Emerging out as one of the positive benefits of demonetisation is the lower rates for home loans. Considering this as one of the primary grounds in the upcoming Union budget 2017, the central government is in talks with the Reserve Bank of India to circulate the new housing scheme which will include cheaper home loan rates at 6-7% as compared to today’s average rates which are more than 9%. This is going to be the major initiative taken under the budget which is expected to be out on 1st February 2017. The new rate of interest will be applicable for home loans taken up to Rs 50 lakh and will only be available to first-time borrowers.
Currently, experts believe that the real estate sector is facing a pressure of low sales due to the recent step of scrapping the Rs 500 and Rs. 1000 notes. But on the other side, there are high chances that the banks will offer home loans at such cheaper rates which will encourage people to buy homes. This will, in turn, benefit the end users. The basic idea behind providing home loans at such cheaper rates is to render affordable housing for all, lure back buyers and rescue builders that are wrestling with massive unsold inventory. ‘Housing For All’ which is a dream project of the current central government and the new scheme will further escape real estate sector from facing any further fall in demand. As per the experts, this benefiting step will provide aid to families with low-end income and overall Indian realty.