Housing finance schemes get new thrust

Jun 06 2014, 09:45 IST
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A slump in demand for residential real estate has brought financing schemes like ‘80:20’ and ‘75:25’ back to the market in a different avatar. A slump in demand for residential real estate has brought financing schemes like ‘80:20’ and ‘75:25’ back to the market in a different avatar.
SummaryA slump in demand for residential real estate has seen innovative financing schemes like the ‘80:20’ and ‘75:25’ schemes return to the market in a different avatar.

Purva Manhattan condominium project in Chennai in a manner where the customer pays only 25% of the property price upfront and the remaining funds can be tied up for loan once the projects reaches the possession stage.

“The 25% paid by the customer takes care of the project cost and frees them from the worry of paying installments till the possession stage,” says Jackbastian Nazareth, group chief executive officer of Puravankara Projects.

Additionally, Puravankara is also offering an interest subvention scheme to boost sales. It started a scheme two weeks ago on all its projects under which customer will pay 6.99% interest on their loan, while the remaining 3.50% will be paid by the developer for 24 months. According to Puravankara, the offer can potentially help customers save upto 7.02% of interest costs on their home loan.

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