#RealtyNewsRoundup: Home Loans To Go Cheaper As Banks Reduce Lending Rate

Several banks have reduced their marginal cost of funds-based lending rates (MCLR) after the Reserve Bank of India in June reduced repo rate by 25 basis points. Among the banks which have reduced their MCLR are ICICI Bank, Punjab National Bank (PNB) and Central Bank of India. ICICI has reduced MCLR by 10 basis points bringing down the home loan interest rate to 8.65 per cent. On the other hand, PNB and Central Bank have reduced MCLR by five basis points each across tenures. Now, PNB’s one-year MCLR now stands at 8.4 per cent and Central Bank of India’s at 8.5 per cent. 

Meanwhile, State Bank of India on July 1 launched its repo rate-linked home loan. Now, borrowers have the option to choose between MCLR-linked and market-linked rates.

***

The Centre plans to transfer regulation of housing finance companies (HFCs) and non-banking finance companies from the National Housing Board (NHB) to the Reserve Bank of India. However, the NHB will continue to supervise the HFCs. 

***

In a move that would give a major thrust to the construction sector in the United Arab Emirates, the government has allowed full foreign ownership of international companies operating in the country. The step would boost foreign investment in the UAE across sectors, including construction. 

***

The Delhi government has approved a proposal to make rainwater harvesting mandatory across all government buildings. Delhi Chief Minister Arvind Kejriwal has also asked heads of departments to ensure that all buildings have rainwater harvesting systems in place before the monsoon hits the national capital.

Source: Media reports