In his first full-fledged review of the monetary policy, Reserve Bank of India (RBI) Governor Raghuram Rajan stuck to the continuing hawkish stance of inflation control first, which has seen the repo rate go up by another 25 basis points. The repo rate is the rate at which the central bank lends money (liquidity) to the financial system, and is the key policy rate. After the RBI action on October 29, it stands at 7.75 per cent.
The most rate sensitive sector that always watches the central bank’s action closely is real estate. Equated monthly instalments (EMIs) are the biggest expense for a typical household, and with the floating interest rate regime, any increase in the policy rate has a potential effect of pushing EMIs upward, although it is banks that take the final call.
This time, the RBI’s review of the monetary policy has coincided with the festive season an important period for the real estate sector, for most home buyers seal the agreement for purchase typically during the second half of the calendar year, which is when most festivities take place.
The real estate sector is saddled with huge inventories, stretching up to four years — that is the time it would take to offload all those apartments at the current absorption rate.
“Pan India inventory is now well above the comfort level of 14-15 months. Mumbai has an inventory of close to 48 months, Delhi of 23 months and Bangalore of 25 months. These are close to the levels of 2007, when the residential real estate market inventories were at an all-time high,” says Santhosh Kumar, CEO-Operations, Jones Lang LaSalle India.
Projects are routinely delayed and funding is starved as the cost of liquidity is high. As a recently released report by global property consultant Knight Frank put it, “The ailing real estate developers have been caught in the trap of ambitious expansion, decelerating sales, hardening interest rates and weakening cash flow.”
Given this already bleak scenario, what is the likely impact of the latest inflation control measure of the central bank? As most industry players put it, not very good.
“Prospects for the real estate industry are already muted due to high interest rates and high cost of construction. This is acting as a dampener on consumer sentiment in the run-up to the festive season,” says Brotin Banerjee, managing director and CEO, Tata Housing.
“Since the mid-quarter review in September, global economies have shown firming up of activities and as a result, Indian exports have shown an upward trend. Additionally, the exchange rate has shown stability and agricultural output is expected to improve even further, in the coming months. Keeping this in view, the central bank could have adopted a wait and watch approach by deferring the repo rate hike. This could have helped various sectors including real estate to capitalise on the positive consumer sentiment ahead of the festive season to propel growth,” says Samantak Das, chief economist & director-research, Knight Frank India.
According to a just-released research report by global property consultant Cushman & Wakefield, during the six months from January to September, 1,32,084 residential units were launched across the country, which is a 5 per cent increase when compared with the same period last year. When compared on a quarterly basis, however, the three months ended September have witnessed a fall in launches by 7 per cent. As against this, the net absorption for the first six months have dipped 15 per cent across the country. For Mumbai the figure is negative 28 per cent and for NCR it is negative 41 per cent.
The fall in absorption levels are complemented by price levels that are trending towards moderation. The latest instalment of the Residex of the National Housing Bank that track home prices across 26 cities has shown that prices have moderated in key metropolitan markets while some tier II cities have shown a drop.
The RBI’s own findings in its ‘Macroeconomic and Monetary Developments’ for the second quarter also point towards this trend. The RBI’s house price index for the first quarter of the current financial year (April-June) was lower at 0.89 per cent at the all India level, when compared with the preceding quarter. For Delhi, the index stands at 0.79 per cent lower, when compared with the previous quarter, a steep fall for the index stood at 6.18 per cent in the December-March quarter of 2012-13. For Mumbai, the index is lower by 0.28 per cent.
Given this scenario, the latest increase in the policy rate would make the prospective home buyer adopt even greater caution.
“For the realty sector, the upward revision in repo rate by the RBI is likely to increase pressure on developers, who are already struggling to raise funds for construction amidst reduced lending from banks. From the consumers’ perspective, this revision will also affect the sentiments, as retail loans may become costlier. Because of subdued sentiments, sales have already dropped across regions. This will impact the new prospective buyers too, as uncertain economic conditions have made them cautious. As a result, these buyers are already taking longer time to decide on a particular investment,” says Sachin Sandhir, MD, RICS South Asia.
This festive season has seen subdued consumer sentiments overall. Footfalls at malls have fallen and crowds at markets have reduced to a trickle. Given the latest salvo from the central bank, enquiries at sales offices would drop further. For the consumer, it is once again wait-and—watch on interest rate and prices.
The developer, tough, is at the crossroads: freebies and discounts fail to entice if prices are high, and that can work only if the customer shows up, which in the current environment is more unlikely.
That time could stretch further for all eyes are on the moves by the banks. Thus far, there have been no indications that loan rates would go up. “The increase in repo rate will hopefully not result in an increase in home loan interest rates. Even a small rise at this point could dampen the festive sentiments of home buyers and will not auger well for the industry,” says Anshuman Magazine, CMD – South Asia, CBRE, a property consultancy.
दिवाली बाद लेफ्ट आउट फ्लैटों की योजना लाने की तैयारी
नोएडा। प्राधिकरण के लेफ्ट आउट फ्लैटों की जो कीमत तय की गई है, उसमें भारी-भरकम ब्याज भी जोड़ दिया गया है। इसके चलते कीमत बाजार दर के करीब पहुंच गई है।
प्राधिकरण ने एचआईजी फ्लैट की कीमत एक करोड़, एमआईजी की 59 लाख, एलआईजी की 35.51, ईडब्ल्यूएस की 9 व 10 लाख और श्रमिक कुंज की कीमत 4.70 लाख रुपये तय की है। यह कीमत अब प्राधिकरण की उच्च स्तरीय कमेटी के पास भेजा जाएगा। वहां से मंजूरी मिलने के बाद ब्रोशर तैयार कर योजना लांच कर दी जाएगी।
प्राधिकरण ने फ्लैटों की जो कीमत तय की है, उसमें मौजूदा आवंटन दर और निर्माण की लागत शामिल हैं। इसके अलावा जिस समय इनका निर्माण कराया गया था, उस समय खर्च की गई धनराशि पर अब तक का ब्याज भी जोड़ दिया गया है। जो कि निर्माण की कुल लागत से कहीं अधिक है। हालांकि प्राधिकरण के अधिकारी निर्माण की लागत और उस पर ब्याज का ब्योरा नहीं दे पा रहे हैं, मगर इतना तय है कि ब्याज निर्माण की मूल लागत से कहीं ज्यादा है।
प्रॉपर्टी जानकारों की मानें तो प्राधिकरण ने निर्माण की लागत पर ब्याज तो लगा दिया है, मगर इस बात पर गौर नहीं किया कि पुराना निर्माण होने के कारण उसकी कुल अवधि भी कम हो चुकी है। इन पुराने फ्लैटों को खरीदने के बाद उसकी मरम्मत भी करानी पड़ेगी।
A notification from the income tax department has exempted annuities and extended the scheme to the lifetime of a borrower. The core issue, however, is that the scheme has not taken off.
The income tax department on October 22, notified that annuity payments to the senior citizens availing of the reverse mortgage scheme (RMS) would not be taxed. Not only that, the scheme which was so far available only for 20 years, will now be available for the entire life of those taking the product.
The move is though expected to provide some momentum to the scheme, which was launched in 2007 but is yet to pick up, what is needed is, say experts is the creation of awareness about the scheme.
The scheme was launched with much fan fare in 2007-08 with a view to provide some succour to senior citizens, ie. those above 60, who in many cases, have no one to fall back on for their monetary needs.
According to the National Housing Bank (NHB), which administers the scheme, around 7,200 people have availed of the RMS facility since its inception and banks have so far sanctioned only Rs 1,800 crore and disbursed Rs 800 crore under the scheme.
Though a large number of public sector banks have announced the scheme, not many have actively worked on it. PNB Housing Finance has so far received only 130 cases worth Rs 20 crore, a very insignificant amount when, according to NHB conservative estimates, the potential reverse mortgage loan market is Rs 20,000 crore.
According to the scheme, those in need of money can mortgage their property with a lender (scheduled banks and housing finance companies) and receive regular payments from them in form of either instalment or in lumpsum.
The loan is not to be serviced as long as they are alive and occupy the property. The maximum period of the loan hitherto was 20 years. Now, after the Central Board of Direct Taxes notification, it will be for the lifetime of the borrower while LIC and other IRDA-registered insurers have been included as annuity sourcing institutions. On borrower’s death, the loan is repaid through sale of property though heir can repay the amount and retain the property.
Earlier, though as per Clause (xvi) in Section 47 of the Income-tax Act, 1961, the transfer of property was not considered a transfer and was exempt from capital gains tax, while loan instalments, received under the scheme amounts to income was not included in total income, the products had few takers due to several problems.
While the annuity paid by banks was quite low and was tax free, if the bank tied-up with an insurer, the annuity amount was though higher but taxable because it was not considered as loan but interest.
By including LIC and other insurers as annuity sourcing institution and making annuity payment tax free, the government expects positive response for the scheme.
The scheme has been touted by many as social security for senior citizens, something that provided them regular income without the unnecessary hassle of taking loans.
Sanjay Dutt, executive managing director of Cushman and Wakefield says the product is excellent but banks need to build confidence of consumers in such product and create awareness about it. “Along with the fact that India is largely a young nation and senior citizens are relatively in minority, people in the country still believe in keeping hard assets,” Dutt said adding that RMS necessitates, in a way, surrendering the property to lenders, that is banks and housing finance companies. “Nobody wants to be the first victim of the unknown animal. There is lack of clarity while also there have been no incentives to people due to which they have kept away from the scheme.”
Dutt adds that the mortgage penetration in India is only 6 per cent as against 15-20 per cent in the US.
A senior official of a leading public sector bank said that a crucial factor, which critics of the policy overlook, is there is social cost to the scheme. “Indians still have attachment to their property. Most of the people who have taken reverse mortgage loan from us are from Mumbai and not Delhi because of cultural differences. Also, not much has been done on the awareness front. The scheme suffers from lack of education and awareness,” the official added.
NHB chairman and managing director R V Verma said that the scheme has seen lukewarm response as it was catering to the first generation of senior citizens who have to be fully sensitised about its nuances. “We were also very conscious about the sensitivities — cultural and emotional — associated with the scheme and went about presenting the scheme before the senior citizens community and other stakeholders in a very measured way. We have been careful in marketing this scheme as a purely need-based support to the senior citizens,” he said adding the recent tax break would go a long way in popularizing it. The NHB will collaborate with other stakeholders including banks and insurers to create awareness about the scheme and implement it across.
One glitch however remains. Currently, borrowers can get a maximum loan of 60 per cent of the property. The public sector bank official said that if this issue is also taken care of, the scheme has good chances of flourishing.
NEW DELHI: State-owned Canara Bank today launched two new housing schemes for Non-Resident Indians (NRIs) and High Networth Individuals (HNIs), in a bid to cash in on the festive fervour.
The demand from NRIs for houses has increased considerably and enquiries with regard to housing loans from NRIs with builders have grown by 20 per cent at present, Canara Bank Chairman and Managing Director R K Dubey said here.
Home loan of up to Rs 30 lakh would be available to an NRI at the base rate of 9.95 per cent, while loans in the bracket of Rs 30-75 lakh will be available at a rate of 10 per cent. Loans of above Rs 75 lakh would attract Rs 10.20 per cent.
Further, the demand from HNIs for housing loans of above Rs 1 crore has also increased, Dubey said, adding, the premium housing loan scheme is exclusively for HNIs having gross annual income of Rs 25 lakh and above.
The minimum loan amount under the scheme is Rs 1 crore and the rate of interest charged would be 10.05 per cent.
Processing charges for both the schemes have been waived till October 31, he added.
The deepening economic slowdown, rising cost of living and low wage revisions, coupled with higher interest rares, are forcing salaried professionals who had earlier invested in properties to put them up for sale, say industry experts.
People who had invested in properties some 10-15 years ago are now finding it difficult to service their home loans which have become too expensive now due to the rising interest rates and falling rental yields.
According to a survey, resale inventory has increased nearly 30 per cent over the last six months.
“Economic slowdown has hit the real estate industry. Salaried professionals who had invested in properties five-six years ago to cash in on the boom, are now looking to sell them as they are finding it difficult to cope with the high cost of living,” property portal Housing.co.in co-founder and marketing head Advitiya Sharma told PTI.
He said the resale market is currently dominated by young professionals and the high cash inflows that the sector gets, has made it a lucrative field.
“In the current economic conditions, finding a tenant with higher rents has become more challenging as people have become cautious due to uncertain economic conditions and are thus opting for properties with similar or lower rents,” DTZ India CEO Anshul Jain said.
Primary buyers are willing to deal in the resale sector than new homes due to the risks involved in new projects, said Shashank Jain, Executive Director, PricewaterhouseCoopers.
“Such resale inventory is mainly concentrated in large metro cities. Buyers are looking at such opportunities as they get closer to possession prices and do not have to worry about risks involved in new projects. On the other hand, sellers benefit as they can get higher returns on their investment, than settling for low rental yields,” he said.
Jain further mentioned that this situation will, however, not attract investors.
“Such deals will attract primary buyers. But people who are looking at investing in properties at this moment, may not consider this option,” he added.
CHENNAI: Dewakar G is looking to shift his home loan to another bank or housing finance company (HFC). Currently, he pays an equated monthly instalment (EMI) of Rs 26,048 on a home loan of Rs 22 lakh – which works out to Rs 1,184 per lakh.
“Many of them (lenders) are offering schemes at Rs 900 per lakh or slightly below. On the face of it, it looks tempting as there would be a lower EMI outflow if I opt for Rs 900 per lakh as against Rs 1,184 per lakh, which I am currently servicing. I am in talks to get the best possible deal,” he says.
Already, home loan rates are pegged to base rates (9.7-10.25%) or close to them. To boost business, lenders are pitching EMIs below Rs 1,000 for every lakh of rupees availed. The calculation for monthly home loan repayment has been roughly Rs 1,000 for every lakh for a loan availed for up to 20 years. Banks are now lowering EMIs to Rs 900 per lakh or even below by extending the tenure by up to 10 years.
Punjab National BankBSE 0.81 % has a scheme wherein the EMI is Rs 926 per lakh on a loan of up to Rs 75 lakh and a tenure of 25 years. Interest is pegged to the bank’s base rate of 10.25%. “Through this, we are looking to extend repayment tenure for the borrower up to 65 years or even 70 years of age,” a senior official of the bank said.
Similarly, under its Bhagya Lakshmi housing scheme, LIC Housing Finance is offering Rs 903 per lakh for a 30-year loan at 10.35%. “Such schemes help bringing in fence sitters (those who are deferring home purchase in anticipation of a realty price correction or interest rate revision),” said V K Sharma, director and chief executive, LIC Housing Finance. Average loan offtake for the company is Rs 17-18 lakh and repayment period usually ranges from 15 to 20 years.
The move towards longer tenures is a reflection of the confidence banks and HFCs have on borrowers. Gross NPA (non performing assets) on home loans for nationalized banks is 1.8% and for HFCs the figure stands at 0.44%. Also, the average tenure of home loans in India ranges from seven to 10 years depending on the institution and credit offtake.
“Besides, such schemes are attractive from a balance transfer perspective as the new company is getting a seasoned borrower in the first place. There are not much costs involved in loan appraisal and underwriting as the loan did not originate from the company taking over and all this results in an immediate growth of the balance sheet,” said R V Verma, chairman and managing director, National Housing Bank, the apex body for home loan finance in India.
The country’s largest lender, State Bank of IndiaBSE -0.18 %, also has a Rs 874 per lakh scheme for 30 years at 9.95%. The bank’s home loan business reported a year-on-year growth of 18.4% to Rs 1,24,772 crore in June 2013 as against Rs 1,05,383 crore a year ago.
Others like Dewan Housing FinanceBSE 2.32 % are also looking to introduce a lower EMI scheme. “We are contemplating on introducing a 30-year home loan product to help the customer avail of lower monthly outgo towards the home loan,” Anoop Pabby, president, strategic initiatives, Dewan Housing Finance said.
However, some industry observers say such marketing tactics can only provide short-term gains in market share and that a calculation of Rs 1,000-plus for every lakh of loan availed would be the only sustainable level in the long run given that margins in the home lending business are around 1-1.15% currently. “As of today, incremental borrowing costs range from 9.5% to 10.3%. At best, such schemes help in taking over loans or converting fence sitters into borrowers. Ultimately, to prop up demand as well as business, we have to move to tier II and tier III locations,” Sharma said.
NOIDA: The Greater Noida Authority is upbeat that the Greater Noida (West) region, formerly Noida Extension, is slowly being removed from the blacklist of banks and they have started showing interest in backing buyers who want to invest in projects in the region. After the land row in 2011, banks had stopped financing such projects due to fears of land acquisition being quashed by the courts.
Greater Noida Authority additional CEO, HK Verma, said, “There was time when banks were pulling out from backing the projects, but now they are queuing up at the Authority office to be empanelled for funding development works.” Verma added that public sector banks have decided to disburse around Rs 5,000 crore as home loans and other construction loans for Noida Extension realty projects.
Apart from nationalized and non-banking financial companies (NBFCs), even private banks have shown their interest in this markets. Development authorities say this will help generate a good cash flow for development works. “We are more interested in Noida, Greater Noida and Yamuna Expressway regions for lending right now, be it fresh loans or stuck installments of loans already sanctioned,” said MK Manchanda, a senior officer in a private bank.
Developers have now started breathing easy after this decision of the banks. “Market sentiment is associated with funding and cash flow plays a vital role in delivering projects on time. As nationalized banks have stepped in, like Canara bank is supporting Wave group, the market situation is bound to improve,” said Amit Gupta, Assocham member and MD Orris Infrastructure.
Even real estate pundits have called this development good. “Private and public sector banks are now keen to tie up with developers and this will give many choices to homebuyers to pick a financial institution that suits them best,” said SS Bhasin, MD of Bhasin group and CREDAI (NCR) member.
•अमर उजाला ब्यूरो
नोएडा/गुड़गांव। कंस्ट्रक्शन लिंक प्लान से ही लोन जारी करने के भारतीय रिजर्व बैंक के आदेश से फ्लैट खरीदने वालों के पैसे की सुरक्षा तो बढ़ गई मगर रियल एस्टेट इसे सकारात्मक कदम के रूप में नहीं गिन रहा। कुछ जानकारों का कहना है कि इससे न केवल पुराने प्रोजेक्ट प्रभावित होंगे, बल्कि नई परियोजनाओं को शुरू करने में भी परेशानी आएगी।
गुड़गांव एक्सटेंशन, नोएडा, ग्रेटर नोएडा व यमुना प्राधिकरण के क्षेत्र में दो सौ से अधिक प्रोजेक्ट में हजारों फ्लैट बन रहे हैं। इनमें से ऐसे बिल्डरों की तादाद काफी है, जिनको डाउन पेमेंट प्लान के तहत एकमुश्त भुगतान किया जा चुका है। एकमुश्त भुगतान लेने के बाद बिल्डर फ्लैट बेचने के लिए बायर्स को ऑफर देते हैं कि वे पजेशन तक ग्राहक से ब्याज नहीं लेंगे। खुद से किश्त भरेंगे।
इस बीच अगर बिल्डर समय पर पजेशन नहीं दे पाता तो फ्लैट बुक कराने वाले ग्राहक के सिर ईएमआई का बोझ आ जाता है। आरबीआई के नए दिशा निर्देश के बाद अब बैंक बिल्डर को प्रोजेक्ट के निर्माण के हिसाब से ही लोन जारी करेगा, जिससे पैसा डूबने का डर नहीं रहेगा।
न्यू गुड़गांव-सोहना मास्टर प्लान 2031 को मंजूरी मिलने के बाद गुड़गांव एक्सटेंशन के लिए भूमि आवंटित की गई है। डेवलपर्स यहां 1500 से 1700 रुपये प्रति वर्ग फुट में आवासीय एफएसआई की उम्मीद कर रहे हैं। इससे यहां के बहुमंजिला अपार्टमेंट में 3500 से 4000 रुपये प्रति वर्ग फुट में आशियाना मिल सकेगा। दीपावली से बुकिंग शुरू करने की योजना है। अब आरबीआई ने बैंकों को होम लोन, कंस्ट्रक्शन लिंक्ड पेमेंट प्लान से जारी करने की हिदायत देकर रियल एस्टेट की मुश्किलें बढ़ा दी हैं।
प्रॉपटी विशेषज्ञ कार्तिक तिवारी बताते हैं कि प्लान से डेवलपर्स को होल्ड मनी अधिक नहीं मिल पाएगी। इससे नई परियोजनाओं को पूरा करने में मुश्किल आएगी। द्वारका-मानेसर एक्सप्रेस वे पर करीब 60 फीसदी प्रोजेक्ट पहले ही देरी से चल रहे हैं। ऐसे में दोहरा बोझ पड़ेगा।
बिल्डरों ने अभी भी चला रखी है 20ः80 स्कीम
क्या है यह स्कीम
यह ऐसी डाउन पेमेंट स्कीम है जिसमें बायर बैंक लोन लेकर बिल्डर को प्रॉपर्टी की पूरी कीमत अदा कर देता है। बायर को अपनी जेब से 20 फीसदी भुगतान डील के समय तुरंत करना होता है जबकि बाकी 80 प्रतिशत राशि बैंक से बिल्डर को मिलती है। मुख्य बात यह है कि बिल्डर इस स्कीम में बायर से वादा करता है कि एक निश्चित समय तक बैंक लोन पर बनने वाले ब्याज की राशि वह बैंक को चुकाएगा और बायर पर उस दौरान ईएमआई चुकाने का बोझ नहीं रहेगा। आम तौर पर यह निश्चित अवधि दो से तीन साल होती है व बायर से यही कहा जाता है कि यह नो ईएमआई स्कीम है। मतलब प्रापर्टी पर कब्जा मिलने तक बैंक लोन पर ईएमआई चुकाने का झंझट नहीं रहेगा।
लेकिन इसमें निम्नलिखित खतरे रहते हैं
कई बार इस स्कीम में पजेशन शब्द का इस्तेमाल नहीं किया जाता, बस यह कहा जाता है कि तीन या दो साल तक ईएमआई नहीं चुकानी होगी। अब अगर निर्माण पूरा नहीं हुआ और किसी भी वजह से पजेशन नहीं हुआ तो बैंक तो तीन या दो साल की अवधि पूरी होते ही बायर से ईएमआई वसूलना आरंभ कर देगा। ऐसे में बैंक व बायर दोनों फंस जाएंगे। बायर का उधारी रिकार्ड खराब होगा और बैंक का एनपीए यानी अनुत्पादक ऋण बढ़ेगा।
20-80 स्कीम के मुकाबले सादा कंसट्रक्शन लिंक्ड प्लान ज्यादा सुरक्षित है क्योंकि इसमें बिल्डर को प्रापर्टी की कीमत किस्तों में धीरे धीरे मिलती है और जितना निर्माण होता है उतना ही भुगतान बैंक और बायर की तरफ से किया जाता है। इस तरह जब तक निर्माण कार्य पूरा नहीं होता, तब तक पूरी पेमेंट बिल्डर की जेब में नहीं पहुंचती। रिजर्व बैंक की ताजा गाइडलाइन यह है कि बैंक कंस्ट्रक्शन लिंक्ड होमलोन ही दे सकते हैं।
निर्माण में देरी
चूंकि इस स्कीम में बिल्डर के हाथ में सिर्फ ब्याज चुकाने के वादे की एवज में समूची कीमत नकद आ जाती है, वह चाहे तो आसानी से इस राशि का इस्तेमाल किसी और प्रोजेक्ट में कर सकता है। इस तरह के फंड डाइवर्जन के अलावा वह निर्माण में भी ढीलापन दिखा सकता है।
बायर्स पर मिला जुला असर
आरबीआई के नए दिशा-निर्देश से बायर्स को फायदा भी मिलेगा और नुकसान भी। फायदा इस तरह से है कि खरीदारों का पैसा सुरक्षित रहेगा। बिल्डर जिस प्रोजेक्ट को लांच करेगा, उसका काम सबसे पहले पूरा कराएगा। इससे समय पर पजेशन मिल सकेगा। नुकसान यह है कि लांचिंग के समय बिल्डर प्रति वर्ग फुट कीमत कम रखते हैं। जैसे-जैसे निर्माण कार्य पूरा करते जाते हैं, वैसे-वैसे कीमत भी बढ़ा देते हैं। उदाहरण के तौर पर नोएडा में अगर प्रोजेक्ट शुरू होने वाले फ्लैटों की कीमत चार हजार रुपये प्रति वर्ग फुट होती है तो जिन प्रोजेक्ट का काम पूरा होने वाला है, उन फ्लैटों की कीमत छह हजार रुपये प्रति वर्ग फुट के हिसाब से ली जाती है।
अध्यक्ष नोएडा एक्सटेंशन फ्लैट ऑनर्स वेलफेयर एसोसिएशन
हमने डाउन पेमेंट प्लान के तहत ही लोन लिया है। बिल्डर पजेशन तक बैंक लोन पर ब्याज खुद चुकाएगा। अब तक किस्त जाती रही है। इससे मन में डर तो लगा ही रहता है कि पजेशन तक कोई दिक्कत न आ जाए। -गोपी रमन आलोक, बायर पैरामाउंट
बिल्डरों पर असर नहीं
एनसीआर के 95 प्रतिशत बिल्डरों को पहले से कंस्ट्रक्शन लिंक प्लान के तहत ही लोन मिलता है। पांच फीसदी बिल्डर ही ऐसे होंगे, जिनको बैंक ने एकमुश्त भुगतान किया होगा। ऐसे में इसका ज्यादा असर बिल्डरों पर नहीं पड़ेगा, मगर बायर्स को इससे नुकसान होगा। अब बिल्डर बायर्स को पजेशन तक ब्याज से मुक्त रखने की सुविधा नहीं दे पाएंगे। इससे उनको मिलने वाली छूट खत्म हो जाएगी।
अध्यक्ष, क्रेडाई एनसीआर
कंस्ट्रक्शन लिंक प्लान के तहत ही मेरे फ्लैट का लोन हुआ है। इस पर ब्याज ज्यादा देना पड़ रहा है, मगर तसल्ली है कि मेरा पैसा मेरे ही फ्लैट में लग रहा है। प्रोजेक्ट में कंस्ट्रक्शन भी चल रहा है। यह देखकर तसल्ल्ाी है कि फ्लैट में काम हो रहा है।
-श्वेता भारती, बायर, आम्रपाली
डाउन पेमेंट प्लान में बिल्डर ब्याज से मुक्त रखने की बात तो कह देते हैं। कुछ समय तक राहत भी मिल जाती है, मगर ऐसा नहीं है कि इसे छोड़ देते हैं, बल्कि अन्य तरीके से वसूल लेते हैं। इससे आम लोगों को परेशानी होती है। -प्रीत भार्गव,
बायर गौर संस
20% भुगतान डील के समय तुरंत करना होता है जबकि बाकी 80% राशि बैंक से बिल्डर को मिलती है
डाउन पेमेंट प्लान के तहत पजेशन में देरी होने पर ईएमआई की किस्त बढ़ती जाती है। इसका सबसे ज्यादा नुकसान निवेशक को ही उठाना पड़ता है
•आरबीआई ने हिदायत देकर रियल एस्टेट की मुश्किलें बढ़ा दी हैं
सीएलपी प्लान भले ही महंगा होता है, मगर इसमें सेफ्टी रहती है। हमने इसी प्लान से अपना फ्लैट खरीदा है। रिजर्व बैंक ने यह अच्छा कदम उठाया है। इससे फ्लैट खरीदने वालों के सामने ज्यादा दिक्कत नहीं आएगी। वह राहत महसूस करेंगे। -अन्नू खान,
आरबीआई की नई हिदायत के अनुसार बैंक कंस्ट्रक्शन लिंक्ड पेमेंट प्लान के तहत कर्जा देंगे। जैसे-जैसे प्रोजेक्ट आगे बढ़ता रहेगा, उस हिसाब से बिल्डर को रकम मिलती रहेगी। अगर प्रोजेक्ट देरी से चलता है तो इसका नुकसान बिल्डर को ही उठाना होगा।
इस फैसले से फ्लैट खरीदारों की गाढ़ी कमाई बची रहेगी। बेशक बिल्डर फ्लैट खरीदारों से सीएलपी प्लान के तहत ज्यादा पैसा ले सकते हैं, मगर पैसा सुरक्षित तो रहेगा। आगे आने वाले समय में और बेहतर सुविधा मिलेगी।
प्रॉपर्टी खरीदने के लिए डाउन पेमेंट प्लान, कंस्ट्रक्शन लिंक्ड पेमेंट प्लान, टाइम लिंक्ड प्लान आदि उपलब्ध होते थे। ज्यादातर लोग डाउन पेमेंट प्लान ही लेते हैं।
इस प्लान में बिल्डर को बड़ी राशि प्रोजेक्ट शुरू करने से पहले ही मिल जाती है। अगर प्रोजेक्ट में देरी भी होती है तो निर्माण सामग्री पर बढ़ा खर्च परियोजनाओं को अधिक प्रभावित नहीं करता।
इसमें प्रॉपर्टी बुकिंग पर दस फीसदी और इसके बाद 60 दिन के भीतर 85 फीसदी राशि जमा होती है। शेष पांच फीसदी राशि पजेशन के वक्त देनी होती है।
MUMBAI: Criticising the Reserve Bank’s decision to link disbursal of home loans to stages of construction, real estate apex body Credai said the move will harm developer sentiment and disturb business plans.
RBI today asked banks to link the disbursal of home loans to stages of construction to protect the interests of buyers and contain the fallout of “innovative” housing financing schemes.
It has directed banks that upfront disbursal “should not be made in cases of incomplete/under-construction/ green field housing projects”.
Confederation of Real Estate Developers’ Associations chairman Lalit Kumar Jain said: “Housing finance institutions or banks normally safeguard their interest while devising such instruments. Abruptly issuing such circulars, advising bank against established practices only harm the sentiment and disrupts business plans. This will create setback for projects, affecting the end consumers.”
The notification follows the introduction by some banks of “innovative housing loan schemes” in association with developers or builders, where upfront disbursal of housing loans is made to builders without being linked to the various stages of construction.
Also, under such schemes, the interest/EMI on the housing loan availed of by the individual borrower is serviced by the builder during the construction period. These loan products, the RBI said, are popularly known by names such as 80:20 and 75:25 schemes.
RBI said such home loan products are likely to expose banks and their borrowers to additional risks.
“RBI should have consulted stakeholders before issuing such circulars on disbanding current practices. In the past, the RBI circulars have resulted in reversal of good market sentiments affecting economy and concerning housing sector,” he added.
Mumbai: The Reserve Bank today asked banks to link the disbursal of home loans to stages of construction to protect the interests of buyers and contain the fallout of “innovative” housing financing schemes. “In view of the higher risks associated with such lump-sum disbursal of sanctioned housing loans and customer suitability issues, banks are advised that disbursal of housing loans sanctioned to individuals should be closely linked to the stages of construction of the housing project/houses…,” an RBI notification said. Upfront disbursal “should not be made in cases of incomplete/under-construction/green field housing projects,” it said.
The notification follows the introduction by some banks of “innovative housing loan schemes” in association with developers/builders, where upfront disbursal of housing loans is made to builders without being linked to the various stages of construction.
Also, under such schemes, the interest/EMI on the housing loan availed of by the individual borrower is serviced by the builder during the construction period. These loan products, the RBI said, are popularly known by names such as 80:20 and 75:25 schemes. The RBI said such home loan products are likely to expose banks and their borrowers to additional risks.
The risks include disputes between borrowers and builders; default and delayed payment of interest/EMI by the builder on behalf of the borrower, and non-completion of the project on time.
“Further, any delayed payments by developers/builders on behalf of individual borrowers to banks may lead to lower credit rating/scoring of such borrowers by credit information companies…,” according to the RBI notification. The central bank said that in cases where bank loans are disbursed upfront on behalf of individual borrowers in a lump-sum to developers without any linkage to construction stages, banks run disproportionately higher exposures with concomitant risks of fund diversion.
Banks introducing any kind of product should take into account customer suitability and appropriateness and ensure that borrowers and customers are made fully aware of the risks and liabilities, the RBI said.
With effect from June 21, the RBI revised the loan-to-value (LTV) ratio, which determines how much the banks can finance. For loans of up to Rs 20 lakh, banks can lend up to 90 per cent, while the borrower has to pay 10 per cent. For home loans between Rs 20 lakh and Rs 75 lakh, the LTV ratio is 80:20 while for loans above Rs 75 lakh, it is 75:25. The LTV ratio should not exceed the prescribed ceiling in all fresh cases of sanction.