With the real estate sector likely to see high levels of transparency under the Real Estate (Regulation and Development) Act, homebuyers could get easier access to loans and would be able to negotiate better terms with lenders.
Financial sector experts believe that lenders would gain extra comfort in extending loans to homebuyers under the new real estate law, which came into force from May 1.
“After RERA, lenders will be more comfortable in providing home loans to customers. With the new law in place, delay in delivery of the projects due to lack of fund will be reduced drastically which was a major concern among lenders. Now lender will have to deposit funds received from customers in a dedicated project account,” Amitava Mehra, CEO, India Mortgage Guarantee Corporation (IMGC).
