Low Interest Rates Boost Home Sales in Bangalore | Bangalore News

BENGALURU: An improvement in buyer sentiment after the pandemic, coupled with low mortgage rates, has led more and more people to look to buy new apartments. Confidence, which took a heavy blow last year due to the pandemic, is slowly returning to Bengaluru also due to strong feelings of hiring and rapidly rising wages in the tech sector.
The SBI announced mortgage rates at 6.7% regardless of the amount of the loan, which could lead other banks to cut rates. Research by property consultancy firm Anarock shows that the highest demand is currently in the high end segment, where properties are priced at Rs 80 lakh and above. This is mainly due to the fact that houses now serve as offices and e-learning centers.
“Last year the real estate industry was almost crippled due to the lockdown imposed across the country due to the onset of the pandemic. This year promises to be more optimistic, with all sectors slowly opening up and resuming at full speed. We have seen loan growth of 15-17% over the past year, ”said Nand Kishore, Chief Executive Officer of SBI Bengaluru.
Home loans have increased as more and more people decide to buy homes. In cities like Bangalore, interest is expected to be higher as the tech market is hot.
Kishore Jain, Managing Director of Jain Heights, said: “Everyone has understood the importance of owning a home during the pandemic. Many are improving and looking for bigger homes. ”

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