By Accommodation Times News Service
The National Housing Bank (NHB) is in discussions with multilateral agencies for borrowing or raising funds to refinance banks. The bank expects to raise $200 million from them shortly. The money will be used to refinance banks and housing finance companies for their green housing and low-cost housing portfolios. The NHB had so far refinanced banks and HFCs to the tune for Rs.300crore under a World Bank Initiative for low income housing.
Under the credit-linked subsidy scheme (Pradhan Mantri Awas Yojana), for which the NHB is one of the nodal agencies, it had disbursed Rs.121 crore in the last nine to ten months and is looking at doubling it in the next 12 months.
With regard to refinancing micro financing institutions, Mr. Kalyanaraman said the bank is awaiting government approval.
The NHB is moving forward in technology and plans to create a mobile application for credit-linked subsidy scheme claims.
The housing loan segment in the country grew at 19 per cent last year and there was a latent demand for housing units costing between Rs.15 lakh to Rs.25 lakh.