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You must have across the news reports on banks pruning home loan interest rates in India in the recent times.
If we take these movements in a broader perspective, the loan rates that are cut by some 50 basis points for now are bound to slash further more.
Here we bring the reasons that could possibly result in declining rates of interest on home loans in India a bit furthermore.
home loan segment.
< Prior to 2005-06, a staggering year on year growth of 49.5, 73.9 and 48.6 per cent had been witnessed by the Indian banks in the disbursal of housing loans, which later fell down to 29.1 and 26.6 in 2005-06 and 2006-07 respectively.
< The impact of lowering demand is apparently there on their revenues. With this the banks are likely to come up with the corrective measures to restore the demand as earlier.
< On GNP (Gross National Product) front, slow down in real estate consumption can impact the sector that is playing critical role in the economic development of the country. The investment inflows from foreign entities will also reduce
if corrective measures are not introduced in time.
< The inflation has come to the levels of 3-4 per cent from 5-7 per cent prevalent in March-May.
< The RBI can also think to intervene as its measures to control inflation have worked and so forth market liquidity can be enhanced. If it happens the banks can once again aggressively market home loans in the market.
With these reasons in mind, it’s advisable that you wait for the next couple of months if you are interested in taking for buying residential property in India. For the time being banks will try to use the festive season and push some lucrative schemes, and you can negotiate a good deal in case you desperately want to purchase a property.
But if you hold some more time, chances are that the interest rate cut will be much more than that of near future.
Aditya Jaiswal, advisor of home loans for NRIs, is an associated editor with the site: http://www.guide2homeloan.com . The site is an online portal to provide advice on home loans in India including types of home loans in India, interest rates in India provided by providers in India.
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