Housing Sale Will Be Impacted If Home Loan Interest Rates Go Beyond 9.5 Percent Says Survey

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Housing Sale Will Be Impacted If Home Loan Interest Rates Go Beyond 9.5 Percent Says Survey

Housing Sale: A consumer sentiment survey has said that a hike in home loan interest rate of more than 9.5 per cent is likely to have a major impact on the sale of homes. The survey conducted by industry body CII-Aberok said that at least 44 per cent respondents preferred 3 BHK, followed by 38 per cent for 2 BHK.

Survey done in two phases – thousands of people took part
In the H1 2021 edition of the survey, 46 per cent preferred 2BHKs, and 40 per cent voted for 3BHKs. Similarly, the demand for 4BHKs has also increased from 2 per cent in the pre-Covid survey to 7 per cent now. The survey, conducted between January and June 2022, polled 5,500 participants who responded through various digital platforms.

High inflation rate will have an impact – Survey
According to the survey, where the demand for 3BHK homes has surpassed that of 2BHK for the first time. This is even more important given that the survey cited high inflation as a major cause of concern for the responding home buyers. 61 per cent declared their disposable income to be ‘very heavily affected’. Most of the survey participants (92 per cent) expect the economy to either remain at current levels or improve marginally over the next 12 months. In the H1 2021 survey, respondents were more optimistic about the economy – at least 16 per cent expected it to improve significantly over the next one year.

Increasing demand for houses above Rs 1.5 crore
Anuj Puri, Chairman, CII Real Estate Knowledge Session on Tapping the Consumer Beat and Anarock Group, says that the demand for homes above Rs 1.5 crore is increasing continuously. The vote share for these households has increased by 4 per cent as compared to the pre-Covid 2019 survey. Buoyed by the growing demand for luxury homes, developers have also significantly increased the new supply in this category in H1 2022.

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