RBI revises priority sector lending under affordable housing scheme

The Reserve Bank of India (RBI) on Tuesday said the priority sector lending under the Pradhan Mantri Awas Yojana scheme has been revised to Rs 35 lakh in metropolitan cities and Rs 25 lakh in other centres, provided the overall living costs does not exceed Rs 45 lakh and Rs 30 lakh respectively.

“With a view to bringing convergence of the priority sector lending guidelines for housing loans with the affordable housing scheme and to give a fillip to low-cost housing for the economically weaker sections and low income groups,” RBI press release said.

The existing income limit of economically weaker sections (EWS) has been revised to Rs 3 lakh per annum and for low income groups (LIG), the limit is revised to Rs 6 six lakh per annum from the previous Rs 2 lakh per annum for both the sections, as per the income criteria specified under the Pradhan Mantri Awas Yojana scheme.