RBI Push For Self-Redevelopment

RBI Push For Self-Redevelopment

Also, doubles home loan limits by coop banks

Mumbai Suburban District Housing Federation’s follow-up with RBI pays

MUMBAI, June 9 (The CONNECT) – With the latest RBI notification, the limit on individual housing loans by cooperative banks limit of 2011 has been doubled after 11 years. Considering the needs of the customers the individual housing loans for tier I cooperative banks has been enhanced from Rs.30 lakhs to Rs.60 Lakhs and for tier II of Co-operative Banks from Rs. 70 Lakhs to Rs.140 Lakhs. Home buyers can approach even District Centre Co-operative Banks & other co-operative banks as well.

Similarly, RBI has allowed the District and State Cooperative banks to grant self-redevelopment funding to the housing societies.

This has become possible due to the constant follow up made by Abhishek Ghosalkar, Chairman of Mumbai Suburban District Housing Federation and the Director of Mumbai Bank representing nearly 35,000 housing societies in Mumbai. 

Ghosalkar said self re-development is a best alternative for housing societies to start the re-development considering the stalled projects and defaults by a number of developers.

Self-Redevelopment provides maximum security to the members, less litigation and provides additional benefits to the members in the form of additional area, additional corpus over and above what the developer offers.

The Mumbai Suburban District Federation has constituted a separate free advisory cell to guide housing societies looking for self-redevelopment from beginning till the OC is obtained, Ghosalkar said.

Ramesh Prabhu, Chairman of Maharashtra Societies Welfare Association (MahaSewa), hailed the RBI move saying the new facility will boost Self Re-development.

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