Home loan limits raised
Owning a home is not a distant dream for the average Indian middle-class citizen any longer. We expect to see a lot more happy faces as the home loan limit for buyers in this segment has been raised to Rs 35 lacs (from existing Rs 28 lacs ) for the metros and to Rs 25 lacs ( from existing Rs 20 lacs) by R.B.I
Market Share for PSL increased
As per these revised guidelines, Indian banks will now need to lend 40 % of all home loans to PSL (agricultural sector, borrowers in middle class etc). In order to increase their market share, the banks will have to focus more on this segment and here lies tremendous benefits for the middle-class citizens and low-income groups in India. It is expected to make home loans cheaper and the first-time home buyers will surely reap the most of the benefits.
A Boost to PMAY
This initiative of RBI perfectly complements the policies of the Pradhan Mantri Awas Yojana (PMAY) where beneficiaries of the EWS/LIG category can avail an interest subsidy @ 6.5 % while seeking housing loans from banks and financial institutions. Greater convergence is expected soon as RBI is due to issue a detailed circular by the month-end.
Increasing Number of Home Buyers under affordable housing Segment
As an increasing number of home buyers will now come within the ambit of affordability, this whole affair will provide a great fillip to the real estate sector as well. Also, any upward revision in home loan rates in a foreseeable future will now have less impact on the sales velocity in real estate market as there will not be a significant increase in the actual EMI for potential buyers in this segment.
Wave City Welcomes this Wholeheartedly
Wave City welcomes this RBI initiative wholeheartedly and would like to welcome the new buyers to this exciting world of real estate. It is worth remembering that Wave City launched its own initiative named the “Grih Awas Yojana” in early 2017, to acknowledge the positive sentiment brought about by the Pradhan Mantri Awas Yojana and it was a resounding success back then.
It wants to reiterate its commitment once again to this noble cause and wants to contribute to the push on affordable housing in a big way.
So, let’s join hands with Wave City and contribute to the emerging economic growth of the country!
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