LIC Housing Finance Ltd is hoping to woo home buyers with its new lending rates – floating rate of 8.25 per cent and fixed rate of 8.9 per cent until March 31, 2012 and ‘Advantage 5' where the rate of interest is 9.25 per cent for the first five years.
Addressing a press conference after inaugurating its three-day property fair ‘Ungal Illam 2010' here on Friday, R.R. Nair, Director and Chief Executive of LIC Housing Finance, said the real estate market in Chennai has been stable and would remain unchanged for the next five to six months. “Today, your home loan is lower than the inflation rate. It is the right time to invest in a home,” said Mr. Nair.
Talking of Chennai as a favourable market, Mr. Nair said the “unsold stock” is relatively low in Chennai when compared to Mumbai, Bangalore or Hyderabad.
He announced that in Chennai region, the LICHFL would sanction nearly Rs. 6,000 crore towards the housing industry, with around 80 per cent of it retail loan and 15-20 per cent project loan.
Fifty builders are participating in ‘Ungal Illam 2010' and showcasing properties starting from Rs.10 lakh to Rs.10 crore.
The exhibition is open from 10 a.m. to 8 p.m. at Rani Meyyammai Hall, Egmore.
