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National Housing Bank (NHB), the housing finance regulator, is favourably disposed to HDFC's application for a $500-million external commercial borrowing (ECB) for affordable housing projects in India.
NHB will soon recommend HDFC's application to the Reserve Bank of India for the latter's approval, R.V. Verma, Chairman & Managing Director of NHB, told Business Line .
Housing finance companies have been asked to route their ECB applications through NHB, which looks into various regulatory aspects before forwarding them to RBI for approval.
NHB too, on its own account, proposes to approach RBI for a $200-million ECB proposal, Verma said.
srivats.kr@thehindu.co.in
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