After Reserve bank has cut the Cash Reserve Ratio (CRR) by 50 basis points in 2012, banks have started to drop interest rates. CRR is the proportion of deposits that banks must keep with the central bank
Depending on the bank, amount and tenure, the rates are between 10.75% to 12.75% on Floating interest and 11.75% to 13.75% on Fixed interest. Lower rates increases affordability for home buyers, the effect of which is increased home sales.
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