Tuesday, September 30, 2008

PBAP Exhibition offer - home loans form ICICI at 10% rate of interest for the first 24 months

PBAP Mega Property Exhibition 3rd to 5th October '08:

From 3rd to 5th October 2008, The Promoters and Builders Association of Pune (PBAP) is organizing its annual real estate exhibition at SSPMS Ground, near Le Meriden, in Pune.

The main attraction of this exhibition is the "special offer offer from ICICI Bank." According to the news PBAB, ICICI tie up to offer cheaper home loans: PBAP has tied up with ICICI Bank to offer home loans at 10 per cent rate of interest to buyers, which will be applicable for 24 months after booking.

As per this agreement, the ICICI will charge 12.5 per cent rate of interest on home loans, out of which, the flat buyer will pay for 10 per cent of interest rate while the remaining would be taken care by the respective real estate developer.

Savings = Rs. 114 per lakh per annum interest for 2 years!

"As of now, people are paying around Rs 1,080 per lakh per annum interest on home loans. If they book flats with PBAP members, this amount would be around Rs 966,” PBAP president Lalitkumar Jain said.

PBAP is planning to incorporate other major players in home loan segment such as HDFC in this scheme. “We will announce more tie-ups soon,” Jain added.

6,000 Bookings! Is it possible?

The PBAP members are planning to sell more than 6,000 flats through this scheme.

What do you think? Is this offer that attractive?

Do you think in 3 days of exhibition, 6,000 property buyers will book the flats under this scheme?

Because, all 'special and exclusive offers', like "No EMI if you give ADF" from Palash-2.0, Palash 2i, or Topaz Park's offer at Wakad were for small number of flats. Including Runwal Seagull's offer 'No Pre EMI till Possession' at Hadapsar is also for the limited number of flats.

Please, share your views about this offer in the comments. By the way, have you read Ravi Karandeekar's Blogs' comments policy? If not, please, read it here before you comment!

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  1. PBAP is more of a cartel of builders to rake profits.

    This exhibition will turn out to be a desparate attempt to counter the recession they have to face as a fallout of global crisis in money market.

    It will be suicidal for buyers to take any decesion about buying for next few months.

  2. 6000 bookings is impossible. My guess is about 500 to 1000 max. As more and more people expecting rate to come down in coming years. Better PBAP start looking for reducing the rates where its members will not get much hit. Also other option is to takeover of small builder projects by big builders. This will remove small builders away from competition with honor & in long term big players will gain. Otherwise if market start crashing both big & small will crush under pressure. Now keep in mind that due to credit crunch in USA no more cash at low interest rate is available in FII's to invest in India. The money is available at higher rate which means now less NRI's in market. So considering the affordability of locals PBAP need to adjust the rates. I will like to see in this blog how many bookings did really happened in PBAP Exhibition.

  3. pbap has organized a exhibition for home loans. Useful post

    Apply for Home Loan