2024-07-28 16:50:36
New Delhi: Getting a home loan is going to be easier now. People who do not get salary or do not have any credit score will also not face any problem in getting a home. Banks will now look at digital payment history and not salary or credit score for home loans. In fact, Finance Minister Nirmala Sitharaman had said in the budget that if public sector banks (PSBs) want to evaluate MSMEs (micro, small and medium enterprises) for credit, then they will have to build their internal capacity instead of relying on external evaluation. Under the new model, banks will do the credit evaluation of MSMEs on the basis of its digital footprint (digital payment history) and not on the basis of its balance sheet. There is talk of developing similar rules for the housing sector as well. In an interview to the Indian Express, Financial Services Secretary Vivek Joshi said that new credit evaluation models have been announced for MSMEs in the budget. Now the Finance Ministry is developing a similar product to provide home loans based on the digital footprint of any person. This move will be beneficial for those who are applying for home loans and whose credit score or credit worthiness is not easy to determine. Joshi said that till now home loans from banks are available only to those who are salaried or file tax returns. For those who do not have these documents, banks can give them loans by looking at their digital footprint under the new model.
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The new model will be developed in three months
According to the Financial Services Secretary, the new model is likely to be developed in three months. During home loans, banks will look at the digital payment history of the applicant, i.e. how much money the person has spent and where it came from. Based on this, it will be decided how much loan the person will get. On the new credit assessment model for MSMEs, Joshi said that currently banks look at the balance sheet and account statements of MSMEs before giving them loans and the government is now planning to change this.
Salaried class gets home loan quickly
According to the current pattern, salaried class gets home loans quickly. Banks look at the bank statement and credit score of the eligible candidate to give loan. Loan eligibility is decided on this basis. Now with the advent of the new model, whether you have salary or not, banks will give loan on the basis of how much money has come in your account and how much you have spent. However, more rules related to this will be clear only when this model is developed. On the basis of such transactions, banks will also be able to give loans to small businessmen.