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Longer Tenure Home Loans are Back

Q: Banks may now give home loans for Rs 1 crore for 30 years.

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Replies (4)
1
Really amazing thread for students I am going to share this with my friends.
James Strome


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James Strome,  Lucknow
28th September 2019


2
Good morning everybody!!!
It means higher period loans has given the edge and comfort to buyers and allow them to go for high-value properties. If I am eligible to get a 20-year loan for a 2BHK, with a longer period loan at the same time I can go for a higher-value property too.
Debanjan


3
Hi folks,
This may turn out to be a life line for struggling real estate developers loaded with unsold inventories in spite of the freebies offers such as registration and other perks such as car park, and gadgets such as television sets and part furnishing.
shaina


But remember, these long duration loans above 20 yrs. are being given to properties valued at more than Rs 1 crore, and for salaried people in the age group of 25-30 who are at the early stages of careers and at the same time have the potential to be high earners as they grow.
ankurrajput,  Delhi
17th December 2015


With pay commission salary hikes and interest rate cuts which increased borrowers eligibility and it will definitely grow in the coming years. People who are holding their buying decisions to buy homes expecting further price correction will come back.
shaina,  
17th December 2015


@Shaina,
It is true but at the same time, reduction in lending rates, along with 15-25% salary hike across the country, has improved the buying capacity of customers. on the other hand lenders have significantly cut rates after the Reserve Bank of India reduced the benchmark borrowing cost by 50 basis points in September.
ankurrajput,  Delhi
17th December 2015


4
Yes, Banks have turned active in giving out home loans for as long as 30 years for the first time since 2008 credit crisis as they are trying to revive demand in high-end home purchases which has come to a stop in the top 6 cities.
ankurrajput


Hi Ankur,
It is realy a good move. Recently, banks were lending for homes with a maximum period of 20 yrs. since anything beyond that was considered risky as the ability to repay lessen. Two of the largest mortgage lenders banks such as State Bank of India and Housing Development Finance Co -are leading the push.
17th December 2015


5

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