The Hindu Business Line : IOB’s special home loan scheme

Indian Overseas Bank has announced a ‘special package housing loan scheme’ for home loans up to Rs 20 lakh, according to a press release from the bank.

The scheme is in line with the RBI’s announcement last month to support affordable housing and improve credit flow to the housing sector to revive the market. As a part of that announcement, the RBI had said that housing loans up to Rs 20 lakh would be brought under priority sector lending.

The release said the objective of the scheme is to support housing infrastructure. Under the package housing loans up to Rs 5 lakh carry an interest of 8.50 per cent a year and loans of Rs 5 lakh to Rs 20 lakh are charged at 9.25 per cent.

For housing loans under this special package borrowers need to bring in margin money of 10 per cent for loans up to Rs 5 lakh and 15 per cent for loans above Rs 5 lakh and up to Rs 20 lakh. The bank provides free life insurance cover for the borrowers.

Processing charges and prepayment penalty have also been waived under this package, the release said.

Builders for Sahara City projects

Sahara Prime City Ltd, the real estate company of Sahara India Pariwar, has appointed construction companies for implementing residential projects under Sahara City Homes, according to a press release from Sahara Prime.

The projects are a part of Sahara City Homes’ chain of 217 townships to be developed across India. Each township is spread over 100 to 300 acres. Development of the townships is taking place in phases with work on in Lucknow, Nagpur, Gwalior, Coimbatore, Ahmedabad and Indore.

Sricon Infrastructure, Kaybee Engineers & Construction Pvt Ltd, Mall Construction, Rana Construction and Laxmi Construction are involved in the development and construction work of Sahara City Homes, Nagpur. The contract covers high rise apartment blocks of one- to four-bedroom units, penthouses and independent and semi-detached houses.

At Coimbatore, it has roped in Nithya Associates; and for the Ahmedabad township project, Ramky Infrastructure.

The release said Era Infra Engineering will construct 368 residential blocks at Sahara City Homes’ Gwalior township project, comprising 208 apartments and 160 independent houses.

The companies will follow ‘Sahara City Homes’ quality norms developed and implemented by Sahara Quality Laboratory in compliance with Bureau of Indian Standards (BIS) codes and employee multilevel quality checks and international process implementations.

Recently, Sahara Prime City Ltd appointed the UK based International Management and Construction Consultant Gleeds to provide consultancy and project management for the development of its Sahara City Homes brand.

Gleeds will provide support to Sahara City Homes for construction, supply chain, quality, health and safety management. The 120-year-old Gleeds operates in 13 countries. The project architect of Sahara City Homes is Shri Hafeez Contractor.

Buyback offer for property investors

Disha Direct Marketing Services Pvt Ltd, a real estate marketing services company, has announced a buyback offer for property investors. These are for buying plots in New Mahabaleshwar and Kasgaon, near Shahapur in Maharashtra, according to a press release.

The offer by Investment Square, the real estate advisory wing of Disha Direct Marketing, provides investors the option to invest in two projects with about 50 per cent assured return on investment on purchasing plots in a buyback offer for a minimum investment of Rs 3 lakh.

Investors would be offered plots on buyback basis at two projects — Windmill Heights and ColorScape at New Mahabaleshwar near Satara and Kasgaon near Shahapur. The buyers will have to make a minimum investment of Rs 3 lakh in a property in the projects. The plots measure around 10,000 sq.ft at New Mahabaleshwar priced at Rs 30 a sq.ft. At Shahapur, land measuring 3,000 sq.ft is being offered at Rs 100 a sq.ft.

— OUR CHENNAI BUREAU

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