Interest rate on home loan lowest in 10 years, many more offers by banks and builders before the festive season, golden opportunity for buyers

Great offer from banks in festive season, home loans are available at such low interest, finance companies are also not behind

Banks offering home loans at very attractive rates

This festive season is going to be very special for homebuyers. This is already a decade low after the interest rate cut. At the same time, builders are offering special offers and gifts to home buyers.

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  • Publish Date – 8:06 am, Mon, 27 September 21Edited By: Sanjeet Kumar
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Currently, the interest rate on home loans is at a decade low. There is a continuous reduction in this by banks and financial institutions. After years of sluggishness, real estate is also witnessing a boom. In such a situation, before the festive season, banks and builders are wooing homebuyers by offering different types of offers.

Before the festive season, most banks have announced a cut in the interest rate on home loans. Apart from this, many other types of discounts are also being given. State Bank of India, Housing Development Finance Corporation (HDFC) and Kotak Mahindra Bank have cut interest rates by 15-60 basis points. Their interest rate for home loans ranges from 6.5 percent to 6.7 percent.

Getting cheap loan due to low interest rate

In fact, to support the economy in the Corona Crisis, the Reserve Bank of India did liquidity infusion of thousands of crores. Due to reduction in repo rate, banks got cheaper loans and they are also distributing cheap loans. However, there is also a confusion in the minds of banks regarding their asset quality. The asset quality of banks has declined due to the Corona epidemic. In such a situation, banks expect that the new borrowers should be of good quality so that there is no effect on the loan.

Special discounts and gift offers

Ahead of the festive season, builders are offering special discounts and gifts to homebuyers. Apart from this, the facility of payment deferment is being offered. With the help of all these measures, they are wooing homebuyers. The property market expects that it will improve very fast now and it has started. Apart from real estate, auto companies and consumer durables manufacturers are also offering bumper discounts.

90% homebuyers set to buy home in next 3 months

According to a survey that came recently, 90 percent of potential buyers said that they would buy a house for themselves within the next three months. 80 percent of the buyers said that their budget is in the range of 75 lakhs. This was claimed in the report of JLL and RoofandFloor. According to the report of Homebuyer Preference Survey 2021, developers are ready to sell and are also selling with very low margins. There is an improvement in the real estate market. According to the report, people’s preference has changed after Corona. They have started liking the bigger house. In such a situation, in the second half of this year, the launch of new projects is expected to accelerate.

Demand for 3BHK increased significantly

In the changing times, the demand for 3BHK has increased a lot. There has been a significant increase in the demand for 3BHK apartments in Bengaluru, Chennai, Hyderabad and Delhi NCR. The demand for villas in Bangalore, Hyderabad and Chennai has also picked up. Homebuyers are now demanding a small room for themselves for work from home or online classes. This survey report has been decided on the basis of responses from 2500 potential home buyers. These buyers are from Mumbai, Delhi NCR, Bangalore, Hyderabad, Chennai and Pune. It has been claimed in the report that now if the third wave of corona does not come, then the demand is expected to remain good in the second half of this year. The launch of new projects will also accelerate in the second half.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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