With the fresh loans by the NBFCs reaching pre-covid levels and the banks and NBFCs launching special festive period schemes cutting rates across all rate slabs and categories of borrowers, the home loan bonanza is set to give a big boost to home sales.
After a tepid quarter in April- June 2021, following the second wave of Corona, NBFCs have notched up an impressive performance. The private housing finance major HDFC recorded the highest ever loan disbursements in July, in a non-quarter end month, breaching the pre-covid levels. This noteworthy growth in new home loans was largely driven by affordable housing though high end properties also contributed significantly. Riding high on this impressive growth in home loan disbursals, both NBFCs and banks have launched special festive schemes giving relief to all categories of borrowers across all loan slabs. Under this scheme while the salaried borrowers can enjoy a 45 bps cut in home loan rates, self-employed home loan seekers will have the rate cut of 60 bps.
Says Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, Assocham National Council on Real Estate & Housing, “The significant increase in the number of home loan takers simply reflects the rise in the sentiment of home buyers in the post-covid period on the back of significance of owning a home. The rising affordability in the form of stable prices, lowest ever home loan rates and interest subsidy for affordable and mid-priced homes under PMAY, has given a big push to home sales in September quarter. We would see this sales momentum gaining further steam in the festive quarter.