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Home Loans become Competitive

With the soaring properties bangalore prices aggravated further by the Union Budgets hike in services tax from 10.3% to 12.36%, homebuyers can now breathe easily. There is some consolation by way of reduction in home leading rates not only for the new borrowers but also for the existing borrowers. A few banks have reduced the home loan leading rates by 25 basis points to 75 basis points depending on the loan amount and repayment tenure. The move triggered by the countrys largest bank, State Bank of India, has made other banks to follow suites. In fact SBI has decided to allow existing borrowers to reprise their loan at lower rates but the switchover will be subject to payment of a small fee at one percent of the outstanding loan amount. A significant development is that there no cap set on the loan tenure or the amount of the loan to reprise their loan to a lower rate nor is there any prescribed time limit set for the switchover to the new option. Following SBI, IDBI bank has reduced its floating home loan rates on new loans up to a maximum of 75 basis points. The reduction in lending rates depends on the loan amount and it is higher for larger loan amounts. Canara Bank has slashed home loan rates ranging from 25 basis points to 75 basis points depending on the repayment tenure. The saving will be 4,606 for an Rs 50 lakhs loan and Rs 6,910 on an Rs 75 lakhs loan with tenure of 25 years. Incidentally Canara Bank has also waived additional interest of 25 basis points charged earlier for acquiring a second home. The revised rates will be effective April 2. It is expected that more banks would follow the rate reduction in the coming weeks. While some of the banks may await RBIs annual policy statement on April 17, others may join the bandwagon to stop the exodus of existing customers to other institutions, according to industry sources. The Union Budget for 2011-12 has already provided sops that would give a boost to the home loan sector. The National Housing Banking has been allowed to raise Rs 5,000 crore through tax free bonds which provide refinancing to housing finance companies. The external commercial borrowings have been allowed for low-cost housing with result developer will be able to lower their interest costs now as there is a significant difference in the interest rates between India and other countries. Further the extension of 1% interest subvention scheme for home loans up to Rs 15 lakhs for affordable housing continues for another year which will benefit homebuyers in the unit price up to 25 lakhs. As regards leasing, the IT/ITES sector accounted for the majority of the leasing with the major companies in the sector leasing office space in Bangalore including Net App,

Intercall, Caterpiller Inc, Cisco, IXIA, LIARD Technologies, Enterprise Nube, Carl Zeiss, Time Warner, InMobi, Indegene, SmileInteractive, Flipkart and Quintiles.

Market Outlook
With more land available, improved connectivity and proximity to IT corridors, the suburban and peripheral locations are witnessing the emergence of a number of residential projects especially premium villas in Bangalore, Luxury villas in Bangalore, Villas for sale Bangalore and independent house Bangalore at competitive prices by the builders in Bangalore / developers in Bangalore.

The city is witnessing a number of infrastructure developments such as signal free access from Sarjapur ORR to the Airport, Mass Rapid Transit System- Metro which will enhance connectivity within the city and elevated expressway along the Bellary Road, again to the Airport in the Bangalore. This project would enhance connectivity from city center to the peripheral market which is expected to augment demand for office developments in the North and South- East locations of the city. Overall the city continues to retain its status as the lucrative office market both from the investors and corporate sectors perspective.
Anugraha builders& developers,a Bangalore based construction company, has vast experience and expertise in the area of architecture and design, builders in Bangalore, villas in Bangalore and Properties in Bangalore. Some of their constructions are green acres, green ville, sai anuragraha enclave. Since 2008,anugraha builders & developers, are committed to design independent houses, develop properties in Bangalore, bangalore real estates, construct luxury villas, commercial, Residential projects and provide services to the Customer with an objective to exceed their expectations. For more Details please visit http://www.anugrahabuilders.com/luxuryvillasinbangalore.html