No upward pressure on home loan rates, says NHB chief

The interest rate on housing loans could soften by 25-50 basis points in the current fiscal year, said Mr RV Verma, Chairman and CEO, National Housing Bank.
This thaw in home loan rates will be because of the southern movement in key policy rates.
"Upward pressure on interest rates is not there. Home financing companies have already cut lending rates by 25 basis points," said NHB chief on the sidelines of Skoch summit.
Overall, NHB, which is the top-level institution for housing finance in the country, expect home loans to grow by 20 percent in FY13, up from 18 percent in FY12. NHB is a wholly owned subsidiary of Reserve Bank of India.Loans cap for NBFCs
According to Mr Verma, the housing finance companies may be outside the scope of the 5 per cent ceiling on bank lending to non-bank financial companies. Else, it would go against the spirit of channeling affordable housing finance from as many intermediaries as possible.
The NHB chief pointed out that the RBI has increased the limit on banks' loans to non-governmental agencies approved by NHB for its refinancing, the RS 5 lakh RS 10 lakh.
This is subject to the agencies on loans only for construction / reconstruction of the individual dwelling units or slum clearance and rehabilitation of slum areas.Refinance
NHB expects to end the current fiscal year (July-June) with a payout of Rs 15,000 crore (Rs 13,000 crore last year) through refinance to banks and HFCs. NHB will pay Rs 17,500 crore as refinance in July 2012-June 2013, said Mr Verma.Securitisation
NHB plans to securitise a small portion (about Rs 100-150 crore) of HFC loan. It is to show that loans can be successfully securitized under the new RBI guidelines.
Securitisation is the process of pooling loans and selling the consolidated loan that pass through certificates to different investors. This process will help HFCs become liquid and make fresh business.
The regulator and supervisor for HFC will also fuse a portion of the payments made to HFCs and banks, said Mr Verma.


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