Loans for affordable housing to get cheaper

Loans for low-cost housing are set to get cheaper as housing finance companies have been given easier access to overseas funding.

The National Housing Bank (NHB) is drafting guidelines to ensure a cap on interest rates for affordable housing loans, which will be financed through overseas funding, according to R.V. Verma, Chairman and Managing Director.

DRAFT GUIDELINES

“The interest rates under the affordable housing segment will be closely monitored. They will work out to be lower than the normal lending rates. The guidelines on the cap on interest rates will be out in a week’s time,” Verma said.

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