[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.|
Here I have important INDIA real estate news to share with you which is as mention under.
Housing loan borrowers are making the most of the current record-low interest rate regime as
indicated by a 42% on-year surge in demand for Balance Transfers (BT) and 26% rise for home
loans in the first half of 2021, showed a Magicbricks Home Loans Consumer Study.
The demand for Loan Against Property (LAP) during this period has also witnessed a 20% rise.
The soaring demand is largely attributed to the Reserve Bank of India’s decision to keep the
repo rate unchanged at a constant 4%.
This has allowed many banks to supply home loans at rates of interest decrease than 7%,
which has additionally been a key driver in augmenting the demand for home shopping for.
Magicbricks Home Loans Consumer Study additionally reveals that essentially the most
incessantly searched home mortgage quantity throughout tier-1 cities throughout this era was
Rs 36 lakh, whereas that for BT and LAP have been Rs 26 lakh and Rs 32 lakh, respectively.
For tier-2 cities, it was Rs 26 lakh for home loans, Rs 23 lakh for LAP and Rs 18 lakh for BT.
“The rising demand for home loans is in line with the increasing demand for residential real
estate across key markets of India. Several initiatives by the government, such as keeping the
repo rate constant and reduced stamp duty rates, are steps in the right direction. These
measures have been instrumental in boosting the overall consumer sentiment, making almost
50% of the borrowers opt for tenures less than 15 years,” stated Sudhir Pai, CEO, Magicbricks.
Read more at:
Have a nice day