Why home loans market is down in 2024?
Home loans interest rates going down is a question to us while banks have been eagerly trying to cut down their rates as announced by RBI not to increase the rates which lending is done to banks. This came as more of a shock to banks as the market scenario shows inflation going up. Due to this decision by RBI, banks had to cut down rates and show their rates in such a way that people get attracted to it. I am personally attracted to their home loan rates. On one hand, it comes out to be a task for banks; on the other hand, new customers/borrowers tend to take advantage of such satisfying news to them. Home loan interest rates are down, why don’t we all start buying houses? A great opportunity isn’t it. Seems like something I need to consider as soon as possible before I m too late.
As research shows, SBI and HDFC ltd were the first ones to start cutting off home loan rates in order to get customers. Home loan rates upto 75 lakhs by
- SBI home loan has been reduced from 7.90% to 7.15%
- HDFC home loan rates from 8.00% to 8.35%
- IDBI is giving home loans at 8.50%
- ICICI home loan at 8.10%.
This reduction in rates of homes loans are said to be temporary but the time hasn’t been specified.
SBI and HDFC announced their rates to be reduced on December 18 and since the rates haven’t gone up and still going on in 2014.
According to RBI is, inflation in our economy keeps on going like this, until then the rates are not expected to go up so if you were always waiting for the rates to go down then only you would have bought a house, what are you waiting for then. This is the right time to hit and not watch.
Other banks are also expected to lower their rates.
