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%, according to a survey by Anarock, reported PTI.
Real estate consultant Anarock’s online Consumer Sentiment Survey with a sample size of 5,218, showed that the people would like to buy midrange and premium homes. More respondents want to buy 3BHK flats.
According to the survey, high inflation has impacted disposable incomes of over 66% of respondents.
“... Any further home loan rate hikes — particularly if interest rates breach 9.5% — will have a ‘high impact’ on residential sales, according to 98% survey respondents,” Anarock said. The average home loan rate is 9.15% 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% of prospective homebuyers will prefer to purchase flats in a price range of ₹45 lakh to ₹1.5 crore.