Chennai: The residential property market in Chennai is expecting high sales in the coming months as the festival season is on the calendar. A sense of happiness is visible on the faces of home buyers as attractive offers and discounts will be availed by developers. Also better bargains in home loan lending rates and reduction in the processing charges is helping buyers in utilizing the festive time and own the property in comparatively lower rates.
Banking institutions are coming up with appealing offers which will be profitable for both buyers and developers, resulting the booming of property sales. HDFC has recently reduced lending rates to 10.25 per cent for loans below Rs 30 lakh and 10.50 per cent for loans above Rs 30 lakh, HSBC has introduced an innovative concept of takeover loans up to Rs 75 lakh at 9.99 per cent. Axis Bank also stands at 10.25 per cent and 10.50 percent for floating rate options. Kotak Mahindra Bank offers home loans above Rs 30 lakh at 10.40 per cent. SBI offers home loans at 10 per cent for loans below Rs 30 lakh and 10.15 per cent for loans above Rs 30 lakh.
The offers may extend up to March 31 next year. “Festive season always offers an ideal opportunity for fence-sitters to jump on the bandwagon as it is yet another opportunity to strike bargain deals at competitive prices”, said P Seshadri, CEO, gethomegetloan.com
Developers are planning to launch new projects in the festival season to have an impact in the market as most of the buyers believe that it’s auspicious to buy a property in the festival period.