V Raghu, ED at Repco Home Finance says borrowers who found it difficult to bring down down-payment will benefit from this move.
With the Reserve Bank easing rules for home loans up to Rs 10 lakh - loan value may include stamp duty and registration charges – companies with large small ticket loans may gain.
V Raghu, ED at Repco Home Finance shares his views on the new norms.
Below is the verbatim transcript of V Raghu's interview with Latha Venkatesh & Reema Tendulkar on CNBC-TV18.
Latha: What is the sense, more people will become applicable? How does it impact your profit and loss (P&L)?
A: The impact of this measure is going to be that many of the borrowers, who have been finding it difficult to bring down that down payment, initial payment because earlier they were required to meet stamp duty and registration charges which normally goes up to about 15 percent of the cost of the house. So that if we are going to add to the project cost now and give 90 percent of that loan the amount of money these borrowers have to bring in as initial down payment will go down. So that much pressure will get eased for these borrowers and many of them probably become now eligible to get a loan for this amount also. People who are being waiting on the line probably will now buy houses.
Latha: What is your typical average ticket size and the median so to speak?
A: My average ticket size for Repco Home Finance is somewhere around Rs 11,70,000 and we have about 50 percent of the loans up to Rs 10 lakhs and almost 80 percent of the loans are up to Rs 30 lakhs for us.
Stay tuned for more..
Repco Home stock price
On March 09, 2015, at 11:10 hrs Repco Home Finance was quoting at Rs 690.05, down Rs 11.8, or 1.68 percent. The 52-week high of the share was Rs 724.90 and the 52-week low was Rs 316.00.
The company's trailing 12-month (TTM) EPS was at Rs 19.21 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 35.92. The latest book value of the company is Rs 118.88 per share. At current value, the price-to-book value of the company is 5.80.
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