Experts discuss housing market trends

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Kotak Mahindra Bank cut mortgage rates to 6.65% after State Bank of India (SBI) cut rates by 10 basis points. Kotak’s home loan is at the lowest interest rate in the market, and mortgage rates in general are at their lowest in 15 years. Are lenders cutting rates to make the most of state benefits? Will demand continue beyond their expiration? Ambuj Chandna, President of Consumer Assets of Kotak Mahindra Bank and Anshuman Magazine, President and CEO of CBRE South Asia shared their views and outlook for the future.

Kotak Mahindra Bank cut mortgage rates to 6.65% after State Bank of India (SBI) cut rates by 10 basis points. Kotak’s home loan is at the lowest interest rate in the market, and mortgage rates in general are at their lowest in 15 years. Are lenders cutting rates to make the most of state benefits? Will demand continue beyond their expiration? Ambuj Chandna, President of Consumer Assets of Kotak Mahindra Bank and Anshuman Magazine, President and CEO of CBRE South Asia shared their views and outlook for the future.

“We see a lot of trends in the housing market. We are seeing a reasonable recovery in the core home sales market in the last quarter and this quarter thanks in large part to working from home, the need for larger homes, and interest rates being among the lowest , governments doing their best – we are seeing the impact of stamp duty coming to Maharashtra, all of this combined, we are seeing a reasonable increase in the housing market, ”Chandna said.

“We want to participate in this housing rally, we want to develop our activity, we must transmit value to consumers and offer them a price that allows them to enter the dream homes they wanted to build. This is therefore our paradigm and in which we have decided to lower our rates to 6.65%, ”added Chandna.

“At this point, we think 6.65% is a very good rate. We offered it until March 31st. Home sales tend to peak in March. So I think what we’ve come up with today is a really good rate and we’ll take it from there, ”Chandna said.

The total mortgage portfolio is around 10 percent for Kotak Mahindra bank. “We have seen substantial growth over the past two quarters,” Chandna said.

Anshuman Magazine believes that increasing the supply of affordable homes leads to increased sales. “The supply of affordable housing that is coming in is also one of the reasons for the demand and pent-up demand has also existed, there is end-user demand,” Magazine said.

“The borrowing rate for the banks has been lower and that is one of the reasons that there have been tenders for mortgage rates and they are also going down because of the low risk. For banks, mortgages have been a relatively lower risk category and with the overall decline in interest rates I expect it to remain attractive going forward and interest rates to remain competitive. », Underlined Magazine.

For the full discussion, watch the video …

(Edited by : Santosh nair)

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