Many individuals who want to buy a house believe that if the interest rate on their mortgage increases to more than 9.5 percent, their decision would be affected. This was established via a study conducted by the real estate consultancy company Anarock. According to reports, high inflation has a negative influence on 66% of people’s disposable income. The “Consumer Sentiment Survey” conducted by Anarock online attracted as many as 5,218 participants. According to the report, people prefer to buy houses in the midrange and luxury groups. The bulk of purchasers, it was said, are seeking for flats with three bedrooms and two bathrooms.
Anarock reports that “98% of the people surveyed believe that any increase in interest on home loans or the interest rate going above 9.5 percent will have a huge impact on the sale of houses.” The counselor claims that the current average interest rate on a mortgage is 9.15 percent. Because the Reserve Bank of India (RBI) increased its main policy rate to fight inflation over the previous 1.5 years, home loan interest rates have increased by around 2.5% during that time. 59% of potential homeowners selected the price range of Rs 45 lakh to Rs 1.5 crore, according the study.
35% of those surveyed indicated they liked residences that cost between Rs 45 lakh and Rs 90 lakh. However, 24% chose houses that cost between Rs 90 lakh and Rs 1.5 crore. In comparison to the survey conducted in the first half of 2022, the demand for 3BHK apartments has progressively climbed, rising from 41% in the first half of 2023 to 48% in the present poll. However, the poll found a decline in the demand for homes under Rs 40 lakh.
Prior to this, the RBI reported that bank loans for residential and commercial real estate increased by 38% yearly in July. Because of this, the total amount of bank loans still due for the real estate sector has hit a record high of Rs 28 lakh billion.