Realtors welcome continuation of low home loan interest rates in latest RBI MPC

 The latest RBI MPC did not include any significant changes for the real estate industry, but realtors are comforted by the RBI's decision to keep the repo rate unchanged. Realtors claim that "In the most recent MPC, the apex bank expressed its confidence in economic development. The central bank has sought for a stable policy environment as the economy recovers from the pandemic. A gradual unwinding of liquidity, steady energy costs, and the government's handling of the pandemic will all be essential to growth in FY22 and FY23."

Thanking the Reserve Bank of India for maintaining its accommodative stance, Founder and Chairman of Signature Global Group and Chairman of ASSOCHAM, the National Council on Real Estate, Housing and Urban Development, Pradeep Aggarwal said, "Real estate has made a strong demand for low house loan interest rates, and the RBI has aided the sector by maintaining the status quo. We recommend that consumers take advantage of the current scenario because, in the future, prices may rise due to higher costs."

The RBI maintained a low repo rate, which is beneficial to the real estate industry. "We must recognise that real estate does not work in isolation and is dependent on the success of all other sectors and companies. The RBI's lenient approach will help to strengthen the economy and provide a favourable environment for the real estate sector. We urge state governments to decrease stamp duty as a present to homeowners, given the rising demand for real estate "Raheja Developers' Ar Nayan Raheja stated.

The value of real estate as an asset will continue to rise over time as the business recovers; low home loan interest rates have been extremely beneficial to the sector. Furthermore, greater effort is required, with government help, to reintroduce the influx of market laggards. "The RBI has maintained the repo rate steady since May 2020, which is understandable," said Navdeep Sardana, Chairman and Managing Director of Elite Landbase. In a time when the focus is on growth and spending, tightening fiscal policy seems illogical. It is also a moment when a move from a purely numerical fiscal approach to a more holistic and sector-specific policy plan is required.There is a compelling need for tailored subsidies and concessions in the real estate sector to help the economy recover quickly. Similar steps can be frosting on the cake, as we've seen how stamp duty reductions have increased property sales in the past. Similarly, credit subsidies to developers and a revision of the GST on raw materials might be extremely beneficial and help to optimise the overall housing supply chain."

Realtors believe that, while real estate requires a variety of measures, it will be beneficial to put the pronouncements made in recent months into action in order to make progress. "As inflation is pegged at 5% (within the safe zone of 2-6%), RBI's decision to hold the repo rate constant at 4% was very much on the expected lines," said LN Jha, Director, SKA Group. Simultaneously, maintaining an accommodating approach bodes well for the emergence of a strong economy as the economy emerges from its extended restoration path. With the discovery of a new variety, these are critical times that necessitate a high level of monetary and fiscal support, which RBI is providing appropriately.This decision will have a long-term influence on the real estate sector and its ancillaries in terms of maintaining consistent growth."

Bhumika Group's MD, Uddhav Poddar, stated, "While we expected the MPC to retain the status quo on policy rates, we had hoped for a rate cut to boost confidence, especially as clients have begun to rebuild their faith in the economy and have begun to make high-end purchases. Lower EMIs are important in rekindling demand and making real estate assets more marketable. The transaction ceiling for UPI payments for RBI's Retail Direct programme has been increased to Rs 5 lakh from Rs 2 lakh, which will give the segment a major boost."

"Though we had hoped for particular real estate announcements, we understand that the RBI must focus on all sectors in order to achieve economic progress. Maintaining the real estate repo rate will go a long way toward preserving buyer sentiment. While a constant repo rate is appropriate, industry-specific measures must also be considered "Dhiraj Bora, Paramount Group's Head of Marketing and Communication, stated.

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