Top loans will be available for stuck housing projects! RBI is making arrangements – top-up loans for home buyers in stuck projects


New Delhi: The Reserve Bank of India (RBI) is considering giving special dispensation to banks to help them complete the stuck housing projects. According to a report in the Economic Times, the purpose of this initiative of the Reserve Bank is that banks should restructure the home loans of their customers, that is, if customers need more money to buy a house, then this amount should be provided to them under the same loan account. A committee headed by G20 Sherpa Amitabh Kant met on June 19 to look into issues related to stalled projects in real estate. In this, banks had demanded special regulatory arrangements for releasing additional money through existing individual housing loan accounts.

A person present in this meeting said, “The RBI representative present in the meeting assured that the Reserve Bank will consider special relaxation and they are considering it. The panel is likely to be informed about the decision soon.

He added that any such regulatory relief could enable banks to release the remaining amount of loans that have been sanctioned without degrading asset quality – which they would not have done earlier after construction of flats had come to a standstill. was done.

The meeting also learned that the National Capital Region (NCR) and Mumbai alone are estimated to account for nearly two-thirds of the total stuck housing projects in the country. In addition, around 60% of the stuck housing units were bought by home buyers with a capital commitment of around Rs 2 lakh crore.

Earlier officials had said that the government was considering a comprehensive approach. In this, the Real Estate Regulatory Authority and SWAMIH (Special Window for Affordable and Mid-Income Housing) will have the responsibility of providing all kinds of funds to complete the project. Apart from this, IBC (Insolvency and Bankruptcy Code) can be given the responsibility to remove any kind of tension in the housing project. The initiative also includes bringing in an effective IBC mechanism for housing.

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