RBI to tweak affordable housing policy regularly: R Gandhi

Aug 21 2014, 01:57 IST
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SummaryThe Reserve Bank of India will periodically tweak its policies for affordable housing and real-estate sectors, deputy governor R Gandhi said on Wednesday.

The Reserve Bank of India will periodically tweak its policies for affordable housing and real-estate sectors, deputy governor R Gandhi said on Wednesday.

“RBI will periodically review this definition of affordable housing on account of inflation,” Gandhi said in his address at a banking and real estate conclave.

The RBI in July had issued guidelines for banks to finance infrastructure and low-cost housing through long-term bonds of a minimum maturity period of seven years. Under the guidelines, The RBI defined affordable housing as housing loans to individuals up to R50 lakh for houses of values upto R65 lakh, located in Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad, and R40 lakhs for houses of values up to R50 lakh in other centres. Gandhi also spoke on innovation in housing loans to cater to low and middle income households. “In one of them, customers will be encouraged to save by way of monthly or periodic deposits,” he said.

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