Housing demand will be affected due to retrenchment in companies, expensive home loans will also be affected!

Home Loan EMI: If there is a further increase in home loan interest rates, it can have an impact on home buyers’ decision to buy a home. According to a survey, 95 percent of people thinking of buying a house believe that if the interest rates on home loans increase further from here, then their decision to buy a house can be affected by it. This has come to the fore in the survey report of Business Chamber CII and Real Consultant Anarock related to the boom in the residential market.

Anarock told that a total of 4662 people participated in this survey. 96 people involved in the survey said that if there is an increase in home loan interest rates from the current level, then they will have to put the plan to buy a house in cold storage. Expensive home loan can affect their decision to buy a house. 80 percent of the people surveyed said that interest rates on home loans are among the most important aspects for home buyers. In the last one year, property prices have increased but along with this, there has been a tremendous increase in home loan interest rates.

Anarock Chairman Anuj Puri said, “The increase in the interest rate on home loans affects the demand. He said that the recent layoffs in large and small companies will affect the housing demand for the next two quarters. He expressed apprehension that it could slow down the growth rate of the housing market. Anuj Puri said that the current upheaval in the market will continue and it is likely to end only by the financial year 2024-25. Only after this the demand is expected to increase. He said that the housing demand will stop for some time but will never end.

According to Anarock’s survey, despite the increase in property prices, the demand for luxury and big houses has not decreased. 42% of the survey respondents said that they are looking for a 3BHK, 40% for 2BHK, 12% for 1BHK and 6% for more than 3BHK. According to the survey, 58 per cent home buyers want to buy properties whose price ranges from Rs 45 lakh to Rs 1.50 lakh. At the same time, 36 percent people are giving priority to buy a house that will give possession within a year.

In fact, since May 2022, the RBI has increased the repo rate by 2.50 per cent to curb inflation, due to which home loans from banks to housing finance companies have become costlier.

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