Mumbai: There was a 42% increase in the borrower involved in the transfer of loan balances at home in the first half of the calendar of 2021 compared to six months before December.
Against this, the demand for home loans has registered a 26% increase in the first round.
According to the magic loan of consumer loans, the transfer of balance transfers has increased due to a decrease in interest rates.
“The demand that has been triggered by the fact that the Bank of India’s reserve (RBI) has maintained a repo level unchanged in a 4% constant, allowing many banks to offer interest rates less than 7% for home loans.
This is also the main driver in increasing demand For home purchases, “said the report.
In terms of demand for balance transfer, New Delhi, Bengaluru, Mumbai, Pune and Hyderabad are the top five tier-1 cities.
Among the cities of Tier-2, Ghaziabad, Mohali, Noida, Indore and Visakhapatnam are the top five.
Borrowers choose to transfer balances when they feel that they can reduce their interest rates by turning to a new contract.
The increase in the number of balance transfers also reflects an increasing level of consciousness.
Magicbricks is part of the Times group, which issues Toi.
“Nearly 50% of borrowers choose tenures less than 15 years.
With factors such as low interest rates, stable prices and interesting payment plans, we hope that hidden requests will be translated into sales soon,” said CEO of Magicbricks Sudhir Pai.
In addition to loan growth for new homes and balance transfers, loans to property have also seen growth of 20% because of the low level.
For loans to property, Bengaluru, Hyderabad, Chennai, New Delhi and Pune saw many requests in Tier-1 cities, and Gurgaon, Jamshedpur, Patna, Faridabad and Lucknow for Tier-2 cities.
Another finding of this report is Bank of Baroda, Bank India, SBI, HDFC and Bank ICICI are the most sought-after lenders on the Magicbricks home loan platform.