#RealtyNewsRoundup: SBI Cuts Home Loan Interest Rates
Public lender State Bank of India has reduced interest rate on home loan between 10 and 25 basis points, a move that will force other banks to reduce rates. The 25-basis points reduction will be applicable on loans up to Rs 30 lakh while the 10-points cut will be applicable on loans between Rs 30 lakh and Rs 75 lakh.
Land bank of loss-making public sector units will be used for building affordable homes if the Centre's efforts to auction it fails to draw bidders. About 2,000 acres of land belonging to five money-losing companies, which includes Hindustan Cables, Instrumentation Ltd, HMT Bearing, HMT Watches and Tungabhadra Steel Products, will be put under the hammer soon by state-run real estate company NBCC (India).
Labour Minister Bandaru Dattatreya has told media that the country's retirement fund body will not be building homes. The Employees' Provident Fund Organisation would only be acting as a facilitator to assist subscribers buy their dream homes by providing them cheaper loans, the minister said. The ministry intends to facilitate at least 10 lakh subscribers in the period of next two year by allowing them use 90 per cent of EPF accumulations to make down-payments to buy houses and use their accounts for paying EMIs of home loans.
The Maharashtra housing department is set to review the Maharashtra Ownership of Flats Act, 1963, (Mofa) and the Maharashtra Apartment Ownership Act, 1970, with the Real Estate (Regulation & Development) Act, 2016, coming into effect. Officials said that the exercise would help them eliminate duplicate laws.