Home Loan Rules: RBI gives big relief to home loan borrowers, curbs banks' willfulness..

RBI Home Loan Rules: People often have to visit banks to get a loan in financial need. Despite this, many banks (bank loan news) play a big game while giving loans arbitrarily. Especially in the case of home loans, such problems are faced by customers a lot.

Now RBI has given special relief to those taking home loans (home loan EMI). RBI has also issued new guidelines (Home Loan Guidelines) while curbing the arbitrariness of banks. Let's know in detail about this news.

Shocking revelation in RBI inspection-

From time to time the Reserve Bank of India (RBI loan rules) keeps inspecting the functioning of banks. In an inspection done some time ago, RBI came to know that some banks and financial companies giving loans (bank loan news) are charging interest on loans from consumers in the wrong ways. After this shocking revelation, the Reserve Bank of India (Reserve Bank of India) issued a new guideline.

Customers were being cheated-

After taking a home loan, customers were being cheated due to the wrong interest being charged by the banks (bank news). They had to pay more money. According to the new rule, banks and NBFCs will no longer be able to charge interest from the customer before the actual date of giving the home loan (home loan interest).

There was a game going on in the interest of home loan-

According to the revelations made in the inspection of RBI, the game that was going on in the banks regarding charging interest on home loans (home loan par byaj), it was found that many banks start the interest as soon as the loan is passed and the customer gets the loan amount after many days. It takes a lot of time for the loan amount to be transferred to the account (loan transfer rules), whereas the interest was being charged from the date of loan passing or cheque issuance.

This is the rule of RBI-

According to the rule, the interest on home loan (home loan interest rates) should start from the day the loan amount comes into the account. RBI has issued new guidelines (RBI guidelines) taking strict measures. Now banks have been instructed to collect interest only after the loan amount is credited to the account.

Now banks will have to follow this guideline-

Now banks will have to follow the new guidelines of RBI (RBI update) in the matter of collecting home loan interest. RBI (RBI new guidelines) has instructed all banks to transfer the loan amount to the customer's loan account online instead of giving a cheque. With this system, the interest meter will not be able to be started by the banks before the loan amount is received.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.