In a move to facilitate cheaper credit for borrowers seeking loans of up to Rs 2 million, the government said that public sector banks would soon unveil a package for the same.
Public sector banks will shortly announce a package for borrowers for home loans in two categories - for loans of up to Rs 0.5 million and Rs 0.5-2 million.
The government pointed out that there is a large unmet demand for housing in the country, especially for middle and low income groups.
The demand in residential segment has declined in the last six months on account of high interest rates on housing loans and steep rise in property prices during last two to three years.
The government highlighted the RBI`s decision to provide refinance facility of Rs 40 billion to National Housing Bank.
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