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Home loan cap doubled to Rs 10 lakh

With an intention to promote housing for a low income groups in major cities, reserve bank on Friday directed urban cooperative banks to double the limit for home loans to Rs 10 lakh for consideration under the priority sector lending. "Pursuant to the announcements made by the Union Finance Minister (in) the Budget Speech for the year 2012-13, it has been decided to increase the above limit from Rs 5 lakh to Rs 10 lakh," RBI said in a circular. Similar instructions have been given to commercial banks and regional rural banks by RBI. Banks have to provide 40 percent of the total credit to the prescribed priority sectors including housing for weaker section. According to the laws, Loans of such nature fall under indirect finance to housing sector as the final disbursement is done through NHB approved non-governmental agencies.

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