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New house loans for under-construction properties have strings attached

New house loans for under-construction properties have strings attached

  • Skillfully developed state that under this scheme, LICHF will lend limited to tasks that are in its authorized list
  • The 2 loan items would benefit just a choose borrowers that are few the jobs they cover are restricted

A few loan providers have begun home that is offering targeting buyers of under-construction properties. State Bank of Asia introduced the ‘Residential Builder Finance with Buyer Guarantee’ (RBFBG) scheme. Under this scheme, the lender will refund the key loan add up to the borrower, in cases where a developer does not finish the project. LIC Housing Finance (LICHF) has launched ‘Pay whenever You Stay’ scheme, wherein an individual does not want to spend the major part of the mortgage loan up to four 12 months (48 months) as he buys an under-construction home.

Explains Gaurav Gupta, CEO, MyLoanCare: “Of late, all the mortgage loans that finance companies have actually disbursed are either for resale properties or houses that are ready-to-move-in. Lenders are stepping in to improve the self- confidence regarding the purchasers to choose under-construction houses by such loan items. However these loans have strings connected. They usually have specific conditions that purchasers need certainly to fulfil.”

LIC’S PAY ONCE YOU KEEP

This scheme is a small tweak through the current trend. Often each time a borrower takes home loan for an under-construction property, the mortgage provides a moratorium all the way to 3 during which time the borrower only needs to pay the interest component of the loan year. Continue reading New house loans for under-construction properties have strings attached