Good Time For Buyers as Home Loan Interest Rates to Remain at All-Time Low | Details Here

In the wake of the COVID pandemic, the real estate sector has been severely affected in the last two months.

New Delhi: For some time, the home loan interest rate will continue to remain low as the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has kept the key benchmark rates unchanged on June 4.  This is, however, going to benefit many home buyers in the days to come. Speaking to News 18, ASSOCHAM chairman Pradeep Aggarwal said that the low home loan interest rate has been a crucial demand by real estate, and the RBI has helped the sector by maintaining the status quo.

In the wake of the COVID pandemic, the real estate sector has been severely affected in the last two months. However, to revive the ailing economy and various sectors, the RBI has maintained repo rate unchanged at 4% and reverse repo rate at 3.35%. Moreover, the Central bank has also decided to maintain ‘accommodative stance’ as long as necessary to mitigate the impact of the COVID-19 pandemic.

Speaking on the decision of the RBI, Niranjan Hiranandani, national president of NAREDCO, said that is the sixth time consequently that RBI has kept the benchmark rates unchanged. Saying that the decision of the RBI is an advantage for home loan borrower, he added that the floating retail loan rates continues to be at the lowest level over the past two decades and is likely to continue for some more time.