Fixed interest rates offered by Tata Housing on home loans

Leading financial services player Tata Housing has officially unveiled its new scheme where borrowers will only have to shell out 3.99% as their interest rate for home loans. This will be applicable for a 1year period and Tata Housing will be paying the remaining interest. This is part of the company’s plans to attract more prospective home buyers and the scheme will remain valid till 20th November, 2020, covering 10 projects in all. 

Gift vouchers will also be given to customers, which range between Rs. 25,000 and Rs. 8 lakh on an average, depending on the specific project, post booking. The voucher will be given after 10% is paid and property registration is done. The Chief Executive Officer and Managing Director, Tata Realty & Infrastructure, Sanjay Dutt, has stated that the industry has been one of the worst affected sectors during the last few months amidst the COVID-19 pandemic. He also added that green shoots of recovery are visible in the current scenario as well while stating that the Central Government and RBI have implemented multiple measures for the revival of Indian real estate in this period. Dutt opined that the private sector has to now step up and help prospective buyers own their homes. 

Housing unit sales have always been higher in the festive seasons and developers are similarly offering multiple discounts and freebies to buyers in tandem with attractive payment plans as well. Mumbai-based developer Kalpataru Limited, is providing a new subvention plan where buyers will pay just 10% and no further amount for a period of 2 years. Developers are also offering complete waivers on stamp duty for select projects. Wadhwa Group has confirmed that buyers may purchase ready to move housing units at select projects by only paying 10% and forking out the remainder in installments which will commence after one year. Experts have added that buyers should take advantage of these festive offers and discounts if they lead to more savings on acquisition costs for property. 

Multiple Indian realty platforms are offering special festival deals and schemes for buying property across multiple Indian cities. Head & Principal Partner, National Sales, Square Yards, Rahul Purohit, stated that the Indian realty sector is currently offering several special offers and discounts while some earlier offers have been replaced by new schemes as well. If the pandemic is accounted for, buyers, according to Purohit, are looking for transparent and real offers without getting into superficial details. Real estate companies are now offering actual discounts on prices of property along with waivers on stamp duty and maintenance-free durations as well. Developers like Saya Homes, for instance, are providing assured gift vouchers as well. The company is offering vouchers worth Rs. 10 lakh upon bookings of commercial shops at its Saya South X venture in Greater Noida.