RBI’s big decision, now co-operative banks will be able to give home loans up to 1.40 crores

RBI hikes loan limit of cooperative banks (indicative picture)

Image Credit source: PTI

Co-Operative Bank will now be able to give a maximum loan of Rs 1.40 crore to its customers for home loan. Earlier this limit was only Rs 70 lakh.

reserve Bank of India (Reserve Bank of India) to be given to the customer by the Co-operative Bank on Wednesday. housing loan (Housing Loan) limit has been doubled by 100 percent. After this announcement of the Reserve Bank, now the Co-Operative Bank will be able to give a maximum loan of Rs 1.40 crore to its customers for home loan. Earlier, the guidelines governing the maximum permissible loan limit for cooperative lenders were reviewed a decade ago. The Governor of the Reserve Bank said on Wednesday that urban cooperative banks can now give loans of Rs 1.40 crore instead of Rs 70 lakh. Apart from this, rural cooperative banks will now be able to give housing loans of Rs 75 lakh instead of Rs 30 lakh.

Tremendous increase in house prices

RBI Governor Shaktikanta Das said about this decision, since the last time the co-operative bank was revising the amount given for housing loans, since then there has been a big jump in the prices of houses. Because of which customers are now needing much more money than before to buy a house. Keeping these needs of the customers in mind, the Reserve Bank has decided to double the limit of housing loan given by the cooperative bank to the customer by 100 percent.

Maximum loan limit will depend on net worth

Shaktikanta Das said that the urban cooperative lenders have been classified into Tier-I and Tier-II. He said that the maximum amount of housing loan for any co-operative bank will be determined by the kind of recognition given to it. Apart from this, state cooperative banks and district central cooperative banks have been included in rural cooperative banks and their net worth will decide the maximum loan they can give. The Governor said that cooperative banks with total assets up to Rs 100 crore will now be able to give loans up to Rs 50 lakh for each housing loan. Let us inform that earlier this limit was 20 lakh rupees. He said that other banks can give loans up to Rs 75 lakh.

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Not only this, the RBI governor also said that rural cooperative banks will now be able to give loans to builders who have started residential projects, at present they cannot give loans to builders. He said that this decision has been taken to realize the growing need of affordable homes and their potential in providing loan facilities to the housing sector.