Realty sector builds hopes  on tax sops, industry status

It’s a given fact that India will be facing a shortage of about 26.53 million houses by 2012, there appears to be a consensus that the sector needs to be given some special attention in order to make it capable to cater to the demand. Pitching for the industry tag, real estate experts are talking about the increase and decrease in GDP rates, income tax exemptions, and say this is the recognition of the real estate industry.

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Low rates on home loans may end soon

The government has issued a special invitation to give 2% hike in the existing low interest rate home loans provided by the bankers. Indian Bank Association (IBA) had a review meeting with RBI regarding the hike in home loan given to their customers at a lower rate of interest – as low as 8%, which is much below their prime lending rates (PLR).

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Real estate: From survival to revival

Indian real estate may be geared up for the better times in 2010, recessionary condition of 2008-2009 has helped highlight problems/loopholes  marring the industry that remained hidden in the buoyant market.

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Homes on lower loan rates on offer

Addressing a media conference on “Fairpro 2010″ the third in the series of annual property fair of CREDAI-Tamil Nadu, Chairman of Fairpro 2010 Sandeep Metha said; “The interest subvention scheme will help home buyers to acquire properties at lower home loan rates starting from 5.99 per cent”.

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‘Demand-starved realty sector to get boost in 2010’

The year 2010 appears to have brought cheers to the demand-starved realty sector. With signs of economic recovery emerging in the country, the real estate sector has been predicted to see increased business activities. According to global real estate consultant Cushman & Wakefield, India cities would witness a strong-end user demand for commercial real estate in 2010.

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2010 to be a good year for realty, says CREDAI

Confederation of Real Estate Developers’ Associations of India (CREDAI) is hopeful of a positive year for the India real estate industry in 2010 and the market is expected to return to the 2007-08 level.

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As we all know that the Indian real estate industry is booming day by day and I am sure all of us want to own a house. There is a lot of financial assistance provided by the government organizations in the name of “housing loan” which makes this dream come true. The loan amount endorsement depends on a host of factors. In spite of different interest rates provided by different banks there are still people who wanted to take a risk and buy their dream house at any cost.

So what is the trick here to know which bank offers the best interest rate, repayment terms, EMI options etc. If you have a dream to buy a house and want to go for a housing loan, then hold on here and read further to know what are the important terms and conditions you should know before plunging into bank loans.

These are the basic terms which you should be aware; they are pre-payment frequency, limit, Levy of penal interest, fixed and floating interest rates, EMI calculation etc.

Pre-Payment Frequency : All the banks will offer a pre-payment frequency which is nothing but a clause to understand on what term basis you’re going to re-pay the interest and the principle amount eg: anytime, once a month/quarter/6months/year etc. Compare these terms with those of other banks and decide the quarter which will suit you better.

Limit: banks will specify the limit for the amount withdrawal based on several criteria’s like your monthly income, repayable capacity, proof of identity etc. Based on this you can pick your amount limit eg: minimum amount defined and max amount defined.

Levy of penal interest: you have to pay more than what you’re entitled to. At times people might have to pay a higher rate of interest due to various reasons and situations. To avoid all that it is advisable to repay the amount on a continuous basis.

I am sure now all of you are very curious to know about the different terms and conditions used in banks while applying for a home loan. I have more to share with you so now take a break will catch up with the same topic in the next post.