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« Disha Direct promoting Nagpur as ‘Destination Next’ | Home | SEZs may not get weightage for loans »

Bangalore developer to reduce EMI burden on buyers

With home loan rates and the property prices soaring, the demand for homes is somewhat on a decline. Developers are trying every trick in the trade to woo them. Thinking beyond cash discounts and freebies, some developers in Bangalore have come up with schemes that aim to lessen the EMI burden of customers. Value Designbuild Pvt Ltd, a Bangalore-based real estate company, has tied up with HDFC for housing loan for a scheme wherein one per cent interest for the entire loan tenure is being waived off.

The scheme is available for VDB Celadon, the developer’s upcoming project in North Bangalore and only till Dussera. The project would see a development of 190 apartments in the Rs 30-50 lakh price segment at Yelahanka. “To avail this offer, the client should be eligible for loan and be ready to start his EMIs immediately, as this offer is applicable only on upfront payment,” says Koshy Varghese, Managing Director, Value Designbuild. This means, the bank will release the entire sanctioned amount to developers in one shot and client will start paying his EMI. Advance interest. For most genuine buyers, “the main problem is high interest rates,” he says, adding that this offer would encourage customers to buy at rates that are better affordable.

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