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Tamil Nadu
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Chennai
Home loan mela
Staff Reporter
CHENNAI: The prices of apartments are stabilising following a fall in demand, said representatives of the State Bank of India (SBI) at the inauguration of a three-day property fair at MRC Centre, R.A. Puram, on Saturday.
The home loan mela features 30 builders offering information on their various projects, besides special offers from the SBI. It concludes on Sunday.
Of the projects featured, prices of flats range from Rs. 35 lakh to Rs. 1.5 crore. For a ground (about 2,400 sq ft) , prices start at Rs. 35 lakh. Ram Krishna Garg, general manager, Local Head Office, SBI, said that on the first day nearly 400 loans worth Rs. 86 crore had been sanctioned in principle.
The rise in prices of land have also pushed up the costs for builders.
Special packages are available at the venue. The interest rate under the floating regime for up to 20 years is offered with a concession of 0.5 percentage points at 10.75 per cent. Under the fixed rate, it is 12.75 per cent per annum for a maximum period of 10 years.
Participants at the fair can claim in-principle sanction of loans by showing proof of income.
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