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The biggest banks and
builders in India are banking on you for a revival. On offer are loans with
10-year-low interest rates, deferred payments, discounts. Some banks are even
A flush of money from Mint Street is helping the fall in rates, letting lenders go all out to woo a relatively safe set of borrowers to cushion a COVID blow to asset quality.
State Bank of India,
Kotak Mahindra Bank, Punjab National Bank, Bank of Baroda are among the banks
who have slashed home loan rates by around 15-60 basis points to 6.5-6.7% the
lowest in a decade.
Kotak Bank reduced rates to 6.5% the lowest in the industry on all loan amounts, fresh loans, and balance transfer cases from September 10 to November 8, as the bank looks to expand market share and increase the book size.
SBI is offering home
loans at 6.7% irrespective of amount or the profession of the borrower, which
is what concessional interest rates are usually tied to. The bank has also
waived processing fees on home loans.
A majority of prospective homebuyers are looking to purchase a property in the next three months with self-use as a primary reason. Experts believe that under that circumstance with stable home prices, the reduced loan rates will bolster residential sales.
India’s largest private bank HDFC Bank is partnering with fintech companies to accelerate its credit card reach during this three-month period.
The rate cuts are reinforced by Finance Minister Nirmala Sitharaman’s recent directive to state-run banks to accelerate lending and hold credit outreach programmes across India from October. We are likely to see significantly improved traction in the housing segment during this period.
Sustained recovery and the resilience shown during the second Covid-19 wave are indicative of a fundamental shift in the sentiment towards home ownership.
With outreach programmes returning, credit flow to productive sectors is likely to swell. Some experts believe that developers may post record sales booking numbers in the second half of FY22.
1. Auspicious time
Are you the one who waits for an auspicious time when it comes to buying a dream house? Well, this is the time when you can get lucky enough to achieve your desired property. People see it as the time to make fresh starts, take up new developments, and carry out significant events. Moreover, how can you forget the festive discounts and offers that could lead you to really impressive and cost-effective projects? Yes! Go for the real estate developers with great offers, but don’t forget to check their reputation in terms of reliability.
2. Offers & Discounts on Real Estate
During festive seasons, we see so many offers being rolled out to woo the customers. This encourages home buyers to buy their homes at affordable prices. Real estate developers roll out several offers and schemes to entice their customers like zero stamp duty, home appliances, cashback, no EMIs, or lesser interest rates.
3. Launch of New Projects
The festive season gives rise to many new and impressive projects. This is the time when real estate developers target middle-class people so as to maximize their profits in times of slowdown. That being said, this is the time when you can consider several property options at very affordable prices.