Good news from RBI, inexpensive house loan gets cheaper
Wednesday - June 20, 2018 11:54 am ,
Category : WTN SPECIAL
Be ready for buying inexpensive house!
JUNE 20 (WTN) - If you are going to buy inexpensive houses, the Reserve Bank of India has given good news for those who are going to buy inexpensive houses. The Reserve Bank has made the loan facility better for buyers of cheap houses. For this, now the loan amount up to Rs 35 lakh has been included in the category of primary sector loan. This facility will be available for homes worth up to Rs 45 lakh.
For your information, let you know that the primary sector loan from banks is usually cheaper than the secondary sector loan. In a notification, the Reserve Bank said, "To promote efforts to provide cheap housing for economically weaker sections and lower income groups, the guidelines of primary sector loan related to housing loan have been done in line with the affordable housing scheme. For this, the home loan limit eligibility under the primary sector loan will be revised to Rs.35 lakh for metros and Rs.25 lakh for other cities.
But it is conditioned that in the metropolitan cities with population of one million and above, the total cost of such houses should not be more than Rs.45 lakh; in other cities, these houses having affordable housing scheme will not be worth more than Rs.30 lakh, then only the loan facility will be available in the area of primary sector. Currently there is a system that houses up to Rs.35 lakh in metropolitan cities and Rs.25 lakh in other centers are kept under the purview of the primary sector loan and loans of up to Rs.28 lakh and Rs.20 lakh respectively will be given to them.
It has been further stated in the notification of the Reserve Bank that the financial income limit for eligibility of financially weaker sections has been increased from Rs.2 lakh to Rs.3 lakh per annum. For the lower income group, the annual income limit has been increased to six lakh rupees. It has been said in the notification that this change has been done in accordance with the income criteria given under the Prime Minister's housing scheme.
JUNE 20 (WTN) - If you are going to buy inexpensive houses, the Reserve Bank of India has given good news for those who are going to buy inexpensive houses. The Reserve Bank has made the loan facility better for buyers of cheap houses. For this, now the loan amount up to Rs 35 lakh has been included in the category of primary sector loan. This facility will be available for homes worth up to Rs 45 lakh.
For your information, let you know that the primary sector loan from banks is usually cheaper than the secondary sector loan. In a notification, the Reserve Bank said, "To promote efforts to provide cheap housing for economically weaker sections and lower income groups, the guidelines of primary sector loan related to housing loan have been done in line with the affordable housing scheme. For this, the home loan limit eligibility under the primary sector loan will be revised to Rs.35 lakh for metros and Rs.25 lakh for other cities.
But it is conditioned that in the metropolitan cities with population of one million and above, the total cost of such houses should not be more than Rs.45 lakh; in other cities, these houses having affordable housing scheme will not be worth more than Rs.30 lakh, then only the loan facility will be available in the area of primary sector. Currently there is a system that houses up to Rs.35 lakh in metropolitan cities and Rs.25 lakh in other centers are kept under the purview of the primary sector loan and loans of up to Rs.28 lakh and Rs.20 lakh respectively will be given to them.
It has been further stated in the notification of the Reserve Bank that the financial income limit for eligibility of financially weaker sections has been increased from Rs.2 lakh to Rs.3 lakh per annum. For the lower income group, the annual income limit has been increased to six lakh rupees. It has been said in the notification that this change has been done in accordance with the income criteria given under the Prime Minister's housing scheme.
