RSS Feed
Twitter
9:23 AM
Blogger
Mumbai: Reserve Bank raised housing loan limit to up to Rs 25 lakh against the existing Rs 20 lakh to be eligible for classification as priority sector lending.
Pursuant to the announcement made by Finance Minister in Budget 2011-12, it has been decided to increase the above limit from Rs 20 lakh to Rs 25 lakh, RBI said in a notification.
"On account of increase in prices of residential properties in urban areas, I propose to enhance the existing housing loan limit from Rs 20 lakh to Rs 25 lakh for dwelling units under priority sector lending," Finance Minister Pranab Mukherjee said in the Budget 2011-12.
This change in categorisation is applicable to housing loans sanctioned on or after April 1, 2011, it said.
Source: Financial Express
1 comments:
Hi,
The Government and housebuilders provide buyers with an equity loan of up to 20 per cent, meaning potential buyers will have to put up a 5 per cent deposit to qualify for a 75 per cent mortgage. Young buyers have been increasingly turning to financial help from their parents in order to secure their first home due to the need for large deposits. Thanks a lot.
Post a Comment