#RealtyNewsRoundUp: Bank Of Baroda To Offer Cheapest Home Loan
Bank of Baroda (BoB) has outdone market leader State Bank of India (SBI) in cutting rates on home loans, which it now offers at 8.35 per cent as against SBI's 8.6 per cent. Historically, SBI has been the cheapest in the home loan business and its closest rivals offer loans around 5 basis points (bps) higher than the country's largest bank. This is the first time a nationalised bank has undercut SBI. Meanwhile, Sundaram BNP Paribas Home Finance announced a cut in its interest rates for new home loans to 8.70 per cent from 9.20 per cent, effective from today.
Maharashtra government has approved extra floor space index (FSI) for redevelopment of mills chawls and dilapidated buildings. The decision will pave the way for redevelopment of 100-year-old Model Mill Chawl and encourage people residing in dilapidated structures to redevelop their homes.
Engineering and technology giant GE is setting up shop in Chennai. The Fairfield headquartered company will set up a back office and processing centre across 1.7 lakh square feet at Ramanujam IT Park in Taramani.
The Maharashtra government has decided to further divide the slum sprawl of Dharavi into smaller sectors to lure developers to come forward for the ambitious housing project. Four previous attempts to get bids for the project failed as not a single application was received.