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RBI Directives for Home Loans in India

The Reserve Bank of India (RBI) has given a recent and elaborate directive to Indian banks. The Reserve Bank of India has asked the banks to be fair and transparent while signing their home loan agreements with the consumers. This latest RBI Directive for Home Loans for resident Indians have followed the hue and cry raised by various consumer sections regarding home loans. RBI directive for Home Loans has stressed on the fact that while giving a home loan the banks should not combine their loans with their own prime lending rates (PLR) which often culminates in pro-bank and against consumer interest.

The recent RBI directive for home loans has also emphasized that the consumer should get proper credit counseling before signing any loan agreement. The banks themselves can provide the credit counsellings or it can also be provided by non-governmental organizations too. Consumers often cry foul about of not receiving benefits of falling interest rates as banks tie their floating rate loans with their prime lending rates or PLR and thus and even when rates dive downwards the banks kept the PLR unchanged.

On the other hand when interest rates are sky rocket, the banks increase the benchmark rate, thus making customers pay a higher rate and consequently increase the number of EMIs too. The RBI ordered th banks to amend such illogical rules.
Thus the elaborate RBI directives for home loans aim at making the home loan process more logical and transparent. The detailed RBI guideline for Home loan has underlined the fact that the individual borrowers should ask for the exact tenure and EMI while taking a fixed rate loan. The RBI has also promised to probe into all consumer complaints if it is bought to the regulator's notice.

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