Wednesday, March 25, 2009

Thanks to HDFC for reducing your EMI by 34 rupees for every 1 lakh!

Real estate developers love Renu Sud Karnad!

Real estate developers are not going to miss Deepak Parekh!

They have found a new darling in HDFC. Renu Sud Karnad, joint managing director, HDFC!

Renu not only cares for her business but she cares and supports real estate developers too!

It's very sweet of her to reduce retail prime lending rate (RPLR) by 50 basis points.

Because of HDFC's decision to pass on the benefit of low cost of funding, property buyers who have already purchased the flats are very much happy. Now, they have to pay 34 rupees less for every 1 lakh for the home loan of 20 year tenure.

At the same time, it was very kind of Renu Sud Karnad , to point out that builders have reduced the property rates.

Not only that, Renu has warned the property buyers who are postponing to book a flat.

Joint managing director of HDFC has said,
"If borrowers are waiting for those (builders) who have (already) reduced prices to drop them further, this is unlikely to happen!"
Renu, you are an angle!

Property buyers and real estate developers love you.

Long live HDFC!

Isn't it a pleasure to do business with HDFC?

There are very few "items" which real estate developers and property buyers unanimously love. Actually there are only three items. Vitrified tiles, Jaquar bath fittings and HDFC! Right? You can share your love about Jaguar fittings and we can take it as your affection for HDFC! So feel free to share your love in the comments. (Comments Policy),

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  1. Last time HDFC lead to reduce loan by 50 paise and others followed (Except ICICI). This time LIC reduced it first by 75 paise but HDFC followed by reducing by only 50 paise. And for loan below 30 lakhs now LIC atands at 10% against HDFC's 10.25%. Also thanks to SBI as with 8% interest it try to attract HDFC's existing customers and forced them to reduce rates.

  2. When you put it that way "Rs.34 per Lakh" it sounds so silly to fight for every quarter or half basis point when getting a loan. But I think it all adds up when you have a huge loan for over long term. And money saved is money earned.
    Of course the banker has to support builders in trying to sell more properties. So I don't see anything wrong with a banker trying to get people to buy more property. It's not as bad as builders not reducing the property rates and not helping themselves.
    I guess you like builders better than bankers. Case of choosing lesser of the evils?

  3. when you ask HDFC and ICICI why they are not at par with SBI listen to what they say..
    SBI is compelled by center to reduce their rate due to political pressure. They can not compel us to do that.
    this is their verbal excuse when you talk to any of their regional manager to downwards.
    I hope people see that SBI is not as bad as it was and start going to them. These private robbers will come back to their senses once they loose business.

  4. # Ref: "I guess you like builders better than bankers."

    How can i like builders more than the bankers when as a real estate salesman, i know that both of them are equal partners in this business and share the "equal credit" for increasing the real estate price?

    I am intentionally harsh towards banks because i want to point out that real estate price war is not only a fight between builder and a property buyer. But builders have one more member in their team - bank!

  5. # Ref: "Of course the banker has to support builders in trying to sell more properties. So I don't see anything wrong with a banker trying to get people to buy more property."

    - Yes, of course, i don't see anything wrong too, as a equal partner it's banks duty to support the builders to sell the property!

    - But is it a bank's duty to support the inflated property price?