Realty players seek further cut in home loan rates
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The country's real estate players on Wednesday asked the government to cut interest rates on home loans further and restructure debt of developers in order to boost demand in the sector.
"We asked the government to give some concessions to our customers by increasing the upper limit of home loans to Rs 30 lakh from the current Rs 20 lakh," National Real Estate development Council (NAREDCO) President Rohtas Goel told reporters after meeting Planning Commission Deputy Chairman Montek Singh Ahluwalia.
The realty players also demanded restructuring of debts as the sector was going through credit crunch in developing projects across the country, he added.
After the meeting, Ahluwalia said, "We have heard to one representative group, that is CREDAI. There is another major group, which wanted to make a presentation. We had a very good meeting."
The realty players explained their issues and different government departments would consider what could be done, he added.
Goel said NAREDCO had asked for one year moratorium on repayment as part of restructuring of debts besides demanding revision of upper limit in the recent home loan package announced by PSU banks to Rs 30 lakh from Rs 20 lakh.
He also said interest should be brought down to 6.5 percent for loans up to Rs 5 lakh, 7.5 percent for loans in the bracket of Rs 5 lakh to Rs 30 lakh and 9.5 percent for borrowings above Rs 30 lakh.
"We asked the government to give some concessions to our customers by increasing the upper limit of home loans to Rs 30 lakh from the current Rs 20 lakh," National Real Estate development Council (NAREDCO) President Rohtas Goel told reporters after meeting Planning Commission Deputy Chairman Montek Singh Ahluwalia.
The realty players also demanded restructuring of debts as the sector was going through credit crunch in developing projects across the country, he added.
After the meeting, Ahluwalia said, "We have heard to one representative group, that is CREDAI. There is another major group, which wanted to make a presentation. We had a very good meeting."
The realty players explained their issues and different government departments would consider what could be done, he added.
Goel said NAREDCO had asked for one year moratorium on repayment as part of restructuring of debts besides demanding revision of upper limit in the recent home loan package announced by PSU banks to Rs 30 lakh from Rs 20 lakh.
He also said interest should be brought down to 6.5 percent for loans up to Rs 5 lakh, 7.5 percent for loans in the bracket of Rs 5 lakh to Rs 30 lakh and 9.5 percent for borrowings above Rs 30 lakh.
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