With soaring prices and interest rates keeping home buyers at bay, real estate developers in Pune have decided to bear some of the interest rate burden for the first 24 months of the loan duration.
The Promoters and Builders Association of Pune (PBAP) has entered into an agreement with ICICI Bank to offer home loans, and as per terms of this agreement, ICICI will charge 12.5% interest. However, the buyer will pay only 10% interest for the first 24 months, while the remaining would be taken care of by the property developer for this duration.
Announcing the scheme, PBAP President Lalitkumar Jain expressed concern over the slowdown in the real estate sector, and said this scheme will be made available during PBAP’s annual exhibition in Pune, from October 3 to October 5.
Sounds interesting, and will be especially helpful even for those who want to purchase 1 BHK flats.