Rising Interest Rates impact on Home Loans
The rising interest rates in Mumbai have an impact on home loans. Home loan borrowings have gone up by 21% since March 2010. The property prices have remained relatively subdued in several sectors. Reserve Bank of India have been tracing the latest data that have aggregated home loans by the commercial banks rose 21% till end of August 2011 and Rs 3,00,929 crore in March 2010. Home loan head of a private bank reported saying that the possible explanation offered by banks by the borrowers have started drawing on the limits that has pushed up the loan figures and also the increase in home loan is on the account of the past approvals.
Source: The Economic Times
Fixed-rate home loans, HDFC bank, Interest rates, Mumbai, Property Prices, Reserve Bank of India
