Are you a prospective home buyer who is looking to avail a Home Loan in Ahmedabad to fund the purchase? Good times are ahead as home buyers are set to enjoy the benefits of the RERA or the Real Estate Regulatory Authority.
Yes, many reports have suggested that more than 45% more home buyers are feeling confident to buy a home in key cities including Ahmedabad.
Home buyers are no longer feeling suppressed. Chances of being cheated by builders as RERA Act is here to safeguard their interests.
What is RERA Act?
RERA stands for Real Estate Regulatory Authority which was implemented by the Government of India to address the grievances of home buyers cheated by builders.
The RERA Act expects to enhance the governance by bringing in more accountability and responsibility into the real estate sector.
The Act also asks builders to provide inclusive details of a project such as a project plan, layout, and approval certificates from the Government. Such as approved floor space index (FSI), number of buildings, and more.
Five key Takeaways of the RERA Act
- All builders/promoters and real estate affiliates will need to register their entire ongoing and upcoming real estate projects with RERA, without fail.
- Home buyers will only need to pay for the carpet area
- All builders and promoters will need to disclose their project related details. Which may include the plan, layout, approval from Government bodies. They will be entitled to provide information to the customers. Such as approved floor space index (FSI), number of wings, floors, and building in each building
- Builders will need to transfer at least 70% of the money received from home buyers for a specific project to a separate bank account. They will then be allowed to use the money from such an account only for covering land cots and the cost of construction
- The RERA Act brings under its umbrella the projects that are functional on its commencement date which is May 1, 2017. For whom there has been no issue of the completion certificate (CC)
Now that home buyers have RERA to address their issues with builders and safeguard their interests. More and more people are expected to avail Home Loans.
Home Loan in Ahmedabad from prominent banks and non-banking finance companies (NBFCs) can help you borrow between Rs.20 lakh and Rs.10 crore.
If you are vying to avail a Home Loan in Ahmedabad. You can avail it at as low as 8.35% with a slew of benefits.
Home Loan in Ahmedabad – Benefits that You can Pocket!
Flexi Home Loan Facility
You can withdraw an amount out of your sanctioned loan limit. Pay only interest as EMIs. The rest of the money could be settled after the end of the tenor.
Easy Home Loan Balance Transfer Facility
Not satisfied with the services of your existing lender or paying higher Home Loan interest rates? You can transfer your Home Loan the loan outstanding to a new lender after paying some charges and enjoy lower Home Loan interest rates.
Top Up Loan
Home Loan customers opting for the Home Loan balance transfer can also avail a top-up loan of up to Rs.50 lakh at a lower rate, and extended tenor to cover other needs.
Part-prepayment and Foreclosure Facility
At any point in time. If a Home Loan customer wishes to make part-prepayment or foreclose the loan before its tenor. It is possible without paying any charges.
Most of the online and other leading creditors can offer you flexible tenor. As wider as 240 months or 20 years. Choosing a wider tenor helps you to pay smaller EMIs, and save!
Online Account Access
You can access all loan related information via the lender’s digital customer portals to track your loan progress from anywhere and 24/7.
The Bottom Line
With RERA Act all set to protect your rights as a home buyer why wait. Let you dream home wait anymore? You can apply for a Home Loan in Ahmedabad online and get started!