Rohit Gera, MD, Gera Developments & VP, CREDAI – Pune Metro on RBI credit policy announcement
The move by the governor of the Reserve Bank to reduce the repo rate by 25 basis points is a welcome step. However, it is now important that banks immediately transmit the benefits of this and previous reductions to home buyers for their home loans. Unfortunately, the banks have been reluctant and extremely slow to pass on the benefits of lower rates to mortgage customers. Lower interest rates make homes more affordable and this is an integral step towards achieving the housing for all goal of the Government of India.
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