The Hindu Business Line : NHB to take stake in rural housing finance firms

Hyderabad, Aug. 30 National Housing Bank (NHB) is planning to invest equity in housing finance corporations engaged in rural housing finance, according to Mr S Sridhar, Chairman and Managing Director.

Speaking at a meeting with State Level Public Enterprises (SLPEs) here on Thursday, Mr Sridhar said there was a need to promote rural housing finance in the country. “While housing finance in the country is growing at a CAGR of 46 per cent, rural finance is not keeping pace with it. We want act as a catalyser to promote housing finance for middle-income and poor people,” he said.

“Earlier, we had picked up equity stake in some HFCs. Now, we want to do it again specifically for rural housing finance,” he said.

The bank is also eyeing micro housing finance. “We had done a pilot project for housing micro finance in Tirupati with some self-help groups. We are scaling up the model further,” he said.

On reverse mortgage, Mr Sridhar said the bank was planning to appoint certified independent mortgage councillors to protect interests of the customers. “We have also issued some guidelines on reverse mortgage,” he added.

NHB was also looking forward to enter into MoUs with SLEPs to develop suitable packages for housing finance for their employees, he said.

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