By Accommodation Times News Services
The Finance Ministry allows 41 more housing finance companies (HFCs) to use the SARFAESI law, bolstering their efforts in recovery of dues and thereby reducing their non-performing assets. It is said that the move will build confidence among the HFCs to lend more to the vulnerable section of society, thereby aiding financial inclusion.
Taken together with the 19 HFCs notified earlier for availing SARFAESI law, almost the entire housing finance industry regulated by the National Housing Bank can now use this law for recovery of their dues.
The HFCs who form part of this list, include Reliance Home Finance, Tata Capital Housing Finance, Shriram Housing Finance, DMI Home Finance, Aditya Birla Housing Finance, Muthoot Housing Finance Micro Housing Finance Corporation, Manappuram Home Finance nad etc.
The total home loan outstanding in India is estimated at about Rs. 10 lakh crore as of December 31, 2014.