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