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As home loan rates dip, real estate players see promise

As home loan rates dip, real estate players see promise

Pune: With more banks and non-bank finance companies jumping on the low mortgage rate train, realtors are looking forward to another extraordinary holiday season, albeit with some concern about eligibility for lower rates.

HDFC was the most recent to announce rates below 7% for mortgages, valid for all new disbursement requests until the end of October, regardless of the loan amount or the applicant’s employment category.

It is followed by (SBI), Kotak Mahindra, Bank of Baroda, Bank of Maharashtra and other state and private banks, and a handful of large cooperative banks, which have benefited from abundant liquidity in the market, backed by the RBI maintaining a low interest rate. It also works for consumers, observers added, the active policy of banks shifting their focus to lending to individuals, following a wave of risky corporate lending.

home loan rates down

However, the linking of individual credit scores to the special ceremonial rate by some banks and non-bank financial firms, including HDFC, has some real estate players expressing their discontent, especially with the spread of the pandemic to payment programs. of many.

Reducing home mortgages at rates like 6.6% or 6.7% is definitely a huge plus for the market in the coming months. However, there are practical barriers to taking advantage of these rates, especially with some who want a credit score of 800 or more clients, as there are many defaulters due to the pandemic, ”said Darshan Chola, Head of Professional Brokers in Pune.

Credai’s latest report found that home sales in Pune showed good progress this year. “We’ve had 3,000 visits in the last few weeks, and 10-12% of those leads have turned into sales,” said Vineet Goyal, CEO of Kohinoor Group.

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