Thursday, October 23, 2008
Realtors Anticipating Some Relaxation In Home Loan Rates
While banks do not see any immediate decrease in lending rates after the 150 basis-point cut in Cash Reserve Ratio by the Reserve Bank of India, realtors anticipate the move to reduce home loan rates for their consumers. Demand for real estate property has decreased by nearly 25-30 percent in the country over the last 18 months, when home loan rates increased from an average of 7 percent to as high as 12-13 percent. "The home loan rate in India is among the highest in the world and we expect it to be reduced by at least 100 basis points after the cut in CRR," said Mr. Pradip Kumar Chopra, Chairman, PS Group. Mr Abhijit Das, Regional Executive Director, Jones Lang LaSalle Meghraj Meghraj said, "The recent move by RBI is expected to enhance liquidity to the primary and secondary real estate funding, while arresting further de-growth in real estate investments in the country."
When will these idiots understand. People stopped buying not because loans are expensive. They have stopped buying because homes are expensive. Instead of hoping for a 100 bps rate cut, why don't they cut their prices by 20%. The effect would be the same on the EMIs of the purchaser.
I love your blog..
its all about real-estate
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