Reduction of home loan interest rates by SBI; a positive move
By Ashish R. Puravankara, MD, Puravankara Limited Home loans are, by far, one of the biggest loans quantum-wise. Customers are always on the hunt for low interest rates while opting for home loans. In this scenario, the decline in interest rates, from SBI bank, is a welcome move. The rate cut from 8.15% to 7.90%, is not only a relief to home buyers, but is proved to be beneficial for the entire sector. It will also infuse a positive sentiment in the residential segment and act as a confidence booster for many potential home buyers. JLL’s latest Global Market Perspective shows that despite the slowdown of the world economy, fundamentals remain healthy, with momentum only easing gradually. Such initiatives will revitalize the entire realty ecosystem by helping all the stakeholders such as homebuyers, developers, investors, and the government. This will certainly keep the momentum going and the industry is set to witness a positive growth curve in the coming years. We, at Puravankara, also hope that this move will start a trend which will be followed by other lending institutions, further widening the web of benefits for the home buyers across the country, eventually pushing the overall demand for homes.
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