Cheaper interest rates fail to spur home loans demand

In the first week of January, State Bank of India (SBI) took the lead by making 90 basis point revision in home loan rates. It was soon followed by other public and private banks where rate cuts in the range of 10 basis points to 90 basis points were undertaken.

Cheaper interest rates fail to spur home loans
To spur this credit demand, banks undertook steep cuts in their MCLR and home loans interest rate in the month of January 2017. Photo: Reuters

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