PUNE: Members of the Confederation of Real Estate Developers’ Associations of India (Credai) have introduced a scheme wherein the buyer pays only 7.5% interest on the loan amount till the possession of the apartment or for 24 months – whichever is earlier.
The lender will not take a cut on the interest. Instead, the developer will shell out the difference between 7.5% and what the lender is charging for that specific period.
Also important are the various restrictions which the Reserve Bank of India has put on such ‘deals’ to attract customers and some recent court decisions have spelled out with the intention to contain the tendency of making lofty promises and taking the customer for a ride.
The offer aims at helping the hesitant prospective customers to buy, said vice-president Rohit Gera. “There is no slide in the demand, but many home buyers are sitting on the fence. We want him to act,” Gera said.
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