The union budget 2014-15 came out a few days back. And what a solid hit the Indian Fin Min scored in his debut! Especially for the real estate sector, this budget brought in a pleasant news for the home buyers. The union budget proposed government’s plan of affordable housing for all by 2022, and just a few days after, the RBI, Reserve Bank of India, takes steps to make homes more pocketable.
The souring realty prices were one of the major concerns of the common home seeker. Affordable housing was the biggest need of the hour. RBI’s this step has surely come out as a major relief. The Affordable housing is soon going be more affordable.
RBI has made an array of announcement of a few measures, in which, banks will be issuing loans at lower interest rates, which means they will be supporting the dream of more affordable housing. Additionally, RBI has also released a set of guidelines that will include individual home loans against the properties of up to Rs 65 lacs (in metros as Delhi, Mumbai, Chennai, Hyderabad, Kolkata, etc.), and Rs. 50 lacs in other cities as affordable housing loans.
Many a market persons, including CREDAI chairman and NAREDCO chairman have appreciated the step of the government. However, some real estate players do not seem okay with the proposal as some substantial cities (like Lucknow, Pune, Ahmedabad, etc.) have not been included in the list of metro cities. However, everyone, from the service sector to the business class, has applauded the move and the union budget of the sarkar, after a long time.