RBI Chairman, Y V Reddy has ordered all Home Loan lending institutions in India to furnish details of Multiple Home Loan borrowers.Why is RBI profiling your data ?
RBI fears that once the property bubble bursts, borrowers who have invested in second or third homes to earn a fat rent could default, as tenants relocate to properties with lower rentals. At that point the properties that have been pledged with the banks may not be adequate to cover loan exposure and thus lead to higher NPAs for banks. Besides, RBI also wants break-up on Salaried Borrowers, Self Employed, NRIs, BusinessMen etc
See how EMIs on home loans have increased with the increase in home loan rates. In the past one month, all the Indian Real Estate stocks have crashed off their highs by 40%.
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