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| Rs 2,120 cr disbursed to HFCs: NHB |
| Newswire18 / New Delhi Feb 05, 2009, 00:52 IST |
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The National Housing Bank (NHB) has disbursed nearly Rs 2,120 crore to housing finance companies (HFCs) out of the Rs 4,000-crore refinance facility provided by the Reserve Bank of India, Chairman and Managing Director S Sridhar said today.
“In the last one month, we have given Rs 2,118 crore to housing finance companies. Some of the disbursals have been at 6.75 per cent, while others have been a 7 per cent,” he said at a real estate industry conference. In December, RBI had approved a Rs 4,000-crore refinance facility for NHB as part of a package to ensure adequate liquidity to housing finance companies.
The refinance facility, which is available till March 31, 2010, will enable housing finance companies to offer loans up to Rs 20 lakh. He also said there is a scope for housing finance companies to cut lending rates further.
“Most housing finance companies have reduced lending rates by 50-175 basis points in the last one month. If they are getting it (refinance from NHB) at 7 per cent, they must pass it on at lower rates,” he said. The move by housing finance companies to bring down lending rates follows the Reserve Bank of India cutting repo rate by 350 basis points, reverse repo 200 bps and cash reserve ratio 400 bps since October to give fillip to demand and boost liquidity.
Sridhar also said there has been some revival in demand in the real estate sector.
“We are getting some feedback that there is a pick up (in demand), particularly in January,” he said.
Sridhar said National Housing Bank has disbursed Rs 7,000 crore out of the Rs 11,000-crore loan disbursal target for the year ending June.
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