RBI External Commercial Borrowings (ECB) for the low cost affordable housing projects The policy regarding ECB for the low cost affordable housing projects has been reviewed and it has been decided to modify the guidelines a. Developers/builders should have a minimum of three (3) year’s experience in undertaking residential projects as against five (5) years prescribed earlier and should have good track record in terms of quality and delivery. b. The condition of minimum paid-up capital of not less than INR 50 crore, as per the latest audited balance sheet, for Housing Finance Companies (HFCs) stands withdrawn. However, the condition of the minimum Net Owned Funds (NoF) of Rs. 300 crore for the past three financial years remains unchanged. c. The aggregate limit for ECB under the low cost affordable housing scheme is extended for the financial years 2013-14 and 2014-15 with a ceiling of USD 1 billion in each of the two years, subject to review thereafter. d.The ECB availed of by developers and builders shall be swapped into Rupees for the entire maturity on fully hedged basis. From d reliable sources. .
Posted on: Tue, 25 Jun 2013 07:38:09 +0000
Trending Topics
Recently Viewed Topics
© 2015