Even though public sector banks led by State Bank of India announced a reduction in interest rates on new home loans, the dejected faces of many among the world of realty tells its own story. on the flip side, some argue and convincingly, that as India does not live in big metros and other big cities, the latest move would benefit those who live in Tier II and Tier III cities who plan to buy homes there. Both have some really solid arguments.
However, all these arguments hardly impress Sunil jindal of SVP group, which has many residential and commercial projects in the NCR. According to Jindal, the low interest rate that PSUs have declared for the loans of rs 5 lakh to rs 20 lakh means nothiong for homebuyers. "we all know that rates in Delhi and NCR towns are much higher. And if anyone wants to buy a house he or she should have a lot more money than that. for a decent two bedroom accomodation, a homebuyer might need to avail a loan above 20 lakh, and that too when the prices of real estate have come down. if government actually wants to addresss the real estate problem the banks have to raise the cap of Rs 30 lakh."
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