Today home loans in India are ranging between 8.5 to 9.5% with processing charges plus documentation charges some financial institution are even giving more or less the same may be few percent more. Some are waiving off the procession fees also some dont charge. Many think it is best time to buy homes and some of the builders are taking advantage of the attractive housing loan .
Some advertisement shows
- Demonetization take advantage
- Lower interest rate
- Scheme like 5.90.5
- Sale, Sale, Sale
- Free stamp duty and registration for all booking today
- Pay every month 20,000/- or 40,000/- till the project is completed.
- Exhibition offer
- Hurry few flats left
- Rates increasing from next month
- Gold Coins, Car, Bike, Holiday Abroad etc
All sorts if schemes are available in the market. Why these schemes are being made as there is a cash crush in the market with regards to developers and even the bank is not financing developers in terms of project loan as they too have many NPA’s. The other day, I heard from one of the leading financial Institution that they have stopped giving loans to Developers.
One needs to completely understand these schemes available in the market one has to be very careful and invest only on the projects which are approved by respective authorities and reputation of the developer. One should not go for project which is the Debut of the developer. Many people have jumped into this business where one doesn’t need any qualification or approval from the Government. Anyone who can acquire a piece of land can become a developer . The government is doing their part in getting more transparency in this Real Estate Business.
