The State Bank of India (SBI) has cut home loan rates to a 9.1% — the lowest in six years — as part of a festive scheme. Welcoming the move as ‘positive’, Niranjan Hiranandani, CMD, Hiranandani Communities and Founder-President NAREDCO (Maharashtra) said, “I expect other Banks and HFCs to also pass on advantages accruing from the last RBI rate cut to customers; EMIs should reduce.”
For home seekers, Niranjan Hiranandani has a simple message: “The home loan interest rates are headed lower. So, if you have selected your ‘dream home’ and are in the process of making it a reality, just go ahead and pick up your home loan – any future reduction in interest rates will also be to your advantage,” he said.
“The last few times RBI has reduced rates, we have seen that banks tend to pass on the rate cut after a couple of months,” he said. So, even if the EMI reduction does not happen overnight, it definitely will reflect in your EMIs a couple of months down the line, he added. “Take advantage of the positives of the festive season, make your ‘buy’ decision in this ‘positive’ period, and make your dream home a reality,” he concluded.