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Home loan becomes cheaper and get more Loan House Buying :


As per a government plan, called Housing for All, to build 20 million houses for the urban poor by 2022, which coincides with 75 years of independence. The Reserve Bank of India (RBI) on Thursday increased the amount which banks can give loan for a home purchase k weights attached to some categories of home loans in a move that will likely make more credit available to borrowers and improve sentiment in a struggling real estate market. RBI allowed a loan-to-value ratio of up to 90% for home loans of Rs.30 lakh or less. Revised from earlier 90% loan was allowed only for loans up to Rs.20 lakh. LTV denotes how much of the property value a bank can lend to a borrower. A 90% LTV indicates that the buyer will have to shell out only 10% of the property value and the rest can be financed through banks. Loans up to Rs.30 lakh fall under the “affordable” category in urban areas. While some banks add stamp duty and registration amount to calculate the total property value and disburse a loan Reducing home loan interest rates , will help home buyer to pay less emi and get more loan amount .Reserve bank move will help r home buyer to buy a home only to give 10% down payment. It is a good move by Govement to help Home Buyers and Builders. By Virarhomes.com

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