November.

Under this scheme, customers have to pay only 3.99 per cent flat interest rate for a period of 1 year, with the rest being borne by Tata Housing, the company said in a statement.

The customer will receive a gift voucher ranging from Rs 25,000 to Rs 8 lakh depending on the property, post the booking. The voucher would be issued post payment of 10 per cent and registration of property.

Sanjay Dutt, managing director and chief executive officer, Tata Realty & Infrastructure said: “While the real estate sector was one of the worst-hit in the first few months of the pandemic, it has started to show some early signs of recovery. ”

He said the government and the RBI have taken many measures for the real estate industry during this COVID pandemic and now “it is the turn of the private sector to assist the homebuyers in owning their safe havens.”

As housing sales have been traditionally higher during the festive season, real estate developers have lined up discounts and freebies as well as attractive payment plans to lure prospective home buyers.

Mumbai-based Kalpataru Limited has launched a subvention scheme where the customer pays just 10 per cent now and nothing for the next 2 years. It is also offering zero stamp duty burden for customers on select projects.

Wadhwa Group, too, on Monday said the customer can buy ready-to-move-in units in its select projects by paying only 10 per cent now and the instalments of balance payment will start one year later.

Anarock Chairman Anuj Puri advised that festive offers should be taken advantage of, especially if they result in savings on the overall cost of acquisition.

“Buying a home in one of life’s most cost-intensive financial undertakings and any real relief on this front is a value-add. The two important provisos on a scheme or offer are that the property in question should itself have a sufficient desirability quotient and that the developer is reputed and known to deliver value,” he said.

Housing.com has launched an online festival from October 7 to November 14. Builders from 10 major cities are participating and giving discounts and freebies.

Rahul Purohit – Principal Partner & Head National Sales, Square Yards, said: “Real estate market is full of offers and discounts, some old offers are replaced by a new one. Given the pandemic, buyers are looking for real offers and not superficial ones. Developers are now offering real discounts on property prices, waivers in stamp duty and maintenance-free periods.”

In Delhi-NCR, Saya Homes are offering assured gift vouchers worth Rs10 lakh on the booking of any shops at Saya South X project in Greater Noida.