Investing in Flats in Kerala

Over the last few years, Kerala has witnessed a significant boom in the real estate market. The rocketing land prices and the emerging I.T parks are attracting people to invest in residential properties.The growing tourism industry and flow of NRI money have also contributed to the demand for residential properties in Kerala.

Kochi, Trivandrum and Calicut are the three major cities in Kerala which have recorded a substantial appreciation recently. The Info-parks and shopping malls in these cities are attracting more investments.

For instance, ten years before a residential property in Marine Drive, Kochi was available at a cost of INR 10 lakhs, but now the whole situation has changed. The same project cost would exceed crores now. Another interesting fact is that people are investing in residential projects located in the sub-urban local areas of these cities. This is because, they prefer to stay in a peaceful environment; away from the hustle and bustle of the city.

Benaton Centerla Shopping mall, Calicut done by Carionbilta

Right now, investing in residential properties is a wise step as it brings good returns for you in the near future. Most of the people prefer apartments over independent houses as they offer better security and amenities. The choice is up to you- you can either stay there or give it for rent. There is also a rising trend among NRI's to own a flat in Kerala.

Before you decide to buy an apartment, find out the status of the completed projects of various builders. If you are worried about finance, don’t worry; almost every bank in Kerala  has tie-ups with the bigger developers. They offer attractive and affordable deals for prospective home buyers.

A residential project by Carionbilta

Always ensure that you have adequate financial cover before making a commitment. It’s better not to enter into an agreement before you get your loan approved. There are many cases in which people have lost money due to cancellation of loans. Therefore, it is advisable to wait till you receive your sanction letter from the bank. Find out your loan eligibility, repayment and its tenure. For instance, many salaried homebuyers prefer to pay in repayable EMIs that can be spread over a period of 10-20 years. At Carion Bilta, we encourage interested parties to contact us using the form on our website with queries regarding loans and payment schemes on offer.

Here’s a list of the different rates of interest and services offered by some of the leading banks in Kerala:

Bank Name	Floating Interest rate	Per lac EMI	Processing Fee
State Bank Of India	10.10% (for women) 10.15% (for men)	Rs. 972 (for women) Rs. 975 (for men)	Up to 25 lacs : 0.25% of loan amount minimum Rs.1000/- 25-75 lacs : Rs.3,250/- 75 & above : 5,000/-
ICICI Bank	10.25%	Rs.982	0.50% of loan amount upto 1 crore
HDFC Ltd	10.25%	Rs.982	0.5% or maximum   10,000+service tax (12.36
HSBC Bank	10.75% - 11%	Rs.1015 - Rs.1032	1% of the loan amount applied for, subject to a minimum of Rs 10000 plus service tax. This fee is payable on application and is not refundable
LIC Housing	Scheme I: 10.25% (Fixed for 2 yrs)(for female applicants) or 10.35% (Fixed for 2 yrs)(for male applicants)  Scheme II: 11.25% (Fixed for 10 yrs) Scheme III: 12.25% onwards	Scheme I: Rs.981 (Fixed for 2 yrs) (for female applicants) or Rs.988 (Fixed for 2 yrs) (for male applicants)  Scheme II: Rs.1049 (Fixed for 10 yrs) Scheme III: Rs.1118 onwards	Up to 50 lacs : 10,000 +(Service tax) 50 lacs & above : 15,000 +(service tax)
AXIS Bank	10.25% (Upto 25 Lacs), then    10.50%	Rs.982 (Upto 25 Lacs), then Rs.998	0.5% of the loan amount (Max. 10000/- + service tax for Salaried)
IDBI	10.25%	Rs.982	Up to 50%of loan amount  (Rs 2500 to be collected at login and balance at the time of sanction )

Source: deal4loans

Investing in residential projects is considered less risky than other forms of market-related investments. If you invest in a quality builder, you will have no regrets looking back on your purchase. So invest in a residential project in Kerala and save some smiles for your future!