Supporting the ongoing demand for homes, the Reserve Bank of India has decided to keep the rates unchanged which will ultimately lead to the continuation of low-interest rates on the home loan. Reserve Bank of India, on its meet, maintained the status-quo and kept the repo rate remain unchanged at 4%. This continuation of low-interest rates on home loans is bound to pace up and give more confidence to the homebuyers and support the ongoing market and economic recovery.
Some of India’s top builders and developers in the real estate market have accepted the decision in a positive way and are looking for growth in the realty sector in the upcoming years. Keeping in mind the new Omicron wave, the entire real estate industry is carefully assessing the pros and cons to offer the best rates for homebuyers.
Also, realtors are expecting that homebuyers should make the most of historic low-interest rates and provide fuel for the growth in the economy along with the real estate industry. Many of the leading banking companies are already offering low-interest rates on homes loan borrowers. The historic move will support the revival of market sentiments and will improve and strengthen the investment along with customer sentiments.
The RBI has estimated a GDP growth of 9.5% in the upcoming FY 22 which will further boost the positive sentiments in the real estate industry. Also, some of the builders have pointed that this historic move will help relators to clear inventory and cash on the improved market sentiments post-COVID.
