Breaking News

CREDAI has proposed government to reduce registration charges and stamp duty to 1% each

Bengaluru, February 14, 2020:  In the wake of increased residential sale and high demand for affordable housing, CREDAI Bengaluru and SBI announces double assurance Realty Expo on February 14-16, 2020. The expo will showcase projects approved by RERA from different trustworthy builders under different categories and will provide the buyers with double assurance from CREDAI and SBI. In the press conference held today, SBI announced offers and benefits like lowest ever home loan interest rates at 7.09%, waiving off processing fee on home loans and interest rate subsidy up to Rs.2.68 lacs under PMAY-CLSS. SBI is the first bank to offer the lowest interest rate in the country.

SBI recently launched the ‘Residential Builder Finance with Buyer Guarantee Scheme (RBFBG)’ that guarantees refund of the entire principal amount (maximum home price of INR 2.5 crore) if the developer fails to deliver the project within the assured timeline. The scheme is available in Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Hyderabad, Bengaluru, Pune, Kolkata and Chennai for SBI approved projects.

Speaking on the real estate market in Bangalore and the initiatives taken by CREDAI to help customers and builders, Mr. R Nagaraj Reddy, Vice – President CREDAI National said, “During the previous year when the residential sector did not gain momentum due to the economic slowdown, uncertainty of jobs and income, Bangalore market did exceptionally well and contributed much to the stability of the market, nationally. To bring more investment to the sector, CREDAI has proposed to the government to reduce stamp duty for housing for a certain period and 50% reduction in the stamp duty. We have also requested that the registration charges and stamp duty which is now 5.5% and 1% respectively to be reduced to 1% registration charges and 1% stamp duty.”for affordable houses”

Commenting on the Realty Expo in Bangalore, Mr. Kishore Jain, President, CREDAI Bengaluru said, CREDAI always aims to bring trust and transparency to the customers and we are very happy to collaborate with SBI, who also has gained the faith of the customers. The three days expo will provide great opportunity for the home buyers to invest in projects as the prices and offers are very attractive. Apart from the lowest interest rate and other benefits from SBI, buyers can also find variety of RERA approved projects.”

Highlighting on the collaboration with CREDAI and the offers from SBI, Mr. S Muralidharan General Manager Network -II, SBI said ‘SBI has made its home loan product more appealing with attractive offers during the property expos that are conducted from time to time with the support of all major builders. SBI offers the lowest interest rates and has zero processing fee exclusively for the expo in respect of all its quality projects. We consider this collaboration a great opportunity for investors and home buyers.”

About Mahender Bansal

Comments are closed.

Scroll To Top