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What Type of Loan Scheme Suits to Safely Manage EMI while Buying Luxury Apartments?

A luxury house remains one of the significant dreams for many people. The impact of real estate development in India has led to increase in property rates thus becoming a threat to many when it comes to availing high loan amount for luxury apartment in any of the Indian cities. However, certain banks have introduced flexible options in repayment by offering low interest rates.

Loans below 3 Million have less interest rates starting from 10.2 to 10.5 per annum and this rate is not the same with all banks. For example, though every bank offers low interest rates for loans not more than 30 Million, yet the interest rates vary between 10.2 to 10.25, 10.5, etc. Choosing a bank that offers less interest percentage will be the best option to get in touch with flexi EMI.

SBI, ICICI and HDFC are the three leading banks that offer attractive housing loan schemes suitable for buying residential luxury projects. They offer up to 80 to 85% of the actual property value as loan amount based on the take home salary or income range and related eligibility. This is one of the flexible options where the consumer does not have to spend more from his pocket while preferring for luxury asset.

Maxi Gain introduced by SBI, is a home saving loan scheme wherein the user should maintain extra amount he gets every month in the maxi gain account. He can make use of it during emergency needs. The main advantage of this scheme is that the amount accumulated in the maxi gain account that is linked to the loan account will reduce the total interest on home loan and allows the consumer to finish off the loan fast.

Those who wish to avail loan about 3 million may have to pay an interest rate of 11% and above. However, when it comes to luxury homes, housing loan requests remain higher than 3 million in most of the cases. In such a situation, availing loan percentage that is eligible for low interest rates would be an intelligent option.

There is lot of difference in buying 3bhk luxury apartments in heart of the city and beyond city limit. This can be seen in the price variation. Pacifica Companies offer luxury apartments in Ahmedabad, Ghanhinagar, Vasna Bhayli road near Baroda, and many more projects available at relatively affordable cost. Hence, availing loans for Ahmedabad luxury flats or luxury villas in Chennai at low interest rate will not remain a issue for investors.

EMI becomes a hectic thing for investors who wish to obtain luxury apartments in Indian cities. However, availing a loan amount that has less interest rate would certainly reduce EMI burden.

This article has been written by working with Pacifica Companies. Pacifica Companies is a US based real estate company known for its world-class construction projects across US and India. Various innovative residential and commercial projects like apartments, township homes, bungalows, villas, IT parks, mixed use projects and commercial buildings complete the diverse portfolio of the builder.

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