Now, every middle-class Indian can dream to buy a property in his lifetime. There are several factors that have made it possible. Before liberalizations, the middle class was not so financially strong and even the banking system in India was not helpful to their cause. But, the situation has now changed for the better.
With DINK (double income no kids) category in the middle class society aiming high and working hard to fulfill their dreams of purchasing a home, the growth in the home loan market has been unprecedented over the last few years.
Most of the new home transactions that are taking place in India have the support of home loans. One big question that is arising in the present circumstances is related to the recovery procedures of the private banks. These banks are allegedly throwing away money to the consumers, and later on, adopting forceful techniques to get it back, exploiting the borrowers in the process.
It seems as if the situation is now being checked at the highest levels in India. Even the government and financial regulators are taking pain to allay the fears of small buyers who only dream to have a roof of their own.
Recently, the Reserve Bank of India has put forward a proposal that takes into consideration the genuine concerns of the home buyers in case of any default in repayment of home loans. The central bank has proposed to make it mandatory for the banks to give one last opportunity to the loan defaulters before proceeding to take possession of their mortgaged property.
Stung by the recent episodes of the recovery agents from the private banks treating the borrowers high-handedly, the Reserve Bank has drafted its second set of guidelines. The Bank said that repossession process should follow the letters of the Indian Contract Act in its right 'spirit'.
The guideline draft proposes that the banks should record the telephonic conversation between their customers and the recovery agents for future reference. To instill the public confidence and make the guidelines effective, the Reserve Bank has also sought comments from the public.
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