New home (A)loan scheme without collateral on cards
zero-collateral housing loan scheme for low- and middle-income groups which will offer up to Rs 20 lakh with minimal documentation or third-party guarantee, said people familiar with the matter.
Amendments to the Credit Risk Guarantee Fund Scheme for Low-Income Housing (CRGFTLIH) are being examined to pave the way for the scheme, they said, adding that the loan could have a tenure of 30 years.
Under the existing provisions, housing loans up to Rs 8 lakh are eligible for guaranteed cover. «The idea is to make credit available for those homebuyers who do not have any documented income or minimal supporting documents,» a government official told ET.
Talks are on between the ministries of finance and housing & urban affairs, National Housing Bank and other commercial banks to firm up the parameters such as eligible income and equated monthly instalment and net monthly income ratio.
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