APN News

  • Monday, January, 2021| Today's Market | Current Time: 04:22:36
  • Quote on ” RBI’s announcement on reduction of Repo Rate Cut” on behalf of Mr Rahul Grover-CEO, SECCPL

    Published on March 27, 2020

    “RBIs recent announcement to lower the repo rate by 75 bps to boost economy and mitigate the impact of coronavirus depicts the sentiment of our government’s responsiveness. The move to restart the loan EMI payments only once the moratorium time period expires is a positive step and provides a much needed relief especially to the self-employed individuals. While existing home loan customers will definitely benefit and the rate cut will come as a sigh of relief as banks pass on the benefits, new customers and projects won’t be able to profit due to the uncertainty and surrounding lockdown. We expect a relief to the industry if Banks and NBFC’s choose to pass on the benefits in entirety or partly to the end consumers. How our country fights COVID – 19 presently will actually determine the success of this as passing of the rate cuts to the customers currently will not make much difference until one can actually step out of the house and buy a home, it’s an extremely uncertain and unfortunate time and we don’t see the real estate industry and the customers benefiting from this at least for the next 1- 2 months, until the lockdown is lifted”