How is RBI Helping Home Buyers to Realise Their Dream of Owning Affordable Houses?

by MyMoney Mantra FinTech (Financial Technology)

Affordable housing scheme has assisted many first time buyers to realise their dream of buying a house. The slowdown of realty market has brightened up the faces of the buyers. Everyone has a dream of owning a residence where they can dwell happily with their family. Some three or four years back, the property rates were skyrocketing. During those times, a salaried working person could not afford to even dream of owning a beautiful house. However, with the advent of the affordable housing scheme, new houses are developed for the lower economic strata of the society.

 

The Vision of Modi Government

The dream and vision of the Modi Government is that the citizens of India must have their own residences by the year 2022. In order to promote and facilitate this objective, the government is planning to motivate builders to launch projects under affordable housing schemes. With the aid of affordable housing scheme, the middle and lower-income group will be able to buy houses ranging from Rs. 10-30 Lakhs only. Under this policy, Home Loans are accessible owing to their cheap rates. Due to this reason, there has been an increase in demand for flats or houses falling under the targeted price list.

 

Projects which are implemented under affordable housing scheme include the states like Haryana, UP, Rajasthan, Punjab, and others. State governments are also offering all sorts of assistance for the home builders. However, the affordable housing project for middle and lower income group of the nation makes your living highly comfortable and is perfect for the first time buyers of home and Home Loans. The main objective of this scheme is to offer quality housing structure to enhance the quality living standard of the urban people especially middle-income and urban lower group people.

 

House for Lower Income Group People

Under the scheme, Pradhan Mantri Awas Yojana, monetary concession, and subsidy were given to the people in order to realise the vision of owning an affordable house. Furthermore, banks have obeyed by the Prime Minister Narendra Modi’s words and decreased the lending rates to encourage the economically weaker sections and poor people of society to come forward and Get Home Loan Offers. Besides from these, a special lending measure has been implemented for women that have reduced lending rate. If you are thinking about purchasing a home and the budget hinders you, then you can avail affordable housing scheme to make your dream come true.

 

How RBI Helps Home Buyers?

The RBI (Reserve Bank of India) seems to have scrambled policy rates during its recent bi-monthly policy review. After this revision, buying a house is no longer a dream for the middle-income people in metros. However, RBI has a strict regulation for that, and your eligibility for the loan depends on various factors.

 

The Reserve Bank of India has come up with the scrutiny on emerging housing development in low ticket housing. RBI has decided to further revise its housing loan limits in terms of Priority Sector Lending (PSL) eligibility for the prevailing Rs. 28 Lakhs to Rs. 35 Lakhs in most of the metropolis cities which have more than 10 Lakh population. In addition to that, it ensures to offer housing loan limit of Rs. 20 Lakhs to Rs. 25 Lakhs in other locations. The housing project cannot go beyond Rs. 45 Lakhs in metropolitan cities and Rs. 30 Lakhs in other locations.

 

New Changeover in Housing Loan Amount

To make it easier for the first time home buyers to make the dream of owning a house come true, the government is taking adequate steps. The drastic reduction in terms of repo rate at the start of the financial year and lesser risk weight is considered to be the fewer initiatives implemented by the government.

 

In another attempt to introduce relaxation in housing segment, RBI has boosted the loan amount which can be given for property purchase. Previously banks could offer only 80% of loan amount by considering the property, and 90% were allowed for the properties which cost Rs. 20 Lakhs. However, this situation has changed recently, and new notification has been issued by the RBI. RBI has provided LTV (Loan-to-Value) ratio of about 90% for Home Loans for the property costing Rs. 30 Lakhs.  Home Loans under PSL are allocated for three major purposes such as the construction of a residence, clearance of slums and repair of existing house or rehabilitation projects. The LTV ratios for various housing properties have been changed and you can easily get your desired housing loan to avail your dream house easily.

Also Read: 4 Home Loans to Consider Before the RBI Hikes Interest Rates

 

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Created on Jun 18th 2018 07:28. Viewed 617 times.

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