Investors Clinic launches zero interest home loan scheme

Real estate consulting company Investors Clinic has launched a new scheme for home buyers ‘Byaaj Mukt Awas Yojana’ under which the buyer will not have to pay any interest on the principal loan amount taken, it said on Wednesday.

The company has tied up with Indiabulls home finance as financial partner and builders such as Supertech, Ajnara, Lotus Greens, Jaypee Group and ABA Corp and is looking to enable sales of over 7,000 units.

“The buyer will have to pay back only the principal loan amount in 100 equal monthly instalments. This equal monthly instalment of the principal component is called Equal Principal Repayment,” said Honey Katiyal, CEO, Investors Clinic Infratech Pvt. Ltd.

On what is the assurance that interest cost is not padded up in the total cost of the flat, Katyal, said, “If you look at the current market prices of flats, there is no variation in the prices that we are offering.”

The cost of interest is being shared and adjusted in the tie-up between developers and Indiabulls, he added.

On whether home buyers are safeguarded against delay in possession, he said, “There are heavy penalty clauses for developers in case of delay.”

The flats/plots on offer under the scheme are spread across areas such as Noida, Ghaziabad, Faridabad, etc.