Good news lined up for the home loan customers. On Wednesday it was informed that in order to ease norms for banks to raise long term funds for financing affordable housing projects the Apex bank has decided to bring down the Home loan EMI by 8-10%
This measure of the RBI will help to boost the infrastructure development and make the housing affordable. RBI informed that lending for affordable housing means loans eligible under priority sector, and loans up to Rs 50 lakh to individuals for houses costing up to Rs 65 lakh located in the six metropolitan centres-- Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad.
This measure of the RBI will ease the way for the bank to raise long terms funds. This will also make a major part of the housing demand affordable. The housing will become cheaper in major cities of the country. This will also assist in simulating the housing demand in the country.