ICICI Home, Rotary Club hold property exhibition in Chennai

By Our Banking Bureau | 01 Oct 2003

Chennai: The Rotary Club of Madras and ICICI Home Finance Company are organising a four-day property exhibition, Prop World, at Rajah Muthiah Hall, Egmore, Chennai, from 2 to 5 October 2003.

Says Prop World chairman P Suresh: "The income tax benefits being offered for the interest paid on home loans and also the easy availability of housing loans at highly competitive interest rates have kick-started the demand in real estate. Also the government has offered income-tax waiver on the income of a housing project under Section 80 IB (10) provided the project meets certain qualifying parameters. This has resulted in builders going for development of land in excess of one acre."

As such land is available only in suburban areas of the city, builders are developing properties in suburban areas. The exhibition will showcase 9,000 properties (fully built as well as under construction) developed by over 40 builders based in Chennai and Bangalore.

Says Rotary Club of Madras president D Sudhakara Reddy: "This year the club is celebrating its platinum jubilee year, and is using the surplus funds towards the platinum jubilee corpus fund. The Rotary Club of Madras will utilise the income from the fund towards the education and vocational training of the under privileged children of the Boys Town run by the club."

"We will offer spot sanctions at a discounted rate of 8 per cent for six to 20 year adjustable rate home loans. The customer will get an adjustable rate home loan for a tenure of up to five years at 7.75 per cent. All that the customer needs to carry is his salary slip, six months' bank statement, Form 16, age proof and a single cheque leaf for a spot sanction," says ICICI Home Finance area business head C Lakshmipathi.