Pressure on Home Buyers

The Reserve Bank of India (RBI) has asked banks stamp duty, registration and other documentation costs excluded from the total value of the dwelling for calculating the maximum amount of the loan may be disbursed for property.

To stop the banks from taking excessive risks, the RBI reduced banks lend more than 90 percent for houses under the Rs 20 lakh and 80 percent for homes over Rs 20 lakh.

Home Loan Tip: How to stay immune to rate hikes

"Some banks are stamp duties, registration and other documentation costs in the cost of the house. This exaggerates the recoverable value of the property such as stamp duties, registration and documentation fees are not feasible and therefore the margin is determined diluted. Accordingly, banks should not include these costs in the cost of the houses they owned to finance so that the effectiveness of loan-to-value standards is not diluted, "the RBI said in a statement.

"This is an adverse decision. It will purchase the capacity of the buyer due to which demand will slow," says Rajesh Goyal, chief executive of RG Group, a Delhi-based developer.

But not everyone is concerned about the revised standards on home loans.

Home Loan Tip: How to cut your home loan burden

"In the short term, the RBI move lead to a slight decline in home sales. But buyers will be aligned to the medium to long term. The extra cost is still an investment in a high-quality assets, and the home loan burden decreases proportionally, "said To Ahuja, chief executive, residential services, Jones Lang LaSalle India, a property consultancy.

"Land costs, which are 70-80 percent of the total cost of a house in the big cities there are a bigger problem."

Industry players are eagerly waiting for the EU budget 2012. The Ministry of Finance's proposal to double the annual limit tax deductions on interest on home loans of Rs 1.5 lakh to Rs 3 lakh is welcomed by the industry. Home sales declined in the past few quarters, mainly due to rising house prices.

"Increasing the limit of tax exemption for home loan repayments will lead to the question that in fact exists," says To Chaudhry, founder and chief executive of the real estate private equity FIRE Capital, and president of residential developer Astrum Homes.


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