Godrej Properties, Central Bank collaborate for cheaper home loans: Media Reports

India's premier real estate company, Godrej Properties has collaborated with state-run lender, Central Bank of India to sell homes to the bank's retail customer base, said the media reports.

As per the terms of the deal, customers of the bank will get 25-50 basis points cheaper home loans than the market lending rate if they buy homes from Godrej Properties, the report added.

Godrej Properties, which has similar pacts with five other banks including State Bank of India, will offer its new as well as existing housing projects in the Rs 30-Rs 35 lakh range to the customers of Central Bank of India across the country.

At present, the company has residential projects in Mumbai, Ahmedabad, NCR, Kolkata, Nagpur, Chennai and Bangalore.

The real estate giant said that 35-40 per cent of its customers opt for home loans, and with this latest partnership Godrej Properties hopes to acquire an additional customer base of 15-20 per cent.

"For customers, it would mean more choice to avail themselves of preferential lending rates for home loans from an array of six banks instead of five earlier, which have a tie-up with us," Godrej Properties, Vice-President (Marketing & Sales), Girish Shah told media.