Loan for personal Home at Low Intrest rate

Faced with a sharp decline in home sales and declining cash flows, property developers are doling out minor discounts and freebies to boost home sales during the ongoing festive season. Mumbai-based property developer Sunil Mantri Group is providing “extra cheer” to its buyers. Under its offer ‘Mantri Mahotsav’, it promises cash discounts or freebies ranging from Rs 30,000 to Rs 1 lakh across its housing projects in Mumbai, Bangalore and other cities. The properties are priced between Rs 30 lakh and Rs 1 crore. “Buyers have waited for long and they have realised that interest rates will stay high for the next one to two years. They are also seeing that prices are not declining,” says Sunil Mantri, chairman and managing director of the Sunil Mantri Group. Nirmal Lifestyle, another city-based real estate firm, offers free stamp duty and registration in its Lifestyle City project in Kalyan, on the outskirts of Mumbai. A two-bedroom apartment costs nearly Rs 34 lakh and the...

Deutsche Bank plans to nearly double its mortgage book in India to Rs 3,000 crore by the end of next year. The move is in line with the bank's strategy to maintain its focus on secured assets, following the sale of its credit cards business earlier this year. The mortgage book, which is currently estimated at Rs 1,800 crore, comprises Rs 1,450 crore of home loans and Rs 350 crore of loans against property . Deutsche Bank currently lends Rs 80 crore of these loans every month. The average size of the loans is in the range of Rs 70-75 lakh. “We have started setting up more distribution points and adding capacity in our sales force. We expect our mortgage book to nearly double by the end of the next year,” said Prashant Joshi, managing director and head (private and business clients), Deutsche Bank, India. The foreign lender currently employs 18 sales managers and around 100 agents. Besides ramping up its sales force, the bank plans to offer value-added services like lif...

The National Housing Bank (NHB) plans to set up a mortgage finance company in association with two or three partners including development banks by the end of this fiscal. To start with, NHB has already identified Asian Development Bank and Washington-based International Finance Company (IFC) as prospective partners and is looking for a third strategic partner for technical expertise, who will have a 36 per cent stake in the proposed entity, according to Chairman R V Verma. Briefing reporters, he said, “we are hoping for approval from Foreign Investment Promotion Board (FIPB) by December-end and the company will be set up by March 31 next year with initial capital of Rs 120 crore and authorised capital of Rs 750 crore.” Currently, NHB is wholly owned by Reserve Bank of India (RBI) and is in the business of refinancing to banks and housing finance companies (HFCs) in case of default by home loan mumbai borrowers. The application for mortgage finance company will be sent...