NHB to raise Rs 2,000 cr in next 6 months
For the financial year ended June 2011, NHB posted a marginal decline in net profit at Rs 279 crore.
New Delhi: The National Housing Bank Sunday said it will raise Rs 2,000 crore in the next six months by way of bond issue and bank loan tie-ups to meet credit demand.
"We will raise Rs 2,000 crore over the next six months," NHB Chairman and Managing Director R V Verma told media. NHB, which has a dual role of a housing finance regulator as well as a refinancing institution, has already mobilised resources worth Rs 10,000 crore between July-December.
It has set a disbursal target of Rs 12,500 crore for the current fiscal ending June 2012. So far, it has already disbursed Rs 8,100 crore in the first six months ended December, 2011.
"We will disburse another Rs 5,000 crore in the remaining half of the fiscal," Verma said.
For the financial year ended June 2011, NHB posted a marginal decline in net profit at Rs 279 crore. The net profit stood at Rs 280 crore in the previous fiscal.
Verma further said the proposed mortgage guarantee company is expected to be operational by the end of current fiscal.
The firm is being set up to compensate banks and housing finance companies (HFCs) in case of defaults by home loan borrowers.
NHB has finalised partners for the mortgage guarantee company. NHB will be the lead partner with 38 percent stake, while the Asian Development Bank and the International Finance Corporation will have 13 percent stake each in the company, he said.
Remaining 36 percent stake will be with a US-based mortgage company GenWorth Financial, Verma said.