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3/5/21

HDFC makes home loans cheaper

HDFC makes home loans cheaper:Now the loan will be available at 6.75% interest, earlier it was 6.80%, Kotke also reduced the interest rate this week.




From last week to this week 3 companies have reduced interest rates on home loans
Most consumers are currently looking for homes with a budget of Rs 50 lakh



HDFC, the country's leading housing finance company, has made home loans cheaper. The customer will now be able to take home loan at 6.75% interest rate. So far this interest rate was 6.80%.

The
new rate will come into effect from Thursday, the company said in a statement to the stock market. HDFC's total home loan portfolio is around Rs 4 lakh crore. It is at the forefront of implementing cheaper interest rates in the country's banking and NBFC sector.



SBI also slashed interest rates on loans
before State Bank of India recently slashed interest rates on its home loans. Its home loan interest rate is 6.70. Kotak Mahindra Bank also slashed home loan rates this week. The last 6-8 months have seen a surge in house sales. Banks and NBFCs are cutting interest rates for the same reason.






Reduction in stamp duty charges has in
fact led to drastic reduction in stamp duty and registration charges in many states, including Maharashtra. In Mumbai, the stamp duty is now 3 per cent as against 6 per cent earlier. Most of the reductions will only apply until March 31. So the consumer is buying a home. It also comes with other features. Some banks and NBFCs have waived processing fees.






Home prices have fallen
The price of houses has fallen this time. So consumers are pushing to buy a home. Some reports suggest that home demand could pick up this year. Areas like Mumbai, NCR and Bengaluru have seen the highest sales of houses in the last six months. Most consumers are looking for a home with a budget of Rs 50 lakh. Similarly, small home sales are on the rise. However, the demand for commercial property has not yet picked up.

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