Zero Collateral Home Loan: The government has brought good news for home loan borrowers. People will now be able to get home loans up to Rs 20 lakh without any guarantee. The government is working on these plans. Now not only guarantee but also many documents will not be required for home loans.
Zero Collateral Home Loan: There is good news for home loan borrowers. Now there will be no need for any third party guarantee for home loans. For this, the government is preparing to bring a Zoro-Collateral Housing Loan Scheme for low and middle income people. In this, a loan of up to Rs 20 lakh will be available with very little paperwork or without a third party guarantee.
According to sources, changes are being made in the Credit Risk Guarantee Fund Scheme for Low Income Housing (CRGFTLIH) for this scheme. The loan period can be up to 30 years. Currently, only housing loans up to Rs 8 lakh get guarantee cover. A government official told the Economic Times that our aim is to provide loans to those home buyers as well who do not have any documented income or have very few required documents.
There will be no need for property papers!
The government is also working on giving home loans to people without property papers. Actually, many people need loans for their house or any other property. But they do not have complete papers of that property. In such a situation, those people who do not have complete property papers will also be able to get loan on property.
What is the government’s plan?
The government is considering giving home loans to the low and middle income group without any guarantor or document. A government official said that its objective is to provide loans to those home buyers who do not have any income proof or necessary documents. For this, talks are going on between the Ministries of Finance and Housing and Urban Affairs, National Housing Bank and other commercial banks.
Who are the lower and middle class families?
According to the current provisions, the economically weaker section (EWS) is considered to be the family whose annual income is up to Rs 3 lakh. At the same time, those whose annual income is Rs 3 to 6 lakh are considered to be low income group (LIG) families. Those whose annual income is Rs 6 to 9 lakh are considered to be middle income group families.
Scheme was also started for farmers
Reserve Bank has also recently provided loan facility to farmers without any guarantee. The Reserve Bank has increased the limit of collateral free loan for farmers from Rs 1.6 lakh to Rs 2 lakh. Now any farmer will be able to take a loan of up to Rs 2 lakh for agriculture without pledging anything. This increased loan limit will be applicable from January 1, 2025.
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