Updated Mar 04, 2021 | 18:11 IST | Alexander Mathew
India s largest mortgage NBFC has cut its benchmark lending rate, intensifying the battle for the largest slice of the country s home loan market. Representational Image | Photo Credit: IANS
Key Highlights
SBI, Kotak Mahindra Bank had earlier slashed home loan interest rates, triggering a rate war
It s a good time to be a home buyer in India. With interest rates on home loans at an all-time low, lenders seem to be heading into a rate battle to capitalise on the sudden reemergence of interest in housing.
The housing market in most of India s top cities had been sluggish over the past five years, with inventories piling up. But now, with the lockdown to curb the pandemic having forced several households to consider moving to bigger homes, and with banks vying for new business, anecdotal evidence points to a resurgence in demand.
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The long-term growth outlook for affordable housing finance companies remains positive and the segment is likely to see a growth of 12-15 per cent in the next financial year, says a report. As of September 30, 2020, the total portfolio of the new affordable housing finance companies (AHFCs) in the affordable housing space stood at Rs 55,061 crore, registering a moderate year-on-year (Y-o-Y) growth of 9 per cent, Icra Ratings said in a report. According to the agency s Vice President and Head (financial sector ratings), Manushree Saggar, the growth numbers of AHFCs could be much lower at 8-10 per cent in the financial year 2021 due to the delay in home purchases by the borrowers owing to the impact of the pandemic on their earnings and savings.
Members of the Association of Interior Realtors sold 796 homes in January, a 60 per cent increase in sales numbers over January, 2020.Combined with the incr
Read more about Centre approves construction of over 168,000 houses under PMAY-Urban on Business Standard. This takes the total number of houses sanctioned so far to 11 million, according to a statement on Thursday.