Investing in gold trumped most other asset classes in terms of compounded annualised returns over the long term, suggests a report by FundsIndia.
India's housing finance sector is riding a wave of post-pandemic revival, driven by policy support, digital innovation, and growing demand from younger homebuyers in emerging cities.
The move is to align affordable housing finance flows to the increase in property costs and inflation, says Raghu Mohan.
More than 58% of individual housing loans disbursed in 2023-2024 were more than 25 lakh in size.
'Earlier, our cost of funds was higher than most in the peer group.'
The central bank held 72.5 per cent equity in Nabard worth Rs 1,450 crore, of which 71.5 per cent amounting to Rs 1,430 crore were divested way back in October 2010 and the residual shareholding was divested on February 26, 2019.
In what could trigger another round of rate cut war, National Housing Bank on Wednesday slashed lending rates by 0.40-0.65 per cent just two weeks before the Reserve Bank of India announces its busy season credit policy.
Housing regulator, NHB, which is awaiting $ 500 million loan from the World Bank for low cost housing, today said property prices would rise in the next one year, but that would result in correction in these rates in all the metros subsequently.
The government was keen that HFCs did not use the special window at a low rate and offered loans at very high rates. On 5 December, the Reserve Bank of India announced a refinance window for the HFCs, under which Rs 4,000 crore was made available to them from NHB at a concessional rate of 8 per cent.
The housing finance regulator National Housing Bank on Thursday said it was collecting information from housing finance companies about their exposure in group entities of the scam-tainted Satyam Computer Services.
'We started affordable housing loans that has good traction and the books have grown to Rs 750 crore as of the end of last quarter.'
The Reserve Bank on Thursday asked banks and other financial institutions to report to the government details about accounts resembling 10 individuals who have been designated as terrorists by the Union home ministry earlier this month. On October 4, the Union Ministry of Home Affairs (MHA) had designated a total of 10 members of Hizbul Mujahideen (HM), Lashkar-e-Taiba (LeT) and other proscribed outfits as terrorists under the Unlawful Activities (Prevention) Act (UAPA). Those designated as terrorists include Habibullah Malik alias Sajid Jutt, a Pakistani national, Basit Ahmad Reshi, who hails from Jammu and Kashmir's Baramulla but is currently based in Pakistan, Imtiyaz Ahmad Kandoo alias Sajad, who hails from Jammu and Kashmir's Sopore but now lives in Pakistan, Zafar Iqbal alias Salim, who is from Poonch but presently residing in Pakistan, and Sheikh Jameel-ur-Rehman alias Sheikh Sahab, who hails from Pulwama.
'Real estate loans are given in the garb of retail loans, sourcing money cheap from the NHB refinance window.' 'This loophole is being plugged,' notes Tamal Bandyopadhyay.
The National Housing Bank on Tuesday hiked the interest rates on its capital gains bonds by 0.25-0.35 per cent effective from December 1.
Tamal Bandyopadhyay offers some unsolicited advice for a government wh,ich came to power, with brute majority and the nation's pragmatic chief money man.
After the NHB asked housing finance cos to desist from offering interest subvention schemes, disbursement of loans are likely to get delayed, points out Tinesh Bhasin.
The Rs 20,000 crore is in addition to Rs 10,000 crore support announced earlier by the housing sector regulator NHB.
As many as 26 of 50 urban hubs across the country have shown a moderate upturn in housing prices between December 2016 and March 2017
Market regulator Securities and Exchange Board of India (Sebi) in its investigation against Indiabulls Housing Finance has found the mortgage financier non-compliant with regards to unavailability of certain information on its website as well as its internal policy. Thereby, it has directed the company to take corrective measures and inform the stock exchanges in a months' time. Several public interest litigations (PILs) and FIRs were filed against Indiabulls Housing Finance back in 2019, alleging irregularities, siphoning of funds, and other violations committed by the promoters of the company.
Mumbai and Delhi NCR, country's two largest markets, do not fare very well.
It has also got the Reserve Bank's nod to set up a non-banking finance company subsidiary for its consumer loan business, which would primarily focus on vehicle loans and lending to SMEs. Both HFC and consumer finance subsidiaries would be in place in the next two months, and the employees currently working with the related businesses at Reliance Consumer Finance Ltd would be relocated to the new entities.
Housing prices appreciated in 18 major cities by up to 3.9 per cent in April-June over the preceding quarter while property rates fell in six cities including Delhi, according to National Housing Bank (NHB).
Indians borrowed nearly Rs 1.60 lakh crore in housing loans in 2013-14, helping home finance firms' books move closer to the Rs 10 lakh crore mark.
The COVID-19 pandemic affected the residential property market during the April-June period last year but sales have improved in affordable homes segment since July onwards, reflecting economic recovery in the real estate sector, according to the Economic Survey. The National Housing Bank's (NHB) Housing Price Indices (HPIs) are a broad measure of movement of residential property prices observed within a geographic boundary. The NHB-RESIDEX captures two housing price indices -- HPI@ Assessment Prices and HPI@ Market Prices - Under Construction Properties based on the data available for 50 cities with quarterly updation.
These decisions by NHB will come into effect immediately and will cover all housing finance companies including LIC housing finance.
Piramal Enterprises' bid for debt-ridden DHFL received the most votes from lenders at the close of the voting process on Friday, sources said. Piramal Enterprises' bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital. Voting was done on various parameters, including qualitative and quantitative.
Credit to priority sectors as well as small and medium industries will be discussed to find ways to accelerate economic growth.
Rs 5,000 crore additional liquidity facility to be provided by the National Housing Bank to boost liquidity in housing sector, the RBI said.
Housing finance companies are currently regulated by NHB, which is, in turn, regulated by RBI. NHB is wholly-owned by RBI.
Supply rises as farmers harvest crops amid fear of spoilage on expectations of early showers
Through NHB, the government has made available additional funds to the tune of Rs 60 billion to the housing finance sector. The bank is clearing oversees borrowing applications from housing finance firms to boost their funding requirements. NHB chairman and managing director S Sridhar shares his views on the current scenario.
A nation-wide housing price index may be a reality soon. The National Housing Bank, in collaboration with the National Council of Applied Economic Research, is close to finalising the methodology to be adopted for the index, named NHB Residex.
The data is expected to form the basis for policy decisions such as rationalising stamp duty, capital gains tax, municipal tax and determining mortgage rates.
Observing that MSME sector plays an important role in the growth of the Indian economy, RBI said the restructuring of the borrower account has been extended by further one year to March 31, 2021.
Asset Reconstruction Company has acquired bad debts totalling Rs 805 crore (Rs 8.05 billion) from ICICI Bank and National Housing Bank (NHB) and is close to finalising 2-3 more deals including public sector lenders, a top ARCIL official said.
Housing prices in 22 major cities, including Delhi and Mumbai, are witnessing downward trend in April-June period compared to the previous quarter due to slowdown in demand, National Housing Bank said.
The Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group's bid to take over it towards the end of the resolution process. The revelation comes in the June 7 NCLT Mumbai order that has approved the Rs 35,250-crore bid for the once second largest mortage lender by Piramal Capital & Housing Finance, forcing over 65 per cent haircut on the creditors and just Re 1 to its NCD holders to whom it owes more than Rs 45,000-crore. On the 14th page of the 86-page NCLT order by HP Chaturvedi and Ravikumar Duraisamy, it says DHFL no longer is a deposit taking NBFC but a non-deposit taking one.
US-based Oaktree on Monday pipped Piramal Enterprises and Adani Group to emerge as the highest bidder for DHFL after fresh bids were invited under the insolvency process, according to sources. The committee of creditors had fixed December 14 as the last for submission of revised bids. According to the sources, Oaktree raised the bid to Rs 36,646 crore, including Rs 1,000 crore for insurance and Rs 3,000 crore of interest earned, while Piramal Enterprises offered Rs 35,550 crore, including Rs 300 for insurance and Rs 3,000 of interest earned.
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