Fillipping low cost conduct to Economically Weaker Section, RBI revises the bank loan schemes favoring all categories

Mumbai, June 26: Viewing to give a fillip to low-cost housing for the Economically Weaker Sections and Low Income Groups, the Centre has revised the housing loan limits for eligibility under priority sector lending to Rs 35 lakh in metropolitan centres and Rs 25 lakh in other centres.

 

Further as per the RBI guidelines, the income criteria has been revised to Rs 3 lakh per annum for EWS and Rs 6 lakh for LIG. Earlier, this was where the construction of house for EWS and LIG does not exceed Rs 10 lakh and the family income was restricted to Rs 2 lakh per annum.

 

Stressing at the educational loans further, the RBI said, “All Commercial Banks have adopted and implemented the Indian Bank’s Association Model Educational Loan Scheme for pursuing higher education in India and abroad, which is applicable uniformly to all student’s borrowers including students belonging to weaker sections”.

 

“However, for the students belonging to EWS whose parental income is upto Rs 4.50 Lakh, an Interest Subsidy Scheme, namely Central Sector Interest Subsidy Scheme, is operational under which full interest subsidy, on educational loans upto Rs 7.50 lakh, is available during the period of moratorium on loans availed under the IBA Model”, it said further adding that the CSIS scheme benefits all categories of economically weaker students in India and intends to provide affordable higher education.