After RBI, Leading Banks Reduce Interest Rates To Help Home Buyers

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After RBI, Leading Banks Reduce Interest Rates To
Help Home Buyers
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• Last month, RBI reduced its repo rate at which it
  offers money to banks and gave real estate
  industry a reason to find a new hope. Now, it is
  banks turn to seal this hope by lowering the
  interest rates on the loans taken to buy a
  residential or commercial property.
  Interestingly, leading money lenders like State
  Bank of India (SBI), Housing Development Finance
  Co (HDFC) and ICICI Bank are ready to pass the
  benefits of RBI cut to borrowers by reducing
  interest rates. New interest rates from banks are
  as follows
• SBI 9.55 per cent a year
• HDFC 9.65 per cent a year
• ICICI 9.65 per cent a year for loans up to Rs 5
  crore for salaried professionals

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The new measure will definitely boost the real
estate industrys fortunes. It is well-known that
real estate sector accounts for 6-7 to GDP and
any new move will help the entire economy grow
up, especially the cement, iron and steel
sectors, and the job market. These are directly
related to the real estate industry. New interest
rates will induce a smile on the face of
investors looking for property in Delhi NCR below
20 lakhs
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Home buyers interested in buying ready to move
flats in Ghaziabad have been eagerly waiting for
lower interest rates since the apex bank reduced
repo rate by a half. "The various measures taken
by the government like Smart City, Digital India,
Housing for All along with revival in investment
and consumption demand is going to create a
favourable platform for the real estate sector to
grow rapidly," says Corporation Bank chairman and
managing director SR Bansal.
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