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Friday, December 19, 2008

How to extend the relief of low interest rate on home loans beyond Rs 20 lakh?

Split home loan into parts!

("If Government doesn't do it officially, dear home buyers, don't worry! We are there for you!")

When public sector banks had announced concessional interest rates on home loans on Monday, developers and huge sections of consumers were not too enthused, since the relief applied only to loans of up to Rs 20 lakh.

Now, the government is considering a proposal to broaden the “differential” interest rate regime even on home loans exceeding Rs 20 lakh.

Such loans may be split into two parts,(Why no 3 parts?) where concessional interest will be charged on the first Rs 20 lakh and market rate on the remaining amount.

At a meeting with Planning Commission deputy chairman Montek Singh Ahluwalia and finance ministry officials on Wednesday, real estate players demanded progressive slabs on interest rate for home loans.

Realty representatives were of the view that banks should extend the relief on interest rate on home loans beyond Rs 20 lakh.
To read more, please, visit - Government can Broaden Relief on Home Loans

Related Stories:

1) Indian real estate developers to ask Government of India to buy out their unsold flats at current market prices and sell these flats at a later date!

2) Government makes it clear that it would not tinker with the monetary policy again and again to restore real estate boom!

3) Generate real estate developers' interest in so-called low income group housing!

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