House price inflation dropped to a 14-quarter low of 3.6% in Q3 FY15 due to lower end-user demand and rising inventory. House price inflation, as measured by the annual growth in the Residential Property Price Index (RPPI), peaked in the three months to December 2013 and has been declining since then, RBI data show. Moreover, the annual growth in housing price index and CPI-Housing Rent Index has been similar over the last seven quarters. Banks have become cautious in sanctioning home loans as data show a decreasing trend in median loan-to-value (LTV). Meanwhile, as housing and gold prices tumbled, growth in equity prices picked up.