The rupee free fall has forced HDFC and ICICI Bank , that together enjoy more than 40 percent of the home loan market, to hike their interest rates by 25 basis points. For HDFC 's customers home loan upto Rs 30 lakh will increase to 10.4 percent while the interest rate loan above Rs 30 lakh will rise to 10.65 percent.
This means borrowers will have to pay Rs 17 a month more in the EMIs for every one lakh rupee of their loans of 20 year tenure, Rs 16 more for a 15 year loan and Rs 15 more for a 10-year loan.
The timing is not good considering home loan customers are anyway facing the brunt of an overall economic slowdown and several companies being in a down sizing mode.
Developers say another problem is of the rising input cost which will only push up property prices in an already subdued market.
Pradeep Jain, chief managing director, Parsvnath Developers says, "I don't foresee any impact because the property prices keep increasing, input cost keep increasing. If one sees the last couple of years approximately 5-10 percent annual basis the input cost keep increasing and if we work out 50 basis point versus the input cost increasing or the property cost keep increasing and the sanctioning and the land prices keep increasing. I do not foresee the consumer and user going to stay back to buy the property."
Sources in HDFC and ICICI Bank are expecting applications for new home loans to drop. The economic slow down have a cascading impact on realty sector but both HDFC and ICICI Bank don't expect the home loan segment to take a hit as there is a shortage of 25 million homes in urban India thus there is genuine demand.
They also point out all the tax benefits under section 80C, tax benefit on payment of interest is upto Rs 1.5 lakh per annum. This year an additional tax benefit was introduced of upto Rs 1 lakh on interest payments subject to certain conditions like the value of property not exceeding Rs 40 lakhs and loan amount being less than Rs 25 Lakhs. This alone can result in one time saving of around Rs 30,000. Post these tax benefits banks claim the effective interest rates can be as low as 5.25 percent even if the headline rate is 10.4 percent.
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