AVAILING A HOME LOAN NOT EASY YET
The Economic Times, Realty, February 06, 2009, Page 25
Despite fall in interest rates, people are still finding it hard to take home loans. Banks now insist that borrowers contribute 20-30% of the value of the property upfront, instead of 10-15% earlier. As the finance proportion of banks has come down from 85-90% of the property value to 70-80%, borrowers (mainly the younger lot) are finding it difficult to go for a home loan. SBI, which has brought down its home loan rate to 8%, lends only 80% of the value of house if the requirement is between Rs 20 lakh and Rs 75 lakh. If loan is more than Rs 75 lakh, the bank lends only 75%. Punjab National Bank (PNB) lends 75% of loan of above Rs 20 lakh. Other PSU banks like Union Bank and UCO Bank only lend up to 80% and private sector banks like ICICI Bank ask for 20-30% buyer's contribution.
The Economic Times, Realty, February 06, 2009, Page 25
Despite fall in interest rates, people are still finding it hard to take home loans. Banks now insist that borrowers contribute 20-30% of the value of the property upfront, instead of 10-15% earlier. As the finance proportion of banks has come down from 85-90% of the property value to 70-80%, borrowers (mainly the younger lot) are finding it difficult to go for a home loan. SBI, which has brought down its home loan rate to 8%, lends only 80% of the value of house if the requirement is between Rs 20 lakh and Rs 75 lakh. If loan is more than Rs 75 lakh, the bank lends only 75%. Punjab National Bank (PNB) lends 75% of loan of above Rs 20 lakh. Other PSU banks like Union Bank and UCO Bank only lend up to 80% and private sector banks like ICICI Bank ask for 20-30% buyer's contribution.
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