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Reserve Bank of India move aimed at boosting availability of affordable housing
Posted on: 06/Mar/2015 11:35:40 AM
The Reserve Bank of India (RBI) has allowed lenders to add the cost of registration and stamp duty in the total cost of a house valued at not more than Rs 10 Lakh rupees for determining the maximum loan the property can get, in a move aimed at boosting availability of affordable housing.
The RBI said in a statement on its website late on Thursday, "It has been brought to our notice that these amounts from around 15 percent of the cost of the house and place a burden on the borrowers from economically weaker sections and low-income groups."
Banks typically finance up to 85 percent of the cost of a property, while buyers are required to pay the remainder.
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