Hindustan News 25/10/2016

Lucknow Development Authority (LDA) has decided to slash interest rates across different categories of flats. This would mean relief to hundreds of allottees who had to pay high interest rates for buying property. Accordingly, the interest rates of EWS, LIG and MIG flats would now be one percent lesser than before at 9, 10 and 11% respectively.
The high value properties of LDA, like HIG flats or commercial units, which charged 15% interest rate will now cost only 13%. LDA vice-chairman Anup Yadav said, “We want to give affordable flats to people so we decided not to charge extra interest from them like private builders do.Instead, we would only charge real costing.“

LDA has also cut down several charges which were initially being imposed on allot tees, like administrative cost, overhead costing etc. Cutting down these extra charges will make the new flats cheaper by 15-20%, Yadav added.

Reducing interest rates will give a benefit of Rs 153 per lakh per instalment to an allottee. So if a house costs Rs 30 lakh, reduced interest will give a benefit of around Rs 30,450 to the buyer. LDA’s properties can be purchased by paying 10% value during registration while the remaining is paid in trimester EMIs spanning across 3-4 years.

Hindustan News 25/10/2016: http://epaper.livehindustan.com/