Tata Housing offers home loan rate of 3.99 pc to new buyers

NEW DELHI: Realty firm Tata Housing today said it has partnered with Indiabulls Housing Finance to offer home loans at 3.99 per cent interest rate to those who buy apartments in its ongoing 11 projects.

At present, home loan rates are around 8.5 per cent.

Tata Housing today launched its 'Monetize India' campaign in partnership with IndiaBulls Home Loans.

The campaign gives home buyers the opportunity to own a Tata Housing property "at a special, one-time home loan rate of 3.99 per cent", the company said in a statement.

This special home loan rate would be valid for the first five years.

The scheme, valid from today until December 12, 2017, would be offered across 11 projects by Tata Housing in seven cities.

Tata Housing Head - Marketing and Sales Tarun Mehrotra said, "It has been an eventful year for the sector in India which is standing on the threshold of change...We hope that this will stimulate fence sitters to act on their need or wish to invest in real estate, as it continues to be one of the best forms of security and wealth generating assets."

Tata Housing is a closely held public limited company and a subsidiary of Tata Sons.

The real estate sector is facing a multi-year slowdown and sales have further declined post demonetisation, the implementation of GST and the new real estate law. Developers are offering freebies and interest subsidies to beat the slowdown.