NHB to assist Rs 17k crore home loan
During National Real Estate Development Council convention held on 8th December, Chairman and Managing Director of National Housing Bank (NHB), R V Verma announced his thought to support Housing finance institutions by providing a loan of Rs 17,000 crore from July to next year June shortly.Housing finance companies aim to finance individuals’ home loans and promote affordable housing. In next six months, assistance of Rs 9,000 crore refinance will be provided to reach its annual target of Rs 17,000 crore. He added that besides Rs 8000 crore has already been provided, they have decided to lend 90 percent of the target to houses priced below Rs 25 lakh with an average rate around 9.25 percent.
Furthermore, interest rate of Low income group (LIG) houses priced upto five lakh is 50 basis points lower than the standard rate, i .e, 8.5 percent. Such groups can also enjoy the fixed interest rate for 15 years offered. Highlighting the importance of current inflation, Verma said that due to lack of growth in front seat RBI finds it difficult to depict the current interest rate scenario. On the other hand, he also feels that growth expected in future will help them to take such decisions.
Common floor completely appreciate the good deed of NHB.
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Affordable Housing, fixed interest rate, home loan, Housing finance companies, Inflation, interest rate on home loans, Low-income group, lower interest rates on home loans, National Housing Bank, National Real Estate Development Council, National Real Estate Development Council convention, RBI, what is inflation
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