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RERA raring to protect homebuyers, but several states, UTs dilute norms to favour developers

All these and more would transpire confidence among the buyers whether they are ready with the requirements to buy a property or not. It’s an open fact that homes are generally bought on finance from banks and housing finance companies charging an interest rate. Customers, in turn, pay the applicable EMIs for the loan they avail from the financial institution. And when the delivery of the property gets well behind the timelines, the default ratio among the buyers with respect to the loan repayment grows up. Now, with the institution of a regulator keeping every property-related detail in the lens of a buyer, the default can be reduced substantially, giving solace to the banks fraught with non-performing asset (NPA) syndrome.
Bonanza for Home Loan Customers
In the existing times of sharply-falling home loan interest rates, the eligibility of buying a property among the buyers has gone up substantially. The average home loan rates have gone down by more than 1% across most banks in India in the last 3-4 months. The lending rates are now down to 8.35%-9.00% per annum across major banks across the country. And with RERA coming in and looking to sort out the project delay issues, the tax benefits which the buyers can claim after possession within 5 years from the starting date of property construction, can be ensured at best and double the joy of homebuyers.

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