RBI allows foreign funding for low-cost housing


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.