Publish Date: | Wed, 08 Jun 2022 01:13 PM (IST)
Housing Loan Limit: There is good news for home builders taking a home loan. After a major decision of the Reserve Bank of India (RBI), now more loans will be available from urban and rural cooperative banks. The loan limit of these banks to an individual customer has been increased. The limit for urban co-operative banks which was Rs 70 lakh till now has been increased to Rs 1.40 crore. At the same time, till now only 30 lakh home loans were available from rural cooperative banks. It has been increased to 55 lakhs.
The RBI has taken this decision in view of the effect of inflation on the real estate sector. This review has been done after almost 10 years. Along with cooperative banks, this facility has been given in rural banks so that the people of rural areas can get maximum benefit.
The individual housing loan limits offered by Urban Co-operative Banks (UCBs) and Rural Co-operative Banks (RCBs- State Co-operative Banks and District Central Co-operative Banks) were fixed in 2011 and 2009 respectively. This has been changed to 100 percent. RBI believes that this will increase the flow of credit to the housing sector. More and more people will come forward for home loan.
Now the bank will come home
It has also been decided to allow UCBs to provide door-to-door banking services to their customers. This will enable UCBs to meet the needs of their customers, especially senior citizens and differently-abled.
Posted By: Arvind Dubey