VIEWS OF RAO
Friday, November 2, 2018
REG.EMI AND HOUSING LOANS.
Wish the Central govt. issue bonds of Rs.500/1000/2500/5000/10000.
Let the rate of interest be around 7 per cent.per a year..
interest paid /credited on a quarterly basis.or on a cumulative basis.
The bonds can have a maturity of 15 years with the clause it can be foreclosed after the locked period of 5 years.
To start with it can be for 29000 crores.
gradually raised to 58000 crores ..116000 crores.
If need be, loans can be granted on the bonds by the banks at 2 p.c.more than the rate prescribed in case of emergencies. with additional charges not exceeding 0.5%.
Housing loans are to be given for individuals only only only
up to 36 months emoluments.
Rate of interest to be maximum 9.5 percent charged on the balance due. on a simple interest basis that too collected at the end of every month.
If the loan is prepaid before the due date, rebate , a reasonable one could also be given.
Maximum loan not to exceed Rs. 10,00,000. for a single person and with the spouse Rs.20,00,000/
Mortgage insurance and life insurance are a must.
in both the cases.collected in advance for at least 2 years.
This calculation is based on 60x40 plot with construction cost of Rs 200 per sq.feet.
The plot can be of lesser size and with the cost of construction adjustment.
This is done as an example.
Those who are well experienced and who has more consideration on humanitarian basis, can suggest better than this suggestion.
Main aim is all must live in their own houses.
Your suggestions,opinions, comments
please send to firstname.lastname@example.org and oblige.
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