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Home loans increased by RBI
Posted on: 16/Jul/2014 10:07:44 AM
Now there will be a boost to home loan borrowers and real estate companies since the Reserve Bank of India (RBI)`s move to bring housing loans of up to Rs 50 lakh under priority sector lending, against loans of up to Rs 25 lakh currently.
So far, those availing of home loans of up to Rs 50 lakh were paying 10-11 per cent interest. Now, with the new norms in place, they might see a fall of 25-50 basis points in rates in the medium term.
This is the second bonanza for home loan borrowers in the past few days. In his Budget 2014-15 speech on Thursday, Finance Minister Arun Jaitley had increased the deduction limit on account of interest on home loans from Rs 1.5 lakh to Rs 2 lakh.
On Tuesday, RBI said priority sector lending covered loans towards affordable housing - loans of up to Rs 50 lakh for houses worth up to Rs 65 lakh in Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad, and up to Rs 40 lakh for houses worth up to Rs 50 lakh in other centers.
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