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Real estate developers have started to take mitigating measures in an effort to lessen the effects of the rising interest rate on homebuyers. Tata Housing, Lodha Developers, and Runwal Group are among the real estate developers who are stepping up to protect homebuyers by capping the cost of interest on their loans. Additionally, many additional home builders also intend to offer buyers this kind of selection. Homebuyers at nine of Tata Housing’s projects in seven different cities across the nation, including Mumbai, Delhi-NCR, Bangalore, Chennai, Kasauli, Goa, and Kochi, will have their housing loan interest rates capped at 3.5% for a year.
The company will handle the balance payment, and the buyer will only be responsible for 3.5% of the loan’s interest payments. The offer is valid through September 15th. Following the slight increase in the repo rate, home loan rates are rising, which has affected the sentiment surrounding home ownership. Lower interest rates have had a positive effect in recent years, as evidenced by a historic residential real estate sale. Sanjay Dutt, MD and CEO of Tata Realty and Infrastructure, stated that this initiative will not only allow home buyers to invest in residential real estate but will also persuade people who are on the fence to make a decision. Listed as Macrotech Developers, Lodha Group is also keen to offer interest rates at 6.99% till 2024 for its customers, providing a benefit of around 1.5% on the existing home loan rates.
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Construction, Infrastructure and Mining
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