What type of Home Loan is best for you? Introduction The lowering of interest rates and various government initiatives —Prime Minister Awas Yojana (PMAY) has given a great boost to demand of the houses in India. As per September 2017 IBEF report, the value of credit to housing sector has been increased from US $ 114 billion in FY2016 to US $ 133.1 billion in FY2017.
With the prices of houses being sky-high, most home buyers need to take a loan purchase home. However, with the advent of technology, the process of applying for home loan has become very easier, quick & hassle free. Factors Affecting Home Loan Growth ● Demonetization: Post demonetization, the banks has received lots of cash, which has induced RBI to lower interest rates. Moreover, the cash component of home loan deal has almost been eliminated with the government putting a cap of Rs 2 lakhs on cash transactions.