Home loans stopped to be disbursed with teaser rates.Reserve bank of India has passed two main decisions regarding home loans.Teaser rates have been stopped and down payment margin has been increased from 10-15% to fixed 20%.Thus loan amount will be 80% of the total cost and 20% will be borne by the buyer.
Teaser loan was meant for the customers who belonged to middle class family ,but it was observed by banks that people were taking home loans beyond their capacity and for investment purposes.Also customers were not able to make timely repayment due to beyond their capacity.
This will prevent people taking home loans for the purpose of investment and also genuine customers will have to bear higher rates for loan.
Reference:
http://www.sandesh.com/sandesh_article.aspx?newsid=248277
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