Banks have turned active in giving out home loans for as long as 30 years for the first time since the 2008 credit crisis days as they attempt to revive demand in high-end home purchases, which have come to a grinding halt in the top six cities.
Two people familiar with the development said two of the largest mortgage lenders--State Bank of India and Housing Development Finance Co -are leading the push. This may turn out to be a lifeline for the struggling real estate developers saddled with unsold inventories -despite the freebies such as free registration car park, gadgets such as television sets and part-furnishing.
These long duration loans of over 20 years are being given for properties valued at around 1 crore, and for salaried people in the age group of 25-30 years, who are in the early stages of their careers and have the potential to be high earners.
Read more on this article at: http://bit.ly/1QOrhQz