RBI allows foreign funding for low-cost housing

AFP

The Reserve Bank of India (RBI) on Monday allowed property developers to borrow money overseas through external commercial borrowing (ECB) for funding low-cost housing projects.

Housing finance companies can also avail of ECB for financing prospective owners of low-cost housing units, the RBI said in a statement.

The application for ECB would have to be sent to the central bank for approval, it said.

Reuters


Published Date: Dec 17, 2012 07:26 pm | Updated Date: Dec 20, 2014 02:50 pm