AFFORDABLE HOUSING AND HOUSING LOANS
The Reserve Bank of India (RBI) has increased the housing loan limits for priority sector home loans (Affordable Housing) to Rs 35 lakh from Rs 28 lakh in metropolitan centers and to Rs 25 lakh from Rs 20 lakh in other centers. This will help consumers, especially for the economically weaker sections and lower income groups to buy homes. This is applicable for FIRST HOME buyers only.
However, the overall cost of the residential unit should not exceed Rs 45 lakh in metros and Rs 30 lakh in other centers.
A circular in this regard will be issued by the end of this month, said the Reserve Bank of India.