Prajapati hails Rate Cut by Banks

Leading Navi Mumbai-Raigad realty developer and Managing Director of Prajapati Constructions, Mr Rajesh Prajapati has hailed the interest rate cut by Banks.

HDFC Bank and Canara Bank have taken the lead in announcing an interest rate cut that will benefit home buyers. HDFC Bank lowered base rate by 0.35 per cent to 9.35 per cent – the lowest in the industry, while Canara Bank cut its minimum lending rate by 0.10 per cent to 9.90 percent.

This has come on the back of RBI Governor calling on banks to reduce their rates and pass on the benefits to the consumers.

“This move will give a fillip to the property market in return. We hope that other banks and home finance companies will also follow suit. This rate cut will have a ripple effect across auto and other sectors as well”, said Mr Prajapati.

“The latest reports suggest economic growth slows down at 7%. In view of this, we urge RBI to further slash repo rates to facilitate reasonable rates on interest to 8.5 or 8 per cent. This move will fuel growth across property and automobile sector, resulting in economy gaining momentum”, added Mr Prajapati.