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RBI is trying to introduce a clear cut pricing policy for Housing Loans

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There is going to be team set up for a clear cut pricing policy introduced by RBI for Home loans under which there would be varying pricing norms for home loans. The team makes it clear that the banks are not authorized to use the banks key lending rate for fixing the rates on varying loans and should put forth a base rate that may be applicable for one year deposits. It has also put forth a restriction on the loans being given over the benchmark lending rate.
The Governor of RBI stated at the www.propertykhazana.com that as they has cut down the lending rates to the banks by 425bps, the banks could cut down their lending rate by only 200bps thereby the gain was only for new customers. The Chairman of the Banks group adds that if the scheme is implemented, there would be a clear cut picture in the system and the existing practice of allowing low rates for new customers will be put to an end and further the new scheme may help the banks to quote their rates of the loans competently.
But some bankers are of the view that although transparency may exist in the base rate, the scheme if introduced cannot either make the rates on home loans cheap or costlier as the existing base rate is nearly 8.55% whereas 9.75 to 10% is being quoted by many banks. For more and latest real estate and banking information browse www.propertykhazana.com.
Source: NBTVLIVE

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