Mumbai: The Reserve Bank of India (RBI) has raised the housing loan limit on individual housing loan, so now onwards an Urban Cooperative Bank (UCB) can disburse from Rs.25L to Rs.30L.
Similarly the Central bank also has increased the repayment period for such type of loans to 20years.
On the other phase RBI has also increased the housing loan limit from Rs.50L to Rs.70L for different category such as tier-II UCBs.
“In the Q2 review announced the Monetary Policy 2011-12, it has been decided to permit tier-I UCBs to increase the individual housing loans up to a maximum of Rs 30 lakh per beneficiary of a dwelling unit and tier-II UCBs to extend individual housing loans up to a maximum of Rs 70 lakh per beneficiary of a dwelling unit subject to extant prudential exposure limits,” it said.
On the other hand Bank also has decided to extend the period of repayment for individual housing loans approved by the UCBs (including the period of moratorium or repayment holiday) from the present period of 15 years to 20 years, it added.
According to the market experts, “RBI is healing the recent wounds which have been given to the property market in the form of hike in repo rate”, they added that “from beginning of the current fiscal year RBI has increased the interest rate several times so this step has been taken to regain the real estate market state.”
Whereas in the mid years monetary policy RBI has said that “it is felt that there is a need to increase the maximum permissible limit of individual housing loans that can be granted by the UCBs, as also to increase the maximum repayment period for such loans”.
Posted: 02 Nov 2011 05:32 AM PDT
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