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National Housing Bank (NHB) plans to raise $200 million through external commercial borrowing (ECB) to refinance individual loans given by housing finance companies (HFCs) and banks for buying low-cost affordable homes.
NHB will also mop up Rs 500 crore through tax-free bonds issue for providing general refinance to HFCs and banks against home loans extended by them, said R.V. Verma, Chairman and Managing Director.
Besides registering HFCs, NHB regulates and supervises housing finance companies. It also provides refinance to NBFCs as well as banks.
The Reserve Bank of India (RBI) recently reviewed the ECB policy, allowing developers/builders and NHB/specified HFCs to raise up to $1 billion (aggregate) in FY2012-13 for low-cost affordable housing scheme.
Verma said NHB will seek extension of time from the RBI for raising resources as developers/builders and HFCs have time only up to March-end 2013 for mopping up resources through ECBs.
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