If you are in need of a home but your irregular income flow is coming in the way of your getting a housing loan then there is good news for you! RBI in consultation with housing finance companies is looking at redesigning home loan repayment structure. :)

RBI is of the opinion that it is in national interest to provide homes to the needy and one shouldn’t be held back from this due to documentation hassles. The governing body urged banks and finance companies to switch to technology and reduce their transaction costs. It further reiterated the need of simplifying documentation process for the loan seeker and give him access to mortgage counselors.

However, the banks have expressed their inhibitions over this plan citing fear of defaulters. They say that lending money to low-income group of people is an issue as there is always a possibility of default.:( They were also concerned about the non-performing assets in these portfolios. To counter this, the RBI is contemplating to seek budgetary support for these assets from the government.

RBI is further planning to directly route the Govt. subsidy to the housing finance companies to ensure that the rightful candidate gets access to his share. It shall eliminate the rampant corruption in distribution of housing subsidies. :D
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