Giving a boost to affordable housing, the RBI on Thursday eased the norms for home loans for up to 10 lakh rupees by allowing banks to include stamp duty and registration charges to the cost of a unit. These charges form around 15 per cent of the cost of the house and place a burden on borrowers.
As per the current practice, banks do not include stamp duty, registration and other documentation charges in the cost of housing property.
The RBI also said that in cases of projects sponsored by government, statutory authorities, banks may disburse the loans as per the payment stages prescribed by such authorities, even where payments sought from house buyers are not linked to the stages of construction.