RBI is set to declare its second bi-monthly monetary policy decision of FY24 on June 8th, with bets favouring a second pause in repo rate. Despite inflation staying below RBI s upper tolerance limit, the possibility of a rate hike is not ruled out.
Bhavesh Kothari, Founder & CEO, of Property First said, Home loan rates would have reached a record high if the RBI MPC had increased the repo rate by 25 basis points, as was predicted by industry experts, keeping in view the inflationary pressure.
The 77-year-old politician said, the payment of interest and the instalments of the loan is indeed an expenditure, but it is an expenditure that is converted into an asset, which is a saving.
Among the most expected factor for home buyers, this budget 2023 would be the increase in deduction limit for interest payments and principal amount on home loans especially to spur demand in a rising interest rates scenario.
SBI news: State Bank of India offers home loans at low interest rates, details here
According to the SBI, it has a market share of as high as 34 per cent in the home loan segment and it caters to around a thousand customers every day. (File image)
Updated: Mar 1, 2021, 03:05 PM IST
In important news for those looking to buy a new home, the State Bank of India (SBI) is providing a variety of home loans at low interest rates. Additionally, the largest lender in India has also let go of the processing fee for home loans when it comes to the projects approved by the SBI. The SBI is offering loans at interest rates starting from as low as 6.80 per cent.