"The interest rates have come down quite a lot from last year. Every passing month, the benefit of lower cost of funds is being passed on to consumers. The rates are coming down because of cost of funds has come down.
"The big significant drop in interest rates that we saw in January is not going to repeat. The rates can come down up to a territory and it can come down by 5-10 basis points, not much more on that," he told BTVi in an interview.
Private lender HDFC reduced its rates for women borrowers to 8.35 per cent and others to 8.40 per cent for home loans of up to Rs 30 lakh.
On May 8, the country's largest home loan provider State Bank of India (SBI) announced a reduction in the home loan rates by 25 bps from 8.60 per cent to 8.35 per cent per annum.
Private sector lender ICICI Bank also reduced its interest rates by up to 30 basis points (bps) for home loans of up to Rs 30 lakh.
He agreed that the industry is at the bottom of the home loans rate cut cycle for near term, at least.
Mistry pointed out it is probably the best time to buy homes because the interest rates are at the lowest in the last 7-8 years and property prices have not gone up.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.