NHB to set up a Mortgage Housing Finance Company
National Housing Bank (NHB) is planning to set up a finance company over the end of this financial year. The housing finance head Reserve Bank of India, will compensate on banks and housing finance companies in respect with the home loan borrowers. The application for the mortgage finance company will be handled by the Reserve Bank of India by the first part of the financial year 2012. NHB Chairman R V Verma reported saying that they are waiting for the sanction of the approval from the Foreign Investment Promotion Board by the end of this financial year. The initial capital of Rs 120 crore and an authorized capital of Rs 750 crore has been plannes as the actual estimation over this banking scheme.
Bhubaneswar, Foreign Investment Promotion Board, Guwahati, Housing finance companies, Indore, Ludhiana, National Housing Bank, Reserve Bank of India, Vijayawada
