New Drainage Work in Construction near Mithila Nagar at Pragathi Nagar

Published on 23 Mar 2019 416 Views

Mithila Nagar is a calm peaceful place located in Pragathi Nagar, Hyderabad. The area has all amenities like shopping malls, educational institutions, hospitals, movie theatres, eateries and banks in its vicinity. Located at just 9kms away from the IT hub, Pragathi Nagar is considered as one of the emerging residential places by many employees who want to reside near there workplaces.

Apartments and Villas for Sale in Pragathi Nagar

As of now, 336 residential units are available for sale in Pragathi Nagar.
The villas and apartments for sale in Pragathi Nagar are built with modern facilities including HI - MAX, Royal Village, SV Residency, Gardenia, and SR Gold.
The price of properties in Pragathi Nagar ranges from Rs 35.8 lakhs to Rs 2.07 crores.

Underground Drainage work in Mithila Nagar

Pragati Nagar is the First ISO 9001 Certified Gram Panchayat in India and is very well known for its decent and hygienic environment. A new drainage work process is in advancement near Mithila Nagar at Pragathi Nagar, Hyderabad. As a benefit, with the drainage work in construction, the residents of the Pragathi Nagar area can lead a healthy and happy life with these developing facilities.

Interested to buy new residential apartments in Hyderabad? With expert knowledge in infrastructural projects in Hyderabad, our propertyadviser team will assist you to buy the best home as per your requirements.

By Govi Kaza

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Banks Reduce MCLR Rate by 10 to 20 Basis Points

Recently the Reserve Bank of India decreased its repo rate by 35 basis points (bps). After this several lending institutions such as the BOI, HDFC, SBI, and Canara Bank started lowering lending rates during the Monetary Policy Review. On 9th December 2019, the largest lender banks of India have announced lowering marginal fund-based lending rate (MCLR) cost by 10 to 20 basis points (bps) over one year, and it will be effective on December 10th onwards. What is MCLR? The lowest interest rate a bank or lender can offer is the Marginal Cost of Funds Based Lending Price (MCLR rate). Most banks are unable to provide home loan interest rates below the marginal cost of lending based on funds. However, there may be certain exceptions if the Reserve Bank of India (RBI) allows. What is Base Rate? Base rates are calculated from the total cost of bank financing. Both floating and fixed loans, approved by banks before 1 April 2016 are priced on the base rate as a benchmark, except the loans to their employees and their retired workers, and against deposits by the bank. The MCLR is based on the cost of collecting new funds, and therefore any adjustments to the repo rates lead to changes in bank lending costs that are sent to MCLR. RBI has stated that the base rates of the banks be aligned with the MCLR rates beginning in April 2018. It is expected to benefit home loan and loan against property borrowers whose loans are linked to the base rate. Any reduction or growth in MCLR rates will now automatically be applied to pre-2016 loans that are benchmarked to base price. Benefits of Reducing MCLR Rate Improvement of policy level translation into banks lending rates. The method used by different banks for determining interest rates provides transparency. Making bank loan available at rates that are equitable for both lenders and borrowers. Enable lenders and banks to compete and, in the long run, increase their value. Look at some of the bank's MCLR rate reduction basis points that are effective from Dec 2019. State Bank of India stated that the reduction in its marginal cost lending rate (MCLR of SBI) by 10 basis points (bps) across one-year tenor. HDFC MCLR on loans for all tenors by up to 15 basis points (bps) Currently, Canara Bank MCLR rate is 20 bps. Bank of India revised its one-year MCLR-based lending rates by up to 20 basis points across various tenors. BOI MCLR rate is 20 bps ICICI Bank cut its marginal cost of funds based lending rate (MCLR) across all tenors by 10 basis points (bps) Current MCLR Rate Reductions at Different Banks December 2019 MCLR Rate Bank Name Overnight 1 Month 3 Months 6 Months 1 Year SBI 7.65 7.65 7.7 7.85 8 ICICI Bank 8 8 8.05 8.2 8.25 HDFC Bank 7.95 8 8.05 8.1 8.3 Canara Bank 8.1 8.15 8.25 8.35 8.35 Bank of India 7.85 7.9 8 8.1 8.25 Yes Bank 7.9 8.75 9.2 9.4 9.7 Therefore, home loans are expected to get cheaper due to the recent rate reduction. This also offers a huge boost for the real estate sector, apart from the advantages of general lenders. The decrease in the MCLR rate means that people may be able to get home loans at lower interest rates from banks to buy a property in Hyderabad. This is likely to result in residential demand due to less interest costs, ultimately benefitting the end consumer. The residential projects authorized by reputable banks make sure that the project is trustworthy and that the agreement is offered. Would you like to purchase a property which is connected to a bank to supply a home loan? For more information on projects like available units, approved house loans, RERA approved status, nearby landmarks, etc. click PropertyAdviser.in and make well-informed decisions. By: Shailaja K

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