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RBI cuts repo rate by 25 basis points to 7.5%, home loans may be cheaper
Posted on Mar 04, 2015

Mumbai: In a surprise move, the Reserve Bank of India on Wednesday cut repo rate by 25 basis points from 7.75 per cent to 7.5 per cent with immediate effect. This is the second rate cut in the past two months.

The cut in repo rate is likely to make home loans cheaper.

The cash reserve ratio (CRR) was kept unchanged at 4 per cent.

"Given low capacity utilisation and still-weak indicators of production and credit off-take, it is appropriate for the Reserve Bank to be pre-emptive in its policy action to utilise available space for monetary accommodation," RBI Governor Raghuram Rajan said in a statement.

The cut comes just days after the government and the RBI agreed to formally adopt inflation targeting, though the central bank introduced its own targets a year ago.

Analysts said the RBI's rate cut appeared to give a seal of approval for the government 2015-16 budget, and its pledge to exercise fiscal responsibility, while taking an additional year to meet a fiscal deficit target of 3 per cent of gross domestic product.

"Softer readings on inflation are expected to come in through the first half of 2015-16 before firming up to below 6 per cent in the second half. The fiscal consolidation programme, while delayed, may compensate in quality, especially if state governments are cooperative," Rajan said.

The statement noted that the rupee's relative strength also added to disinflationary pressures, although Rajan said the RBI does not target exchange rates and does not have a target for currency reserves.

Indian inflation has moderated sharply as oil prices slumped since last year. In January, consumer prices rose an annual 5.11 per cent, well within the inflation target agreed by the government and RBI.

In a document dated February 20 but published on the ministry website on Monday, both sides agreed to set a consumer inflation target of 4 per cent, with a band of plus or minus 2 percentage points, from the financial year ending in March 2017.

The RBI had first lowered interest rates this year on January 15, in a similarly unexpected move. Both rate cuts took place outside of the central bank's scheduled policy review meetings.

Young Chennai professionals look for affordability!
Posted on Mar 04, 2015
Seven years into his job, Chetan Goswami decided to buy a property in Chennai close to his workplace. Options were many but the budget was limited to Rs 40 lakh. Like Goswami, there are many buyers who want more affordable projects sweeping Chennai.Magicbricks reached out to Varun Ganesan, an individual consultant at Iyengar Properties. “For a numb ...

Investors should think of long-term benefits
Posted on Mar 04, 2015
The Budget 2015 has put the end-users and property buyers in a fix. Most of them were waiting for the Budget to be announced in the hope of getting some relief this year. Short-term property investors who mainly invest to get benefits are confused. They are unsure about how the market will perform after the disclosure of the budget.“It is the right ...

Are you aware of Home Insurance?
Posted on Mar 03, 2015
In a recent Magicbricks poll, 374 people said that they didnt have a home insurance, 174 admitted that they were not aware of it and only 129 people said that they had insured their homes. The concept of home insurance is not so popular in India and very few find the need of taking it. Gagan Anand, country manager, Torus Business Solutions Pvt Lt ...

Affordable housing options in Greater Noida
Posted on Mar 03, 2015
Tashee Arora is a banker by profession and lives in Noida. She wanted to invest her limited savings in real estate— affordable, reliable and unassuming — Greater Noida was her answer. Being aware of the areas immense future potential, she decided to invest in areas which have planned metro connectivity and the job market. Greater Noida has several ...

Budget 2015: About 50% buyers want a cut in home loan rates
Posted on Mar 02, 2015
There seems to be huge pressure on the Finance Minister, Arun Jaitley, prior to the upcoming Union Budget 2015 with nearly 50 per cent of the potential home buyers expecting a reduction in the home loan rates. As a run up to what could be the most critical Union Budgets of all time, Magicbricks has been running surveys and polls to fathom the mood ...

Bangalore’s Pashmina plans affordable luxury project
Posted on Feb 26, 2015
Pashmina Developers, the Bangalore-based real estate firm, has launched a new residential project called Pashmina Brookwoods in Karnatakas capital city. It is positioned as an affordable compact luxury apartment project in Bangalore city.Spread over a 10.5-acre campus, the residential project, coming up near Budigere Cross, Old Madras Road, compri ...

Interested in property investment hotspots in Pune? Here’s the answer
Posted on Feb 26, 2015
Punes close proximity to the financial capital, Mumbai, has made it a thriving hub for educational institutions and IT companies, which has ultimately led to increase in the property prices.According to a survey carried out by the property portal, 99acres.com, the city is also one of the most preferred investment destinations, going by the seven p ...

Union Budget 2015: Cut loan interest rates for 1st time buyers to 6-7 per cent, says Raheja
Posted on Feb 26, 2015
Given the government's big promises of providing housing for all by 2022, sources say Budget 2015 could see a hike in the rebate offered on home loans.In an interview to CNBC-TV18, Navin Raheja, chairman and managing director, Raheja Developers says the government would work at giving more disposable income into the hands of consumers. He also expe ...

SBI eyes higher tax benefits for home loans
Posted on Feb 24, 2015
Wants separate category for tax sops on repayment of home loansState Bank of India (SBI), the country's largest lender, wants the government to increase the upper limit for interest subvention (subsidy) of home loans from Rs 15 lakh to Rs 25 lakh.To be eligible for subvention, the cost of the house should also be increased from Rs 25 lakh to Rs 35 ...

Thinking about Loan against Property-Must Know Benefits
Posted on Feb 24, 2015
Even if you are fussy saver, there may be fiscal troubles and you need financial help for improving your business, your child marriage or for sending your children for higher studies. The first thing that would strike in your mind is Loan against property. Leveraging an asset you own is a better option to fulfill your financial need in time of nece ...

High demand for offices in Ahmedabad, tepid for residential
Posted on Feb 24, 2015
AhmedabadOffice spaces in Ahmedabad seem to be selling like hot cakes while residential is getting a lukewarm response. According to a report by JLL India, Ahmedabad office market continued showing traction in January 2015 with select companies from automotive and manufacturing companies having executed the transactions. On the contrary, residentia ...

Lower Parel: A rental location with a green advantage
Posted on Feb 24, 2015
If you are looking to live in south Mumbai, Lower Parel would be a good option to consider in today's scenario. There are two reasons for this: Low rental values as compared to the neighbourhood areas.A future greener locality, with the BMC already starting work on a 8.2 acre area to develop a large park, in addition to eight other green spaces.Ren ...

Home buyers, industry share their Budget expectations
Posted on Feb 24, 2015
Lower home rates, tax incentives and faster approvals seem to be the need of the hour for both buyers as well as the industry when it comes to Budget expectations.Magicbricks has been highlighting over the past couple of weeks what the real estate industry expects from the Union Budget 2015. Magicbricks ran a survey to get the perspective of the bu ...

What Budget 2015 should do for home buyers
Posted on Feb 24, 2015
Hit hard by the skyrocketing property prices and high interest rates, owning a roof over one's head has become a distant dream for a majority of home buyers, particularly in recent years. This despite the fact that the realty segment the world over has gone through a period of prolonged slowdown.Although sentiment around the sector has improved in ...

City developers want boost for affordable homes, clarity on policy
Posted on Feb 24, 2015
PUNE: The city's real estate community wants finance minister Arun Jaitley to present a budget that will create a strong foundation for achieving the "home-for-all" goal of the Narendra Modi government.The realtors want the 2015-16 Union Budget to trigger a movement for creation of affordable housing by devising a spectrum of incentives for both de ...

Do we really need more houses?
Posted on Feb 21, 2015
A recent book says that houses grew faster than households. So, who is buying the high-cost properties in cities and how many of them?It is a curious situation. Buying a property in the prime areas of the country is almost impossible for the salaried, leading to high inventory levels all across the country. But despite being unable to sell, builder ...

Why the property Buyers are Moving towards East Bangalore
Posted on Feb 21, 2015
Bangalore: The IT Hub of India, Bangalore is famous throughout the world as the city is home to several top MNCS. However, on the other hand, the Indian Realty might look tedious with irrespective schemes but Bangalore city is hoping to embrace 100,000 more IT man power yearly. As it is a favorite investors destination, the Exposure city is exper ...

What the Budget Should Do For Home Buyers
Posted on Feb 21, 2015
Real estate stakeholders in every Indian city are looking forward to the upcoming financial budget 2015 to see whether it will provide any relief to the sector. Developers have their own expectations, because positive announcements for real estate buyers made during the budget will help increase the market sentiment, and therefore sales. The genera ...

Key documents to verify before investing in Mumbai
Posted on Feb 21, 2015
When it comes to cross-checking the documents before buying property in Mumbai, prospective buyers in Mumbai have always had several queries. Here are a few common queries posted on Open House, the discussion forum on Magicbricks, seeking advice regarding buying and transfer of property to NRIs. "I plan to buy a 2BHK in Andheri East from a mid-segm ...

Recent Articles
RBI cuts repo rate by 25 basis points to 7.5%, home loans may be cheaper
Young Chennai professionals look for affordability!
Investors should think of long-term benefits
Are you aware of Home Insurance?
Affordable housing options in Greater Noida
Budget 2015: About 50% buyers want a cut in home loan rates
Bangalore’s Pashmina plans affordable luxury project
Interested in property investment hotspots in Pune? Here’s the answer
Union Budget 2015: Cut loan interest rates for 1st time buyers to 6-7 per cent, says Raheja
SBI eyes higher tax benefits for home loans

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