{"id":6760,"date":"2020-08-21T04:49:01","date_gmt":"2020-08-21T04:49:01","guid":{"rendered":"https:\/\/www.ashianahousing.com\/real-estate-blog\/?p=6760"},"modified":"2020-08-21T04:49:01","modified_gmt":"2020-08-21T04:49:01","slug":"reduction-of-lending-rates-on-home-loans","status":"publish","type":"post","link":"https:\/\/test.ashianahousing.com\/real-estate-blog\/reduction-of-lending-rates-on-home-loans\/","title":{"rendered":"Reduction of Lending Rates on Home Loans"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">In this unprecedented\ntime of the coronavirus, it seems like we are bombarded with bad news everyday.\nRising cases, loss of lives, high attrition rate, companies grappling with the\nunique situation, children adjusting to online classes and the inevitable slowdown\nof the economy has put life, as we know it, on hold and forced us to\nre-evaluate our habits and practices. Everyone is coping to the best of their\nabilities and the pandemic has proven that nothing can break the indomitable\nhuman spirit. Contrary to general belief, real estate as a vertical has been\nless affected than others because housing is a basic need and this pandemic has\nmade people realize the importance of owning a home. The age old saying- \u201cApna\nGhar to Apna hi hota hai\u201d has made a comeback with people giving more value to\nowning a home in a township or society instead of renting one. Real estate\nindustry is one the highest contributors to the economic growth of the country\nand also employs the highest number of labourers. In order to kickstart the\neconomy, the Govt. would first have to bring in changes which positively impact\nstakeholders of the real estate industry, and the announcement of reduction in\nhome loan interest rate is the very first step in this regard.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI took a\npositive step in this direction by reducing its repo rate to 4%. In response,\nHousing Development Finance Corporation (HDFC), India&#8217;s largest private sector\nmortgage financier has also provided much needed relief to all its existing\nretail home loan and non-home loan customers by reducing its RPLR (retail prime\nlending rate) by 20 basis points to 16.2% following which its new rates will\nnow range between 7.5-8.5%. Let\u2019s take an example to understand the impact of\nthis change on your wallet a little better. If the loan amount is \u20b933 lacs,\nprevious EMI would have been \u20b927,911 per month which has now reduced to \u20b925,486\nper month. This would lead to huge savings for the customer. The lending rate cut\nwill also positively impact home buyers affordability, which means that because\nof reduction in home loan interest rate your eligibility for the home loan has\nalso increased. Let us understand with an example: Suppose your loan\neligibility is 50% of your monthly take home salary, so for an individual\nearning Rs.75000, the loan amount worth Rs.44,33,675 would increase to Rs.\n48,55,623 which broadens the scope to opt for bigger size flats or home in a\nhigh quality township that provides world class facilities for the entire\nfamily like swimming pool, club house, reading lounge, AC gym etc. The rate\nreduction has increased the purchasing power of the customers by about 15%, so\nfor an EMI of Rs. 27911 your home loan would be worth Rs. 33 lacs but now for\nan EMI of Rs. 27957 you can get a loan of Rs. 36.2 lacs. This piece of good news\nin this difficult time is bound to bring a smile on every customer\u2019s face.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ashianahousing.com\/real-estate-blog\/wp-content\/uploads\/2020\/08\/smallsize.jpg\" alt=\"\" class=\"wp-image-6769\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: HDFC.com)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keki Mistry, Vice\nChairman of HDFC stated to Economic Times that the rate cut reflects its lower\ncost of funds which have been passed on to the existing home loan and non-home\ncustomers and easy liquidity has also made funds cheaper for future home buyers\nand increased their loan affordability. HDFC charges between 7.5%-8.5% interest\non home loans. In lieu of the changes, Home Loans up to Rs 30 lacs will be\ncharged lower rates while home loans above Rs 50 lacs will be charged at the\nupper-end of the band. HDFC charges a processing fee of up to 0.05% of loan\namount subject to a maximum amount of Rs 3,000 plus GST.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Infographic shown\nbelow throws light on the recent changes:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ashianahousing.com\/real-estate-blog\/wp-content\/uploads\/2020\/08\/smallsize2.jpg\" alt=\"\" class=\"wp-image-6771\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Source: times now\nnews<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, in conclusion\nhome buyers can now rest assured with respect to the profitability and security\nof their real estate investments. The Govt. is taking adequate measures to\nensure all industries including real estate is back on track at the earliest.\nHome buyers can easily buy their dream home now as buying rates have been\nreduced to attract them and lending rates on home loans have also been reduced\nby banks to convenience existing customers and captivate new ones. The cut in\nlending rates also increases the purchasing power of the home buyer; hence\nthey&#8217;ll be able to afford a bigger and better property with the same amount of\ninvestment. By investing in real estate now, investors would be directly\nhelping the economy and industry get back on track which is a win win for\neveryone involved.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this unprecedented time of the coronavirus, it seems like we are bombarded with bad news everyday. Rising cases, loss of lives, high attrition rate, companies grappling with the unique situation, children adjusting to online classes and the inevitable slowdown of the economy has put life, as we know it, on hold and forced us to re-evaluate our habits and practices. Everyone is coping to the best of their abilities and the pandemic has proven that nothing can break the indomitable human spirit. Contrary to general belief, real estate as a vertical has been less affected than others because housing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":17544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-premium-homes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reduction of Lending Rates on Home Loans - AHL<\/title>\n<meta name=\"description\" content=\"Learn about the reduction of lending rates on home loans. 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