The National Housing Bank (NHB) next month receive an Asian Development Bank loan of $25 million and float tax free bonds of Rs 300 crore as part of its plans to mobilise its resource target of Rs 800 crore for the 1998-99 financial year.
National Housing Bank chairman P P Vora said the Asian Development Bank loan is the second tranche of a $ 100 million loan already sanctioned by the foreign term lending institution.
The apex bank plans to swap the loan into rupee loans as housing finance is always rupee denominated
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National Housing Bank had swapped the first Asian Development Bank loan tranche of $ 20 million with the Bank of India for rupee loans, fixing the effective rate of the foreign loan at 12 per cent.
National Housing Bank is an institution which sources its funds from Life Insurance Corporation, Unit Trust of India, market borrowings, government guaranteed loans and multilateral term lending institutions.
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