Given the upcoming festive season, which is considered auspicious by a large number of Indians to make big ticket purchases, the timing of reduction in interest rate couldn’t have been better.
Kotak Mahindra Bank cuts home loan rates to a decade low
The mood amongst home buyers is quite positive and this rate cut will act as a catalyst for quicker decisions. We believe other banks and financial institutions may also bring down rates to match Kotak Bank’s 6.5 % limited period offer.
– Mr. Amit Goyal, CEO, India Sotheby’s International Realty
Lower interest rate regime, competitive pricing and stable supply are key factors this festive season. Like Kotak Bank, we hope other banks would also follow suit. Besides the attractive lower interest rate regime, the fact that developers will offer festive schemes and it should help boost sales for real estate
– Dr. Ananta Singh Raghuvanshi, Senior Executive Director, Sales & Marketing, Experion Developers
For affordable and mid-range home buyers, home loan interest rates are almost as important as property rates. Cost-sensitivity impacts all aspects of their home purchase journey and a reduction in interest rate can make the difference between purchase decisions and indecision. It is apt for lower interest rates to coincide with the festive season. Sentiment high during this period, and this year there is a lot of pent-up demand waiting to hit the market. It is to be hoped that Kotak”s move will be emulates by other leading lenders, as well.
– Anuj Puri, Chairman – ANAROCK Property Consultants