Realty firm Tata Housing has partnered with Indiabulls Housing Finance to offer home loans at 3.99 per cent interest rate to those who buy apartments in its ongoing 11 projects.
This will be in sharp contrast to the prevailing home loan rates at around 8.5 per cent.
Tata Housing recently launched its 'Monetize India' campaign in partnership with IndiaBulls Home Loans which will give home buyers the opportunity to own a Tata Housing property "at a special, one-time home loan rate of 3.99 per cent", the company said in a statement.
This special home loan rate would be valid for the first five years.
The scheme, valid until December 12, 2017, would be offered across 11 projects by Tata Housing in seven cities
Tata Housing Head - Marketing and Sales Tarun Mehrotra said, "It has been an eventful year for the sector in India which is standing on the threshold of change...We hope that this will stimulate fence sitters to act on their need or wish to invest in real estate, as it continues to be one of the best forms of security and wealth generating assets."
Tata Housing is a closely held public limited company and a subsidiary of Tata Sons.
The real estate sector is facing a multi-year slowdown and sales have further declined post demonetisation, the implementation of GST and the new real estate law. Developers are offering freebies and interest subsidies to beat the slowdown.
(With PTI inputs)