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Our Bureau

New Delhi , Aug. 25

National Housing Bank (NHB) expects to borrow a sum of Rs 8,600 crore during July-June 2006-07 to fund the demand for credit from homebuyers, its Chairman and Managing Director, Mr S. Sridhar, said.

He also told reporters that there are no immediate plans to expand its paid-up capital, which stood at Rs 450 crore. "We have a comfortable capital adequacy. There is no need to go in for capital increase immediately," Mr Sridhar said.

NHB had, in the recent years, been forced to borrow funds at higher cost (market rates), with the window for raising low-cost resources through the capital gains tax bonds having been closed.

Mr Sridhar said that the absence of low-cost resources through capital gains bonds has, to an extent, contributed higher net profits, as NHB had to lend at higher rates to maintain margins.

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