Home loan rates cut by key lender to push housing sale

-



Home loan interest rate record low level as leading financiers including the State Bank of India (SBI), Housing Development Finance Corporation (HDFC), ICICI Bank, and Kotak Mahindra Bank are expected to boost the current housing sales momentum further.

HDFC the countries largest private mortgage lender reduced the interest rate on its home loan to 6.75% from 6.8%. The reduction in rates was done just after the State Bank of India and Kotak Mahindra Bank announced rate cuts.

Pritam Chivukula, Secretary, CREDAI-MCHI, and Co-Founder, said “The benign interest rates environment will continue for some time and it is unlikely that interest rates will fall further from the current levels. For the next few days, the buyers can swoop in on good deals on the back of rock-bottom interest rates on home loans, stamp duty relaxation, offers, and the availability of choices from good developers. We can already see that the demand for residential properties has picked up now as people are beginning to believe that this is the best time to buy a property,"

It is expected that a rate cut in home loans is going to push housing demand further.

The reason for reduced rates is because banks are competing to grab the home loan customers before the fiscal year ends.

According to Jayesh Rathod Executive Director, The Guardians Real Estate, a low-interest rate regime is bound to catapult economic growth in the country as a result of enhanced consumption. The low-interest rates coupled with negligible or nil transaction cost will augur well for ready-to-move-in homes and the affordable housing industry.

In the last few days, SBI has offered an interest concession of up to 70 bps with interest rates starting from 6.7% onwards for a limited period offer till March-end. Kotak Mahindra Bank also Monday announced a 0.10 percentage point cut in its home loan rates for a limited period. Customers will be able to avail of home loans for 6.65% till March 31 as part of a special offer after the rate reduction.

About Us:-

Epoch India Advisors is a leading real estate consultancy & advisory firm offering highly curated services related to corporate leasing solutions, project marketing, real estate event & digital strategy.

Follow & connect with us on Twitter, Facebook, Linkedin, Instagram & Youtube.

Comments

Post a Comment

Popular posts from this blog

Amazon, Flipkart lease 1.1 million sq ft warehousing space from Xander

-
Image
Two top E-commerce players in India, Amazon India, and Walmart lnc owned Flipkart has leased around 1.1 million square feet of warehousing space in Mumbai Metropolitan Region from Xander Group for a tenure of 20 years. Xander Investment Management (XIM) Singapore-based firm had contacted these warehousing facilities in December 2019 for more than Rs 300 crore in the Bhiwandi micro-market, one of the largest warehousing hub in Asia. One of the person said that “Flipkart and Amazon have separately entered into a long-term lease with Xander. The tenure of this is for a period beyond 20 years. They have individually leased an area of around 5-6 lakh sq ft each,” Flipkart has already occupied around 80% of its area and is expected to occupy the balance in the upcoming 4 months. When it comes it its counterpart Amazon it has occupied around 60% area and the balance is likely to be operationalized in April this year. Amazon spokesperson said, “At Amazon, we are committed to invest in our fulf...
Read more

BMC collects Rs 415 crore property tax in 1 day

-
Image
BMC (Brihanmumbai Municipal Corporation) is trying hard to meet its target for collecting property tax before the end of the financial year. On Monday the BMC collected Rs 415 crore of outstanding property tax due in a single day. With this collection, the BMC’s total tax collection from property tax has reached over Rs 3500 crore. The civic body has been continuously collecting over Rs 100 crore per day right from starting of February month and in March the BMC has already collected around 1,100 crores from property tax defaulters. The municipal corporation has a total outstanding property tax of close to Rs 20,000 crore, and for this purposed the civic body has not only begun attaching the property of defaulters but has also begun auctioning properties. The civic body is facing a severe cash crunch this year owing to the Covid-19 pandemic and slew of discounts to builders and contractors. It was said by the officials that the previous target of 20,000 crore was revised due to pandemi...
Read more