Home buyers rights: If the builder does not give the flat, you can get your money back, big decision of the High Court

RBI has recently issued new instructions to banks for home loans, which will be beneficial for customers taking home loans. This instruction of RBI will provide a lot of relief to home buyers.

Buyers rights: RBI takes decisions from time to time keeping in mind the safety of the customers. RBI has recently issued new instructions to banks to provide relief to the loan holders. 

RBI has issued a home loan guideline for customers taking home loans, which is called RBI Rules for Home Loan. This can help home loan holders get relief from rising interest rates. RBI has issued these new instructions to reduce the problem of these interest rates.

RBI found the following deficiencies:

RBI (Reserve Bank of India) has found a significant deficiency in its annual inspection. Many banks charged wrong interest on home loans, due to which customers had to suffer losses. After this, the central bank has given instructions to the banks keeping in mind the safety of the customers.

RBI found that some banks start charging interest from customers before the date of loan approval, while other banks start charging interest from the date of loan approval. 

Customers used to get the loan later. Now under the new rules for domestic loans, all banks and institutions will have to charge interest from the actual date of giving loan to the customer. Along with this, customers will have to inform the banks about the interest and charges. 

Strict instructions to banks 

RBI home loan rules have instructed banks to strictly implement the rules as they want to protect the customers. This RBI directive has given a lot of relief to the loan takers. 

However, due to this, the banks have also lost several hundred crores of rupees. You know the home loan processing fees of State Bank of India (SBI), HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Punjab National Bank (PNB).

1. - SBI loan processing fee is applicable which is 0.35 per cent of the loan amount plus applicable GST. The minimum amount is Rs 2,000 excluding GST and the maximum amount is Rs 10,000 excluding GST.
2. - Apart from this, HDFC Bank charges a processing fee of 1 per cent of the loan amount plus applicable GST and a minimum of Rs 7,500.
3. - PNB Bank also charges a processing fee of 1 per cent of the loan plus applicable GST. 
4. - Apart from this, customers should carefully understand the loan interest rates and charges.

Pay your loan online-

RBI monitors the work of banks. The Reserve Bank of India (RBI) found in its annual inspection that some lending banks start charging interest even before the date of loan sanction. RBI also said that many such cases have been seen recently,

If the loan is paid through cheque and the lenders start charging interest from the date of cheque, then the banks start charging interest even before the lenders give the cheque to the customer. RBI has advised banks and financial institutions to transfer the loan amount to the account online instead of cheque.