National Housing Bank to tap $200 mn ECB window within a fortnight: RV Verma, Chairman
Mar 22, 2014
Source : The Economic Times

 

MUMBAI: The National Housing Bank (NHB), which regulates pure-play home financiers, today said it will be raising $200 million from overseas market within the next fortnight, which will ensure that home loan players meet $1 billion target of foreign fund raising in FY14.

"We will be raising $200 million through the ECB (external commercial borrowing) route in the next 10-15 days. We expect a go ahead from the Reserve Bank on the same in a day or two," NHB chairman and managing director RV Verma told reporters on the sidelines of an event here.

He said with this, home loan companies will achieve the target of raising $1 billion in FY14 through the ECB window, offered for financing affordable housing.

Apart from HDFCBSE -0.03 %, which went public with its $300-million fund raising using the ECB route, other companies which have availed of the avenue include LIC Home Finance, Dewan Housing FinanceBSE -1.99 % and PNBBSE 0.05 % Housing Finance among others together raised $500 million, taking the total to $800 million so far this fiscal, he said.

The NHB, which refinances a part of the housing finance portfolios and acts as the sector regulator for housing finance companies, is looking at arranging the funds at a rate of Libor (London Interbank Offered Rate)-plus 1.50-1.60 per cent, he said.

Verma, however, did not give any target of fund raising through the route for FY15, but said companies will definitely like to exercise this option again.

He said as against the target of Rs 20,000 crore for FY14, the NHB has so far refinanced about Rs 13,000 crore of loans and is confident of achieving the target by June 30, when its fiscal ends.

After the success in mobilising Rs 4,000 crore through the tax-free bonds in the domestic market, NHB will be asking the finance ministry to raise the target to over Rs 6,000 crore for the next fiscal, Verma said.

asked about the suggestion by ex-ICICI Bank executive Nachiket Mor to have a floating rates index to curb the arbitrary rates charged by HFCs, Verma said it is a welcome suggestion and NHB will soon be formulating a high level panel to look into it.

To start with, as the liability profiles of each company is different, it can come up with a range within which the rates should operate and then get down to a specific number.

 

Latest Realty News

Urban Development Department,UDD,UDISSMT,Small And Medium Towns Scheme
Mar 22, 2014
AURANGABAD: With the current financial year coming to an end, principal secretary of the state urban development department (UDD) on Friday asked the heads of respective municipal bodies across the Marathwada region to improve the collection figures of various taxes. Till date, the collection figures through property tax stands at 47% and 32% through water tax.
Coimbatore builders want exemption
Mar 22, 2014
COIMBATORE: Builders and property promoters in Coimbatore have appealed to the Commissioner of Central Excise, Customs and Service Tax to address the issues they faced in payment of Service Tax, taking into consideration the difficulties faced by the sector in the last one year.
'Political rivalry' blow to Vashi's JN-type buildings' redevelopment plan?
Mar 22, 2014
NAVI MUMBAI: Around 20,000 residents of the dilapidated JN1 and JN2 type buildings in Vashi, built by the City and Industrial Development Corporation (Cidco), have opposed the planning body's move of granting 3 FSI for the structures' redevelopment.
India's realty sector remains favoured destination: Grant Thornton
Mar 22, 2014
MUMBAI: The Indian construction and real estate sector continues to be a favoured destination for global investors and businesses are optimistic about their prospects for this year, says a report.
Mishra, wife ride high on real estate boom
Mar 22, 2014
DELHI: West Delhi MP Mahabal Mishra seems to have gained the most from the city's real estate boom. In the past five years, there has been an exponential increase in Mishra's and his wife's assets. Their immovable belongings, which were valued at Rs 2.75 crore in 2009, are worth Rs 33.46 crore today.
Tata Housing to invest Rs 700 crore on housing project in Chennai
Mar 22, 2014
DELHI: Realty major Tata Housing today said it will invest over Rs 700 crore to develop a new housing project in Chennai.
IDFC Alternatives raises Rs 750 crore real estate fund
Mar 22, 2014
DELHI: Realty major Tata Housing today said it will invest over Rs 700 crore to develop a new housing project in Chennai.
India's realty sector remains favoured destination: Report
Mar 22, 2014
DELHI: The Indian construction and real estate sector continues to be a favoured destination for global investors and businesses are optimistic about their prospects for this year, says a report.
IDFC Alternatives raises $123 million in real-estate debt fund
Mar 21, 2014
MUMBAI: IDFC Alternatives Ltd, a private equity fund managed by India's IDFC , raised 7.5 billion rupees for a debt fund that will lend to developers of residential real-estate across the countr
IT Raid on Kiran's Realtor Friend
Mar 21, 2014
HYDERABAD: Income tax sleuths raided the residence of real estate businessman G Amarender Reddy here on Thursday and seized incriminating documents pertaining to huge cash transactions outside the book of accounts, it is learnt.

Latest Realty News Of State

Realty Talk's