NHB to raise Rs 11,000 cr in FY12

Housing finance regulator National Housing Bank (NHB) will raise Rs 11,000 crore during the year to fund housing activities as against Rs 9,000 crore in the previous fiscal.

The bank, which is wholly owned by RBI and follows the July-June financial year, has fixed the refinancing disbursement target for 2011-12 at Rs 12,500 crore as against Rs 11,723 crore in last fiscal.

"NHB's disbursement in last fiscal reached an all-time high of Rs 11,723 crore as against Rs 8,108 crore in 2009-10 fiscal," NHB Chairman and Managing Director RV Verma told reporters here.

The funds will be raised from different channels like bonds, LIC, banks and financial institutions and international financial institutions and utilised for refinancing housing loans of housing finance companies and commercial banks.

Verma further said NHB would raise $500 million from World Bank.

Emphasising on need to improve 'accessibility' and 'affordability' of housing finance for the low and moderate segments of the population, Verma said, "NHB is exploring possibilities of launching a mortgage gurantee product in the country in collaboration with some international partners, including the IFC and the ADB."