Module: | Priority Sector, Consumer Protection & Digital Lending
Q42: Consider the following statements regarding the Housing and Education Priority Sector Lending Ceilings:
1. Education loans granted to individuals for educational purposes, including vocational courses, are strictly eligible up to ₹25.00 lakh per borrower.
2. In centres with a population of 50 lakh and above, housing loans are eligible up to ₹50.00 lakh provided the overall cost of the dwelling unit does not exceed ₹63.00 lakh.
3. Housing repair loans are capped at ₹15.00 lakh in metropolitan centres with a population of 50 lakh and above, and ₹10.00 lakh in centres with a population of less than 10 lakh.
4. Bank loans for slum clearance and affordable housing projects are eligible subject to the dwelling units having a strict carpet area of not more than 90 sq.m.
Which of the statements given above is/are correct?
2. In centres with a population of 50 lakh and above, housing loans are eligible up to ₹50.00 lakh provided the overall cost of the dwelling unit does not exceed ₹63.00 lakh.
3. Housing repair loans are capped at ₹15.00 lakh in metropolitan centres with a population of 50 lakh and above, and ₹10.00 lakh in centres with a population of less than 10 lakh.
4. Bank loans for slum clearance and affordable housing projects are eligible subject to the dwelling units having a strict carpet area of not more than 90 sq.m.
Which of the statements given above is/are correct?
✅ Correct Answer: A
The correct answer is A. Statement 4 is mathematically incorrect: The Master Directions mandate that bank loans for slum clearance and affordable housing projects are eligible only if the dwelling units possess a strict carpet area of not more than 60 sq.m, not 90 sq.m. Statements 1, 2, and 3 are correct: Education loans are eligible up to ₹25.00 lakh.
Housing loans in centres with a population >50 lakh are capped at ₹50.00 lakh (max unit cost ₹63.00 lakh). Housing repair loans are capped at ₹15.00 lakh in >50 lakh centres and ₹10.00 lakh in ₹50k, no cash > ₹50k (debit/cheque only), verify PAN, and maintain records for 5 years.
Housing loans in centres with a population >50 lakh are capped at ₹50.00 lakh (max unit cost ₹63.00 lakh). Housing repair loans are capped at ₹15.00 lakh in >50 lakh centres and ₹10.00 lakh in ₹50k, no cash > ₹50k (debit/cheque only), verify PAN, and maintain records for 5 years.