Realty News Roundup: RBI Allows Loan Of Upto 90% For Property Upto Rs 30 L; DLF Promoters To Sell 40% Stake In Rental Arm
Realty News Roundup is PropGuide's selection of top stories from the real estate sector
Top Stories
Good news for home seekers who plan to buy property up to Rs 30 lakh. According to Reserve Bank of India (RBI) guidelines, banks will provide home loans up to 90 per cent for properties that cost Rs 30 lakh or below.
In a circular on October 8, the RBI said that in case of 'individual housing loans' falling under the category of up to Rs 30 lakh, the loan-to-value (LTV) ratio is now up to 90 per cent. Earlier, the facility was available only in cases where the cost was up to Rs 20 lakh. Read More
Lauding the RBI's move, a Bank of America Merrill Lynch (BofA-ML) report said that these steps were all set to provide a fillip to home loan market, The Economic Times reported. The report said that real estate market might see a turnaround from the second half of 2016. Read More
Real estate firm DLF promoters, K P Singh and his family members, will sell their 40 per cent stake in the company's rental arm, DLF Cyber City Developers, for an estimated Rs 14,000 crore to institutional investors.
The promoters will reinvest a significant part of the amount raised through the sale into DLF. As of now, promoter stake in DLF stands at 75 per cent. Read More
Off the front page
According to Union Urban Development Minister M Venkaiah Naidu, many countries have shown keen interest in India's Smart City Mission. Global companies from 14 countries such as the US, Canada, UK, France, and Japan, among others have been selected for preparation of Smart City plans for 42 mission cities, a report in India Today said. Read More
The Haryana government will raise Rs 150 crore as loan from National Housing Bank (NHB) for construction of 7,602 flats for economically weaker sections (EWS) at 16 locations in the state, The Times of India reported. The state cabinet gave ex-post facto approval to raising loan from NHB on October 7. Read More
home loan home buyers DLF India RBI