Real Estate

NHB to seek RBI nod for $ 200 m ECB this fiscal

K. R. Srivats New Delhi April 11 | Updated on March 12, 2018




National Housing Bank (NHB) will soon seek RBI nod to allow the housing finance regulator to raise $ 200 million external commercial borrowing (ECB) under the ‘affordable housing’ window this fiscal.

Although NHB had last fiscal received RBI nod for the ECB mop-up, it could not go ahead with the transaction as the approval came in the later part of last fiscal.

“We will soon approach RBI and seek approval to raise $ 200 million ECB for affordable housing this fiscal. This will be under approval route”, R.V.Verma, Chairman & Managing Director, NHB told Businessline here. on Thursday

Raising ECB will diversify NHB’s resource base and generate confidence among international investors in the Indian housing finance market.

Low-income housing is a new thrust area for NHB, which last year slashed refinance rates on loans up to Rs 5 lakh.

The Government has already decided to allow ECBs for low-cost housing projects.

Both NHB and housing finance companies are included as eligible borrowers for financing low-cost projects.

>srivats.kr@thehindu.co.in

Published on April 11, 2013

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