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Interest sop for home buyers

Last updated: November 4 2009
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  • Interest sop for home buyers

    the FM announced there will be 1%interest subsidy for a 10 lac loan provided the property cost is not above 20 lacs.this is the max they can do for realestate.its not going to help RE.the prices are going to come down in the city,i dont see any property for 20 lacs in chennai and more over a 50% downpayment for 10 lac loan.
  • #2

    #2

    Re : Interest sop for home buyers

    Good work ..

    Actually it makes sense what out FM has proposed.
    In a way he is making sure that builders dont create a hype of the news to increase the prices yet again..at the same time the buyers are also being asked to judiciously enter into the transaction.

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    • #3

      #3

      Re : Interest sop for home buyers

      Originally posted by vijai5 View Post
      the FM announced there will be 1%interest subsidy for a 10 lac loan provided the property cost is not above 20 lacs.this is the max they can do for realestate.its not going to help RE.the prices are going to come down in the city,i dont see any property for 20 lacs in chennai and more over a 50% downpayment for 10 lac loan.
      only in smaller cities like Salem, Tiruchi Rs.20 lac properties with 2 bedrooms might be available.

      In chennai, single bedroom properties might be available for Rs.20 lacs.

      The one good point is : only when buyer makes downpayment for 50% of property cost, for remaining 50% he can take a loan for 1% less interest than regular rate.

      If only in 2003 they had made such a rule that buyer has to make downpayment for 50% of property cost and bank will fund only 50%. Property prices would never have gone up like this crazy and this mess would not have be created.

      Banks are real culprits....in fact builders and land owners just used the opportunity as buyers were bidding up prices (due to just 15% downpayment and 50% salary hikes every year).

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      • #4

        #4

        Re : Interest sop for home buyers

        Originally posted by contra View Post
        only in smaller cities like Salem, Tiruchi Rs.20 lac properties with 2 bedrooms might be available.

        In chennai, single bedroom properties might be available for Rs.20 lacs.

        The one good point is : only when buyer makes downpayment for 50% of property cost, for remaining 50% he can take a loan for 1% less interest than regular rate.

        If only in 2003 they had made such a rule that buyer has to make downpayment for 50% of property cost and bank will fund only 50%. Property prices would never have gone up like this crazy and this mess would not have be created.

        Banks are real culprits....in fact builders and land owners just used the opportunity as buyers were bidding up prices (due to just 15% downpayment and 50% salary hikes every year).
        i agree with that bankers are the sole responsible for th mesh. as the banker can not affored for long time this stupidness, the reversing trent is inevitable

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