Increase in income limit for priority sector lending to help cover more homebuyers

The Reserve Bank of India’s decision to increase the limit of annual family income for priority sector lending for housing projects is expected to allow more beneficiaries to avail such loans for housing, real estate experts said. Late Tuesday, the central bank revised the existing limit for family income of Rs 2 lakh per annum for loans to housing projects for home construction for economically weaker sections (EWS) and low income groups (LIG), to Rs 3 lakh and Rs 6 lakh per annum, respectively.

Source: ET Realty