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Home loan interest rates cut to 8.3%

In addition to this, an eligible home loan customer can also benefit from an interest subsidy of Rs.2.67 lakhs under the Pradhan Mantri Awas Yojana scheme.

Since April 1st, 2016, banks have been following marginal cost lending rate (MCLR) as the new benchmark lending rate for new borrowers across all floating loans. Recently, however, there has been talking of replacing MCLR with an external benchmark to determine the rates on floating rate loans wef April next year, as it has been observed that the MCLR-based rate system had "failed to effectively transmit monetary policy changes", according to an article by Business Today.

For the residents of Chennai, there is good news. KG Builders are coming up with a luxurious residential project in Poonamallee called KG Centre Point. Spread across 7.2 acres of lush green land, Centre Point is a stilt+ 4 floored building consisting of 7 blocks. Ample parking space, luxury amenities and convenient location, between the older parts of Chennai in the north and new developments in the south, are just a few of the reasons to live here. What's more, it provides easy access to the industrial area of Sriperumbudur, which is the IT hub on OMR, is surrounded by premium schools, colleges, shopping and medical facilities, and yet manages to stay away from the hustle and bustle of city life, amidst the verdant surroundings of the Chembrambakkam Lake.  What does this property have to do with the recent home loan interest rate cut? Centre Point offers 1 BHK, 2 BHK and 3 BHK homes ranging from 520 sq.ft. to 1260 sq.ft. for an extremely attractive price starting Rs.3300 per sq.ft. This means that you can purchase a house here for under Rs.30 lakhs, hence making you eligible to avail of the lower interest rate. Phase 1 is ready to occupy, so book your site visit now and become a proud owner of a luxurious flat.