Home loans: Festival season calls for the rising demand

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Home loans: Festival season calls for the rising demand

RBI announced LTV in terms of home loans, that exceed until March 31, 2022. The financial institutions that are on top of the loan game are seeing a hike in home loan at the threshold of the festive season. Festive seasons usually balance out everything, and the same thing has happened this year.

Home loans have witnessed a rise in demand post changes in the lending rules

home loansThere is a scope of recovery in the home-loan market amidst the festival seasons. That being researched, the realty market is also said to recover from the hard blows of COVID. The individual loan disbursement rate was 95% in the first quarter ended September 30. Apparently, the housing rates have stooped low. Then thus, more people are turning towards home loans. The HDFC Managing Director (MD) Renu Karnad says that have seen a swift increase of 31% in the yearly home-loan registrations.

Other than Karnad, a lot of other representatives from various other banks have also spoken.

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One of them being, Siddhartha Mohanty from LIC housing Finance LTD, has observed that customers love completed projects or nearly completed projects. Now, people also look for the background of the developer and the reputation. This is also one of the reasons why LIC has been experiencing a hike in the inquiries of home loans in pre-COVID volumes.

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Other than that, the LIC managing director, Siddhartha Mohanty, also said that the dealers have been quite lenient with houses. They have been offering great deals to the customers. The properties that were high and unaffordable have now reduced to affordable prices. Thus, people have grown confident in buying houses scattered across the country.

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With housing rates so low and home loan interests so attractive, people would want to take the leap of faith and buy a house for themselves which they call it theirs. The EMI options have also leased out well, thanks to RBI, and the changing times. In the month of August to September, the blows of COVID have been dealt with very well.

Read: Home loans will now be more affordable with the latest changes by RBI.