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adProperty News

Expecting further cuts in rates
Source : The Hindu Property Plus Published On : 2009-02-14 City : Kochi

        Banks have played a significant role in the growth of the real estate sector in Kozhikode city.

However, the slowdown in the Indian economy recently has forced commercial and nationalized banks to tread carefully in funding housing projects.

Stricter norms have been adopted in disbursement of loans. Most banks are hesitant to lend as the memories of the sub prime crisis in the U.S. linger. They do not want to increase non-performing assets by offering loans to people having no repaying capacity.

Property developers, however, have another view. They want banks to lower the interest rates further to revive the housing sector.

In spite of the Reserve Bank of India (RBI) cutting down the repo rates and cash reserve ratio by 3.5 and 4 percentage points, respectively, in a span of six months, most banks have not reduced the interest rates drastically, they say.

This attitude of banks has not met with a positive response from prospective homebuyers, they say.

The banks want to provide loans only to those with a steady income and a secure job with reputable companies. They also insist on proof of the income tax returns made in the past two or three years.



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