As per the notification issued by Reserve Bank Of India (RBI) today after the second quarter review of monetary policy 2011-12, the limit of individual housing loan offered by urban and cooperative banks has been increased from Rs 25 lakhs to Rs 30 lakhs for Tier 1 UCB’s and Rs 50 lakhs to Rs 70 Lakhs for Tier 2 UCB’s.
Today (Oct 31st, 2011) in the Second Quarter Review Of Monetary Policy 2011, RBI have decided to raise the maximum permissible repayment limit and period of housing loans granted by UCB’s. According to the current announcement:-
- For Tier I UCB’s – The limit of individual housing loan limit has been extended from Rs 25 lakhs to 30 lakhs per beneficiary.
- For Tier II UCB’s – The limit of individual housing loan limit has been extended from Rs 50 lakhs to Rs 70 lakhs per beneficiary.
- The maximum repayment period of housing loan granted by UCB’s (including the period of moratorium or repayment holiday) has also been extended from 15 years to 20 years.
RBI Notification On Enhancement of Limit and Repayment Period of Housing Loan By UCB’s