Hike in loan limit for affordable housing doubles stock in MIG category
New Delhi: The Reserve Bank of India's (RBI) decision to increase the housing loans limits and revise the value of the house available under the Pradhan Mantri Awas Yojana - Urban (PMAY-U) has doubled the inventory in the Middle-Income Group (MIG) category, a Magicbricks report said here. The decision has "resulted in a significant increase in the availability of stock in both the primary and the secondary market", it said.
The RBI, last week, revised the housing loan limits for Priority Sector Lending (PSL) eligibility from the existing Rs 28 lakh to Rs 35 lakh in metropolitan centres, and from existing Rs 20 lakh to Rs 25 lakh in other centres, provided the overall cost of the dwelling unit does not exceed Rs 45 lakh and Rs 30 lakh respectively in metropolitan and other centres.
As per Magicbricks, its analysis showed that due to "the RBI's revision of the overall cost of the dwelling unit in urban areas, a significant portion of home buyers in both the Lower Income Group (LIG) and MIG buyers in the Delhi-NCR cities of Greater Noida, Ghaziabad and Noida, along with Chennai and Kolkata will be benefitted".
"The Mumbai Metropolitan Region (MMR) cities of Thane, Navi Mumbai, and Mumbai will have just the LIG segment benefitting from the revised PMAY-U scheme while most of the MIG segment buyers would be missing out on the scheme," the report said.
However, Gurgram is the only city where not many will benefit in either of the LIG and MIG segments, it added.
As a result of the revision, Greater Noida would be the biggest beneficiary in the MIG category as the number of available properties for sale have gone up from 31 per cent to 55 per cent, according to the report.