CREDAI welcomes the RBI move to ease norms for Affordable Housing
A
strong step towards the dream of Housing for Everyone
The Confederation of Real Estate Developers’ Associations of
India (CREDAI) the apex body for private real estate developers in
India welcomes the RBI decision of easing financing norms for Affordable
Housing. Providing infrastructure status to the Affordable Housing segment is a
long pending demand, CREDAI is backing for. Though the demand is still pending,
but the recent step of easing the reserve bank norms for banks has helped us to
achieve partially.
Speaking on the development Mr. C Shekar Reddy,
President CREDAI National said, “By easing the financing norms for
Affordable Housing, RBI has put its best foot forward in order to achieve the
Central Government’s goal of Housing for Everyone. The move of allowing the
banks to issue long term bonds in order to raise resources for lending to
Affordable Housing is appreciable. The decision will make the affordable
housing projects attractive for developers and more builders will be coming
together to initiate such projects throughout the country.”
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| C Shekar Reddy, President CREDAI-National. |
He further said that “this step will pave the way for
liberalized funding, and with the increased exposure the lending to the
affordable housing sector is expected to increase many folds. The builders will
be able to pass on the benefits arising from this norm to end users.
This norm also makes the affordable housing eligible for getting
the loans under priority sector, through which the home buyers in the six
metropolitan cities of Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and
Hyderabad will be eligible for loans up to Rs. 50 lakh for the house costing up
to Rs. 65 lakh, and for other cities individuals will be eligible for the loans
up to Rs. 40 lakh for houses costing up to Rs 50 lakh. This will help the end
user in availing the loans easily, and with the new norms in place more people
will be able to get the loans for housing. The move will also help in reducing
the interest rates resulting in cheaper home loans, which will further increase
the quantum of loan amount.”
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