The realty market is expected to shin in this festival season. The upcoming days of 2022 are packed with a host of celebrations such as Navratri, Diwali, and Christmas among others. In the past few months, the real estate market has shown a healthy recovery from the shocks of the pandemic that led to nationwide lockdowns in the previous two years. This year, a strong uptick has been witnessed in home buyers’ confidence, especially first-time buyers. This festive season has emerged as a good opportunity for investment in houses.
Anjana Sastri, Director – Of marketing, Sterling Developers explains this year the festive season will shine through as the real estate market has seen a healthy recovery and looks forward to a steady growth trajectory. The past few months have been testament to the fact that home buyer confidence is at an all-time high as customers understand that they have various options and are able to make confident purchase decisions.
“The forecasted steady growth of the industry makes it an attractive investment for those looking to invest this festive season,” Sastri added.
According to the Sterling Developers marketing director, investment in real estate has always been a wise asset class to consider as it sees steady appreciation.
She said, “There have been a number of new launches as well as ready-to-move-in options that homebuyers can explore.”
Further, she said, “the market continues to experience end user-driven demand and we are already witnessing a trend of more serious buyers closing sales. We are seeing a lot of first-time home buyers, who were not able to reach a decision earlier are eager to conclude the deal in this auspicious season.”
“Rising homeownership amongst millennials supported by higher disposable income and willingness to upgrade to larger, luxurious spaces equipped with better amenities have also sparked a sharp growth in housing demand in the recent past,” she added.
In Sastri’s view, the revival in market sentiment against the backdrop of accelerating economic activities makes this festive season more attractive.
However, Sastri also directs that while investing in a property, buyers should not only look at the attractive deals but also consider the reputation of the developer and other factors like location, execution capability, and amenities that the developer has to offer.
“As we march ahead, the industry is set to see a new phase of growth,” she concluded.
A home buyer can buy their dream house through various means, one of them being home loans. By choosing home loans, a buyer eliminates the need for spending a lump sum on the property, instead, they can repay the loans by way of Equated monthly instalments (EMIs) making the purchase of a house affordable and less stressful. Also, home buyers can make a large amount down-payment for their dream house and pay off the remaining purchase value via EMIs.
Here are some of the home loan interest rates of major banks
SBI home loan interest rates
On regular home loans, SBI’s interest rates depend upon credit score. The bank has imposed a rate of 8.05% on borrowers with CIBIL scores of greater or equal to 800, while the rate is 8.15% on a score of 750-799, and 8.25% on a 700-749 credit score. The bank also has an 8.25% rate on credit scores between 100-200.
The bank has levied 8.35% on the CIBIL score of 650-699, and the interest rate is 8.55% on a score of 550-649.
SBI offers a 0.05% concession to women borrowers subject to minimum EBR i.e 8.05%.
ICICI Bank home loan rates
For salaried borrowers, the interest rates here are between 8.10-8.85% on home loans up to ₹35 lakh and between ₹35 lakh to ₹75 lakh. Above ₹75 lakh home loans, the rate ranges from 8.10-8.95%.
For self-employed, ICICI Bank has levied an interest rate from 8.20-9% on home loans up to ₹35 lakh and above ₹35 lakh to ₹75 lakh.
Above ₹75 lakh home loans, a self-employed will face an interest rate from 8.20% to 9.10%.
HDFC Bank home loan interest rates
On home loans up to ₹30 lakh, HDFC Bank has levied an interest rate of 8.10% to 8.50% on salaried women and 8.15% to 8.55% for other salaried categories.
For home loans between ₹30.01 lakh to ₹75 lakh, the bank’s interest rate is 8.35% to 8.75% for salaried women and 8.40% to 8.80% for others.
For home loans from ₹75.01 lakh and above, the interest rate is 8.45% to 8.85% on salaried women and 8.50% to 8.90% on other categories.
For self-employed women and others, the interest rate is higher by 10-15 basis points on the above home loans compared to salaried borrowers.
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