The decrease in repo rate by Reserve Bank of India (RBI) along with affordable pricing policy and safety of investment for property seekers has resulted in minor increase in the demand rate but failed to stimulate property sales in this festive season. The demand and sales of property were expected to increase with unexpected cut of 50 basis points in repo rate by the RBI on 29th September. Prior to this, there was a cut amounting to 75 basis points passed by the banks to the customers.
Shubhkamna advert pointed out that the cut in the repo rate has not been transmitted to the customers by the banks even after a week of announcement by RBI. This has resulted in withdrawal of the hopes of realty developers and property seekers. Various banks like The State Bank of IndiaBSE 3.29% (SBI) have revised their base cut rates. SBI reduced its base rate cut of 40 basis points by fifty percent to increase its margins.
Shubhkamna developers group stated the fact that a cut of 20-30 basis points in base rates and home loan rates has been announced by various other banks with the fluctuation around nine percent. According to the new policy of the State Bank of India home loans are offered to women at 20 basis points higher than the base rate whereas men get the loans at 25 basis points higher than the base rate. This has resulted in confusion as earlier the home loans were offered at base rate to women and men were offered at five basis points above the base rate. Shubhkamna advert stated that the inability of the banks in transmitting the RBI rate cut to home buyers has disappointed them and belied their trust.
Shubhkamna advert pointed out that the cut in the repo rate has not been transmitted to the customers by the banks even after a week of announcement by RBI. This has resulted in withdrawal of the hopes of realty developers and property seekers. Various banks like The State Bank of IndiaBSE 3.29% (SBI) have revised their base cut rates. SBI reduced its base rate cut of 40 basis points by fifty percent to increase its margins.
Shubhkamna developers group stated the fact that a cut of 20-30 basis points in base rates and home loan rates has been announced by various other banks with the fluctuation around nine percent. According to the new policy of the State Bank of India home loans are offered to women at 20 basis points higher than the base rate whereas men get the loans at 25 basis points higher than the base rate. This has resulted in confusion as earlier the home loans were offered at base rate to women and men were offered at five basis points above the base rate. Shubhkamna advert stated that the inability of the banks in transmitting the RBI rate cut to home buyers has disappointed them and belied their trust.
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