Financial assistance for homebuyers needed to enable smoother home-buying experience
"The rate hike of 35bps to 6.25 per cent by the Reserve Bank of India was on the expected lines. Although it will push the interest rates on home loans, and overall strong talent driven job markets, the coming quarter of 2022-23 remains the best time to invest in all segments of real estate. India's GDP growth forecast from 6.5 per cent to 6.9 per cent, shows a higher elasticity to global shocks and the continued buying power and investments made in the real estate sector, despite the possibility of more repo rate hikes in the coming months," he said.
Sundaram Home Finance forays into business loan segment
The business loan will be extended to these people against their residential property for business growth and working capital needs. The company on Wednesday opened an exclusive Small Business Loan branch in Madurai and one more such branch will be opened in Tenkasi on Friday.
LIC Housing Finance increases lending rate by 50 bps
Commenting on this lending rate revision, MD & CEO Y. Viswanatha Gowd said: "Interest rate hike is in line with the prevailing market condition. We expect this trend to stabilise soon. We are taking care to price our products adequately so that the EMI outgo for our customers remains reasonable.
Rise in home loan interest beyond 9.5 % likely to have high impact on housing sales: Survey
At least 44% of the respondents preferred 3BHKs, followed by 38% favouring 2BHKs, said the survey conducted by the Industry body CII-Abarock. In the survey's H1 2021 edition, 46% preferred 2BHKs, and 40% voted for 3BHKs. Similarly, the demand for 4BHKs has also risen -- from 2% in the pre-Covid survey to 7% now. The survey, conducted between January and June 2022, polled 5,500 participants responding via various digital platforms.
Personal retail loans record impressive year-over-year growth: Report
The number of active loans increased to 6 crore by March 2022, from 4 and 3.5 crore in the March 2021, and 2020, respectively. While, personal loans book size rose to Rs 8 lakh crore in March 2022, from Rs 6 lakh crore in March 2021. According to report, the highest number of personal loans were disbursed by NBFCs (Non-Banking Financial Company) followed by private banks.
Rising interest rates to impact home sales for short term
"Just as in the case of falling number of applicants for new home loans, the number of housing sales too could take a hit over the short term," V. Swaminathan, Executive Chairman, Andromeda Loans and Apnapaisa.com, said.
LIC Housing Finance hike prime lending rate by 50 basis point
The new rates of LIC Housing Finance will be effective from Monday. The move was inline with the central bank, which hiked repo rate by 50 basis points in the recent monetary policy to tame inflation that is hovering above the upper tolerance band for consecutive months.