Example 1: Recently ICICI Bank has cut MCLR by 15 basis points. After which the interest rates of MCLR based home loan will be cut. This means that the possibilities of getting home loan from the bank to the common people at cheaper rates will increase.
Example two: The country's largest bank SBI has taken out a special offer on home loan rates. The bank is giving a discount of 0.45 per cent on home loan rates till June 30. This means that customers will get 0.45% cheaper home loan as compared to the existing rates.
You must have read both these examples. Before saying anything or creating a dialogue with you, it was necessary to give these two examples so that you can understand that there is going to be relief from the increasing burden of home loans in the coming days. This is not an ordinary incident. Because the SBI which has been talked about has increased its home loan rates by 2.50 per cent from April 2022 onwards. Surprisingly, the country's central bank has also increased the repo rate by 2.50 percent from May 2022 to February 2023.
But today the question is different. After all, why suddenly the need has arisen for the banks to reduce the lending rate and cut the home loan interest rates? Has the recession started in real estate? Are common people hesitating to buy houses? In today's era, such questions have become meaningless. The news coming from different agencies regarding real estate is better than the pre-pandemic level and that too in the midst of rising interest rates. Then what happened that the banks did not even think of reducing the home loan rates, but started doing it.
To understand this, you have to take the time back about two weeks. When the country's Central Bank Reserve Bank of India had issued a notification and said that it is recalling or withdrawing two thousand notes. Anyone who has 2000 rupee notes should go to banks from 23rd May to 30th September to exchange or deposit 2000 rupee notes. You will be surprised to know that according to a report, more than Rs 50,000 crore in Rs 2,000 notes have arrived in the country's banks in just one week. While RBI itself has said that Rs 3.60 lakh crore of Rs 2000 was frozen, which needs to be brought back to the banks. If the run rate of deposits in banks remains the same, then this entire amount can be deposited in banks before 30 September.
This is the biggest reason
Deposits are coming fast in banks. There is a continuous increase in the liquidity of banks. Because of which there is a problem in front of the banks that how to spend this money now? Because this is just the beginning and more deposits are expected to increase in the coming days. According to experts, banks are expected to have a surplus of Rs 1.5 lakh crore to Rs 2 lakh crore. In such a situation, banks can start cutting home loan interest rates to attract people so that common people take home loans in the greed of cheap rates. At present, there is a boom in real estate anyway.
Interest has increased up to 2.50 percent in a year
To reduce inflation, the Reserve Bank has increased interest rates by 2.50 percent in a year. This process started from May 2022 when the repo rate was increased from 4 per cent to 4.40 per cent. The last time the repo rate was increased in February 2023 and the repo rate has come down to 6.50 percent. This means that RBI has increased the repo rate by 2.50 percent. After that, in the month of April, the MPC of RBI did not make any change in the repo rate. RBI's MPP meeting is going to be held next week from June 6 to 8, in which the decision to freeze interest rates will be taken again. An important reason for this is that the Fed is also not going to increase the interest rates this time.
SBI has also increased the rates
The country's largest bank has also increased the home loan rates according to the repo rate of RBI. According to SBI's website, home loan rates were the lowest on 1 April 2022 at 6.65 per cent. Since then, there has been a continuous increase in it along with the repo rate of RBI. On February 14, SBI last increased home loan interest rates, the rates were the lowest at 9.15 per cent. Now you can clearly guess that in the gap of one year, SBI had increased the home loan rates by 2.50 percent. At present, till June 30, under the campaign of cheap home loans, home loan interest rates have been reduced to the lowest at 8.70 per cent. This means that by June 30, SBI will get 45 basis points cheaper home loan.
How much interest can be reduced
An official working in the banking sector said on the condition of anonymity that the banks have realized that they are going to have a pile of surplus money. In such a situation, the possibilities of reduction in home loan interest rates have increased by all the banks of the country. Bank interest rates can be seen to be cut by an average of 1.25 per cent to 2.25 per cent till Diwali by luring the monsoon offer, followed by all the festive offers. This deduction will not be seen in sequence. The benefit of which will be seen in real estate along with common people.
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