Reserve Bank of India has Eased the norms for Home Loans

In a striking move, the Reserve Bank of India has eased the norms for home loans for up to 10 lakh rupees by authorizing the banks to include stamp duty, registration, and other documentation charges to the cost of a unit. Usually these charges form around 15 per cent of the cost of the house and place a huge burden on people. Right now, the banks do not include stamp duty, registration and other documentation charges in the cost of housing property.

The Reserve Bank India has also said that in case government projects, banks may pay out the loans as per the payment stages prescribed by authorities. The RBI has also notified that the payments sought from house buyers are not linked to the stages of construction.