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Banks required to lessen the lending Rates

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Sources claimed at the www.propertykhazana.com says that, interest rates are expected to reduce by up to 3% points as the newly elected UPA Govt. is ready to update banks to lower the rates as part of 4th spur package to be proclaimed within three months of its formation. The impartial motive of the Govt. is to raise domestic demand to pull out the economy crisis and Govt. is speeding up the exertion of the infrastructure ventures under public private partnership (PPP) programme. But, the 4th package won’t have the big part of finance events like tax rate cuts, already the Govt. has lost huge sum of revenue while declaring the last three packages. Funding dearth is expected to be more than 7% of GDP and Govt. is also anxious about reduction in exports, which has impacted the industrial production. To give a boost, Govt. has decided to increase the repayment of the duty on the taxes paid on inputs for the production of export stuff and ministry has given the consent.
As per to the sources saying at the www.propertykhazana.com, packages proclaimed till now comprise cut in excise duty by 5% points on all items and 3% cut in service tax. To this, Govt. has permitted India Infrastructure Finance Ltd. to raise Rs. 45,000 Crores through tax-free bond to fiscal ventures. The effect of last three spur packages proclaimed amid has commenced to show the results. Sources reported at the www.propertykhazana.com says that the Govt. had urged banks to cut their interest rates on housing loans to recover the realty segment, as of the high interest rates and economic crisis. Following the Govt.’s order, public sector banks gave unique rates of housing loans for Rs. 25 Lakhs, but as the increase dropped, there was a hope that the rates will come down. In spite of infusion of cash flow of Rs. 2, 50,000 Crores by RBI in the banking system, interest rates was high and RBI governor frequently told banks to cut the interest rates, but banks says that they have not approved the total benefits increase to them owing to cash flow infusion to their clients in the form of rate cut. For more updates on realty market browse www.propertykhazana.com.

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