RBI Hikes Mortgage Loan Interest Rates in India
The Real Estate prices in India have been doubled in just past 18 months across the country and that’s why to cool down this shoot up, Reserve Bank of India (RBI) has hiked the mortgage loan interest rates by 25 basis points and also ask the mortgage lenders not to give more than 80% mortgage loan than the real value of the property.
The mortgage loan rates have been increased to six times in this financial year.
Thus, the home loans will be costly.
And probably this will bring down the real estate prices across the country and the properties will be affordable to more number of end users.
Real Estate price has doubled in past 18 months only. This shows that how rapidly the purchasing power of the money is going down. This is really a good move by RBI.
Right now property prices in various major cities of India are simply un-affordable to the normal middle class people. And that’s why they are living in rental properties.
Recently the Home loan interest rates in India is 8.25% per annum.
1 comments:
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