Realty sector welcomes home loan rate cuts by SBI, HDFC.

MUMBAI: Welcoming the 0.25 per cent rate cut by two of the biggest home loan financiers SBIBSE 1.24 % and HDFC, realty sector participants today said the move will help revive interest in the gloomy market. 

 “This is a positive move to boost property sales and spur industry growth. Home buyers who were earlier waiting for rates to come down will now certainly look at buying their dream homes,” industry body Confederation of Real Estate Developers Association of India (Credai) Chairman  .. 

 The home loan rate cuts from certain banks have occurred after nearly a year, and will augur well for investment sentiments in the market,” property consultant CBRE South Asia’s Chairman and Managing Director Anshuman Magazine said. 

 It may be noted that the residential sector had suffered a major set back due to increasing home loan rates, which had forced buyers to postpone their home buying decision. 

 Magazine also welcomed Reserve Bank’s move to hold on to its key rates despite the high inflation, which resulted in the rate cut announcement by SBI and HDFCBSE 3.05 % last evening. He said the move is a positive signal for the investment climate. 

 SBI, the country’s largest lender, first announced a rate cut of 0.25 per cent in its home loan rates yesterday, forcing HDFC, the second biggest home loan financier, to respond. 

 The move came a day after the Reserve Bank of India kept its key policy rates unchanged. The short-term lending rate was kept unchanged at 7.75 per cent, while the cash reserve ratio ( CRR) remained at 4 per cent. 

 According to watchers, the lenders were also enjoying a reduction in provisioning for some time, which will now get passed on. 

 SBI home loans will now be available under two slabs — under Rs 75 lakh and above Rs 75 lakh. SBI loans of up to Rs 75 lakh would now be available to fresh borrowers at 10.15 percent as against HDFC’s 10.25 per cent. 

 SBI has also given an additional concession of 0.05 per cent to women borrowers, after which the borrowing rate will be 10.10 per cent for home loans of up to Rs 75 lakh. 

 Source:-Economictimes.com

 

For more Information:-  Sanjay rastaugiSanjay Rastogi Builder,Real Estate IndiaReal Estate Company in India,  Affordable Houses in Noida  Email Us Or SMS :SAVIOUR at 53030

 

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About Saviour Builders

Saviour Builders Pvt. Ltd. is one of the leading real estate developers in Delhi NCR. The Saviour Group is the tantamount to deliver contemporary quality amid excellence and diverse innovation. It has emerged as one of the prominent entities in the real estate sector of India and is into residential, commercial and township projects in and around Delhi NCR. The Group devotes its complete dedication to reach higher and build better. With its immense hard work and loyalty, Saviour has accomplished the dream of delivering various tremendous infrastructures round the city. We intend to provide you with affordable houses in the Delhi NCR region. Some of its significant projects like Saviour Greenisle, Saviour Park, Saviour Street, Gaur City -1, Gaur City -2 and many more have created a new benchmark within the trade. Today, we have our presence at Noida, Noida Extension, Greater Noida (West) and Ghaziabad. We, at Saviour, are building homes based on trust and you are invited to build your future with us. We help you live your dream of living in style.

Posted on December 21, 2013, in Real Estate and tagged , , , , . Bookmark the permalink. Leave a comment.

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