National Housing Board raises refinance limit in view of current financial scenario

National Housing Board (NHB) Monday said it has raised refinance limit for housing finance companies to Rs 30,000 crore for the period between July 2018 to June 2019.

The regulator to housing finance companies (HFCs) had set an initial limit of Rs 24,000 crore, towards refinancing eligible institutions.

"Keeping in view the current scenario, we have decided to increase the refinance limit to Rs 30,000 crore," it said in a release. All the eligible HFCs and other entities will now have increased availability of funds, it added. In the current year, NHB has sanctioned Rs 8,835 crore, it said.

NHB is the principal agency to promote housing finance institutions, which are currently 97 in numbers.

It offers to refinance assistance to housing finance companies in respect of their housing loans to individuals, and also for their loans to other institutions for housing finance and construction finance.

(With inputs from agencies.)