Press Release: October 28, 2020
India, is a diversified country geographically and culturally, with various language, region and rituals. Indians love their gold, more than any one else in the world. In fact Gold and Real Estate are two hard core investments by Indians considered since decades. As per latest study, young millenials are preferring buying/owning their own dream apartments in Bhubaneswar, than owning gold/ornaments. Bhubaneswar, capital city of Odisha, has also gone through this detoxification of real estate where RERA has completely changed the landscape of real estate industry in the state.
Government has been actively ensuring that the interests of home buyers remain intact. Reducing corporate tax, Rera implementation, tax benefits upto one lakh fifty thousand for home buyers, are some of the measures taken by the govt to ensure active participation of home buyers in buying flats in Bhubaneswar as well as India.
RBI cuts REPO rate by 0.25 basis points, for fifth consecutive time there by improving the sentiments for home buyers. Transmission of lower rates by the banks to the customers shall remain the key going forward which can determine the increase in purchasing power of the consumers, while buying flats in Bhubaneswar.
Even a 1% fall in home loans would be a welcome surprise for the home buyers. Example- Loan Amount 50 Lakhs for 10 years
So, if we talk about the impact of a one percent fall in the home loan interest rate, there is a decent fall. For example lets say if a person takes a loan of Rs. 40 lakhs for 15 years, the EMI comes to Rs. 41,168, but with the one percent fall in the rate, the EMI falls to Rs.38,806, which is a difference of Rs. 2,362 per month. In totality, the burden of interest falls to nearly Rs. 4.25 lakhs over 15 years, which is humongous savings for people looking to buy apartments in Bhubaneswar.
Banks are directed to reduce repo rates and pass on the benefits to customers, so home buyers now will have to pay reduced EMI than ealier, this will be a strong positive booster and help the sentiments to improve for people looking to buy flats in Bhubaneswar and India.
EMI is directly proportional to REPO Rate, if Repo Rate increase EMI Amount increases and vice versa. All these initiatives by the government, sets the mood and the stage for a real estate uptick by next fiscal, lets hope for the best. Bookings for apartments in Bhubaneswar and flats in Bhubaneswar is also expected to pickup going forward. Falcon Group is at the forefront, and is ready with its latest project at Shyampur, “The Falcon Crest”. We welcome home buyers in Bhubaneswar to take a look at our most exquisite project till date.