Homebuyers can now rejoice because key private lenders in India have reduced their interest rates on home loans. While Kotak Mahindra Bank and State Bank of India recently announced deep cuts in interest rates on home loans, HDFC Bank followed suit by reducing interest rates from 6.8% to 6.75 %. This, experts believe, will immensely benefit middle-class homebuyers aiming for mid-segment and affordable housing projects.

Pritam Chivukula, Secretary, CREDAI, is of the opinion that buyers will benefit from good realty deals due to rock-bottom interest rates and the cutting down of stamp duty rates. Real estate developers are hoping for a spurt in the bookings before the end of the financial year in March 2021.

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