New Home Loan Scheme by Government to Provide Loans at Lower Interest Rates
Apr 18, 2017 Home Loan
With all the proceeds from the demonetization money, the government is now planning to use it to increase the business in real estate sector. According to sources, the senior cabinet ministers are planning to use the demonetized money to start the new housing scheme with lower interest rates. The government is hoping to announce the interest rates as low as 6-7 percent.
Sources also say that there reduced interest rates can be for the first time buyers with a loan up to Rs 50 lacs. While the current home loan interest rate is more than the average of 9 percent, these lower interest rates are surely going to make it easier for first time buyers.
While it is very early to predict about the nature of the interest, the government is currently working on the assessment of the fiscal impact of demonetization. Senior cabinet ministers hope that this new scheme will be welcomed by citizens and will be beneficial to them.
Lately, the prices in the real estate market have increased steeply and many projects are out of the reach of the common man. Buyers have to take in a huge loan amount from banks and housing finance institutes to buy the house of their dreams. Not only that, but the delay in project completion and possession of the property hit the buyers severely in terms of financial position. The introduction of RERA by the government is also believed to help the buyers and pull a tight string on the developers to provide the promised property in time. Now with the reduced loan rates, buyers are going to find it easier and fewer burdens while buying a property.
It is assumed that the Finance Minister Arun Jaitley will announce this scheme in the upcoming budget on 1st Feb 2017.
Developers are hoping that this new scheme will help revive the real estate market and increase the sales of the unsold projects. While they also hope that the loan limit increase from Rs 50 lacs to Rs 1 crore, to help more and more buyers.
Sources also say that there reduced interest rates can be for the first time buyers with a loan up to Rs 50 lacs. While the current home loan interest rate is more than the average of 9 percent, these lower interest rates are surely going to make it easier for first time buyers.
While it is very early to predict about the nature of the interest, the government is currently working on the assessment of the fiscal impact of demonetization. Senior cabinet ministers hope that this new scheme will be welcomed by citizens and will be beneficial to them.
Lately, the prices in the real estate market have increased steeply and many projects are out of the reach of the common man. Buyers have to take in a huge loan amount from banks and housing finance institutes to buy the house of their dreams. Not only that, but the delay in project completion and possession of the property hit the buyers severely in terms of financial position. The introduction of RERA by the government is also believed to help the buyers and pull a tight string on the developers to provide the promised property in time. Now with the reduced loan rates, buyers are going to find it easier and fewer burdens while buying a property.
It is assumed that the Finance Minister Arun Jaitley will announce this scheme in the upcoming budget on 1st Feb 2017.
Developers are hoping that this new scheme will help revive the real estate market and increase the sales of the unsold projects. While they also hope that the loan limit increase from Rs 50 lacs to Rs 1 crore, to help more and more buyers.
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Salman khan
2017-05-08 21:46:08Lone
