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₹20-40 lakh is the biggest loan category: BASIC Home Loan CEO Atul Monga 

Startup To Scaleup | Spotlight on BASIC Home Loan, a startup which aim is to make home loans accessible

<h2>₹20-40 lakh is the biggest loan category: BASIC Home Loan CEO Atul Monga&nbsp;</h2>

Amidst the rising demand for home loans in India,&nbsp; we put the spotlight on BASIC Home Loan, on this episode of Startup To Scaleup.&nbsp;
BASIC Home Loan, a fintech company, aims to automate the entire home loan process for consumers. The startup is especially focussed on enhancing accessibility to home loans for low and middle-income households in tier II and tier III cities.&nbsp;
In conversation with Editorji's Avni Raja, founder Atul Monga, underscored the surging demand for affordable housing, particularly in tier-2 cities where projects are swiftly gaining traction. Shedding light on the changing consumer trends in real estate, he emphasized the significance of the ₹20-40 lakh range as the biggest loan category.
However, acting as a mediator between lenders and customers comes with its own set of challenges, articulates Monga. One such hurdle is the intricate and demanding integration process with banks. Moreover, the recruitment and retention of agents, pivotal to the company's operations, present their unique difficulties.
In response to these challenges, BASIC Home Loan has proactively addressed them. Monga revealed the establishment of the BASIC Academy, a training initiative for new agents. Additionally, the company collaborates with colleges for agent recruitment, contributing not only to job creation but also fostering a positive social impact.

SBI offers up to 65 bps discount on home loan interest rates until 31 December 2023 based on CIBIL score. Check out more details on SBI's special campaign on home loans.

Are you eligible for a Home Loan? SBI offers festive discounts on home loan interest rates to these borrowers. Know CBIL Score!

SBI home loans: unveils festive discounts, here's all you need to know

<h2>SBI offers up to 65 bps discount on home loans based on CIBIL score. The last date for the concession on home loans is December 31, 2023</h2>

SBI Special Campaign on Home Loans: As the festive season kicks off, the State Bank of India (SBI) is enticing home loan borrowers with substantial discounts. SBI, the country's leading lender, is offering discounts of up to 65 basis points in a special campaign for home loan borrowers. This offer is available until December 31, 2023, and the level of concession depends on the customer's CIBIL score.
<h3>What is the CIBIL Score?</h3>
A CIBIL score is a three-digit numeric summary of a borrower's credit history, reflecting how well they have managed financial commitments like home loans, personal loans, or credit cards in the past. Credit scores typically range from 300 to 900, with scores below 550 considered unsatisfactory.
Here's how SBI has structured the discounts based on CIBIL scores:
CIBIL Score 101-150: No discount is offered in this range, resulting in an effective home loan interest rate of 9.45 percent.
CIBIL Score 151-200: SBI provides a discount of 65 bps (basis points) during the offer period, resulting in an effective interest rate of 8.7 percent.
CIBIL Score 550-599: No discount is offered in this category, leading to an effective rate of 9.45 percent to 9.65 percent.
CIBIL Score 700-749: SBI offers a discount of 65 bps during the offer period, resulting in an effective rate of 8.7 percent.
CIBIL Score 750-800: Customers falling within this range enjoy a home loan interest rate of 8.60 percent during the offer period, with a concession of 55 bps.
<h3>Important points related to this SBI special campaign on home loans</h3>
Additionally, those with a CIBIL score of 700 and above can also receive a 65 basis points (bps) discount for home loan takeovers, resale properties, and ready-to-move properties.
For builder tie-up projects, an additional 5 bps concession is offered on top of the rates mentioned above.
Furthermore, for SBI's Shaurya, Shaurya Flexi, and Shaurya Flexi Vishisht Products, an extra concession of 10 bps is available during the campaign period, supplementing the above-mentioned rates.

The average home loan rate is 9.15 per cent currently

Homebuyers concerned about further loan rate hike: Anarock Survey

The average home loan rate is 9.15 per cent currently

A significant percentage of prospective homebuyers feel that their purchase decisions will be impacted if interest rate on home loans rises further to cross 9.5 per cent, according to a survey by Anarock.
Real estate consultant Anarock's online 'Consumer Sentiment Survey' with a sample size of 5,218, showed that the people would like to buy mid-range and premium homes. More respondents want to buy 3BHK flats.
According to the survey, high inflation has impacted disposable incomes of over 66 per cent of respondents.
"... Any further home loan rate hikes - particularly if interest rates breach 9.5 per cent - will have a 'high impact' on residential sales, according to 98 per cent survey respondents," Anarock said.
The average home loan rate is 9.15 per cent currently, the consultant added.
In the last one and half years, the mortgage rate has hardened by around 250 basis points, with the RBI raising the key policy rate to control inflation.
Among other findings of the survey, Anarock said 59 per cent of prospective homebuyers will prefer to purchase flats in a price range of Rs 45 lakh to Rs 1.5 crore.
Homes priced in the range of Rs 45-90 lakh are most favoured (by 35 per cent respondent homebuyers), closely followed by 24 per cent respondents preferring homes priced between Rs 90 lakh to Rs 1.5 crore.
"Demand for bigger homes remains undeterred, with 3BHKs once again superseding 2BHKs in the current survey. Around 48 per cent property seekers prefer 3BHKs over other configurations, while 39 per cent still prefer 2BHK units," Anarock Chairman Anuj Puri said.
Compared with the H1 2022 survey, demand for 3BHKs has been rising steadily -- from 41 per cent in H1 2022 to 48 per cent in H1 2023.
Demand for sub-Rs 40 lakh homes has been falling, from 40 per cent in H2 2020 to 28 per cent in H1 2022, and further down to 25 per cent in H1 (January-June) 2023.
On the report, Gurugram-based realty firm Krisumi Corporation MD Mohit Jain noted that customers are &nbsp;aspiring for better and bigger homes.
"In recent years, there has been a remarkable enhancement in the aspiration for home ownership, primarily attributable to an improved economic landscape and increased income levels.
"Homebuyers are now setting their sights on luxury residences that come complete with contemporary amenities, top-notch construction standards, and cutting-edge architectural designs," Jain said.
Anarock survey also highlighted that real estate is the most preferred investment asset class for over 60 per cent respondents.
"52 per cent millennials &amp; 35 per cent Gen-X respondents will use their investment gains from other asset classes for buying homes in the future," it added.
"End-users continue to dominate housing sentiment, with 67 per cent survey participants intending to buy properties for self-use," the consultant said.

Demand for home loans, the cornerstone of retail lending, decreased in the December quarter, while demand for personal loans and credit cards saw an uptick

Demand for home loans see a decline amid high lending rates 

Home loans inquiries slowing; marked increase in unsecured credit as youth drive demand: Report

Demand for home loans, the cornerstone of retail lending, decreased in the December quarter, while demand for personal loans and credit cards saw an uptick

Home loans, the mainstay of retail lending, witnessed a dip in demand in the December quarter, a credit information company (CIC) informed.
However, there has been a 'marked increase' in demand for credit cards and personal loans, which constitute the more stressful unsecured loans portfolio for banks, Transunion Cibil said.
The demand for unsecured lending products is being driven by the adoption of consumption-led credit products, the CIC said.
Inquiry volumes for home loans for the three months ending December 2022 were 1% lower than the year-ago period, while the same for personal loans and credit cards shot up by 50% and 77%, respectively, it added.
From a loan origination perspective, home loans witnessed a 6% dip by volume and 2% by value in the December quarter against a healthy uptick in personal loans, credit cards and two-wheeler loans segment.
It can be noted that the period saw a surge in interest rates, which led to concerns over the impact on home loans that are longer term in nature, and any increase in interest rates pushes up either the monthly loan servicing costs or increases loan tenors.
The CIC said young consumers now account for a major share of the demand for loans, pointing out that 43% of the inquiries were by people between 18-30 years of age in the December quarter compared to 40% in the year-ago period and 36% in the December 2020 quarter.

India's largest lender, State Bank of India has increased lending rates effective March 15th. The benchmarch prime lending rate (BPLR) and base rate have been hiked by 0.7%

Your EMIs set to go up as SBI hikes lending rates

India's largest lender, State Bank of India has increased lending rates effective March 15th. The benchmarch prime lending rate (BPLR) and base rate have been hiked by 0.7%

Get ready to pay more for your loan EMIs. India's largest lender, State bank of India has hiked lending rates by 70 basis points or 0.7%.&nbsp;
SBI has hiked its benchmark prime lending rates or BPLR by 0.7% to 14.85% from 14.15% currently. Loans linked to BPLR will now become more expensive.&nbsp; The bank has also hiked its base rate by 0.7% to 10.10%. The increased interest rates will be effective from Wednesday, March 15th.&nbsp; SBI last revised the rates in December 2022.&nbsp; This hike in lending rates by SBI comes ahead of RBI's credit policy meet in the first week of April. Given that retail inflation is still higher than RBI's comfort zone, experts say another repo rate hike is likely on the cards.&nbsp;
Other banks are also likely to follow suit and raise lending rates in the days to come.&nbsp;

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