Is government banks reliable or private for taking a home loan? When this question was asked to the people to know the mood of the people of India, people chose the public bank as their best option. People in India still consider public sector banks to be reliable for home loans. It confirmed This during a survey. The survey of Basic Home Loan, a fintech company working towards home loan automation has revealed this. About 47% of the participants in this survey said that they prefer to take loans from public sector banks over private banks to buy a house.
They did this home buyers survey to understand the buying patterns and preferences of people during the pandemic. More than 1,000 people took part in this survey. The survey spoke to people in rural and urban areas of India and collected data from 25 cities. Of the more than 1,000 people surveyed, around 470 people relied on government or public sector banks for home loan needs, while only 270 said they would prefer to take loans from private banks for this.
24% of the people bought the house with their savings
The survey also revealed that about 24% of people used their savings to buy a house, while less than 1% preferred to take a loan from a non-institutional private lender. Around 36% preferred to check the quality of the property or home on their own rather than relying on a professional builder or realtor.
Which sector banks have reduced the interest rate by how much
During the pandemic (March 2020 to November 2020) public sector banks cut interest rates on new loans by 0.68%, while private sector banks reduced interest rates by 1.34%. Commenting on the survey results, Atul Monga, Co-Founder, and CEO, BASIC Home Loans said, “Each bank is unique and unique in its own right, be it in the public sector or the private sector. Public sector banks offer better deals in terms of processing charges and prepayment restrictions, while private banks lend faster by leveraging better technology in the disbursement of loans.”
