In times of crisis when economy was already hit and Pandemic being major threat to life, these elements caused major depression to the Affordable home owners. When things are trying to be back to normal the boon of lowering refinance by the National Housing Bank is announced. Housing finance companies have welcomed the decision.
In terms of decreasing burden and stress there is reduction of one percentage point. Buyers who have income ratio below 6 lakh and have already purchased homes in affordable category the interest rate for the borrowers of National housing Bank have come down confirmed LIC Housing Finance MD and CEO Siddhartha Mohanty.
As a role of its Covid19 relief liquidity package 10,000 crore funding too was announced by RBI.
The ministry of housing even communicated with SBI and NHB for extension of credit linked schemes for middle income generators by April 2020 to March 2021.
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