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RBI looks to broad-base housing price database

By Religare

RBI looks to broad-base housing price database
In order to assess an individual's affordability of home loan and its repayment, Reserve bank of India (RBI) has said that it is looking to expand its home price database to monitor parameters like loan to value ratio , EMI or equated monthly instalments to income ratio.

At an international seminar orgainsed by the National Housing Bank last week, Deepak Mohanty, executive director, of RBI said, "The Reserve Bank is also developing a housing asset price monitoring system covering such details as LTV ratio, EMI to income ratio and price to income ratio based on housing loan data from select cities collected from select banks and HFCs."

Currently there exist two house price indices or HPIs. One is the National Housing Bank's NHB-Residex compiled on survey based information for 20 cities. The second one is RBI-HPI based on registration prices information for 9 cities.

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