The real estate industry is definitely going through a golden period. Indian banks have slashed interest rates on home loans after experiencing a significant fall in demand and dragging growth in the real estate sector of the country.
The initiative is expected to encourage potential buyers to borrow loans for purchasing their dream home. The drop in the interest rates would also bring a sigh of relief to the real estate developers who had also been affected by the fall in the demand of properties. Some of the realty giants such as DLF, Puravankara Projects and India bulls Real Estate are in support of the cut in interest rates.
The high interest rates in the past few years had been a deterrent in the way of many potential buyers to borrow home loans. Property prices rose beyond any limit, especially in the metropolitan cities that left middle-income group refraining from making any purchase.
Bank experts feel that the Indian real estate industry consumers are the ones who would benefit the most from the cut in the interest rates. Home loan interest rates are one of the most important driving factors of the real estate industry. According to a senior official of a developing group adds, “The 5% hike in the interest rates on home loans have pulled down the industry significantly.” The impact of the rising interest rates on home loans had brought down the demand by an average 20% in the last 12 months. Hence, lenient interest rates would infuse life in the industry.
Easyghar is real estate portal that offers a wide range of property deals in India. Unlike other confusing websites, the choices offered by EasyGhar are categorized under various heads and sub-heads that make it simpler for the user to navigate conveniently and select the best option. To know more about Easyghar and its services, visit easyghar.com/ .
Real Estate India is a professional writer specializing in real estate of India and has been lending expertise in the domain for the past several years.