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Reduces Home Loan Lending Rates by 50 bps to 8.50

Reduces Home Loan Lending Rates by 50 bps to 8.50

Despite a strong growth in housing loans in the country in the last few decades, India’s housing finance sector has remained relatively underpenetrated compared to its peers as evident by its low mortgage-to-GDP ratio (9% as on March 2015), compared to its regional peers (17% for Thailand, 20% for China, 34% of Malaysia). Thecurrent low mortgage penetration offers a huge opportunity for the sector to grow which is anticipated to be supported by India’s sustainable development cycle,and the socio-economic transformation that has already been set in motion.This together with several supply side initiatives including thePradhan Mantri Awaas Yojanaandthe Real Estate (Regulation and Development) Act 2016, and RBI’s decision to increase loan-to-value (LTV) ratio are set to enhance transparency and boost confidence of home buyers.