Processing .....please wait.. 
The article has been forwarded.... 
National Housing Bank to raise $2.6 Bn this fiscal
Kolkata: National Housing Bank (NHB) would raise 
110 billion ($2.6 billion) during the current fiscal to fund the housing industry, said a top official here Friday.
"This year, we plan to mop up 110 billion from the market. Of this, about 10 billion would be raised from retail deposits, which we will be doing for the first time," NHB chairman and managing director S. Sridhar said.
NHB provides financial and other supports to housing finance companies and have mopped up 13.2 billion in 2007-08.
NHB has sought the government's approval to include its deposit scheme under section 80 C of the Income Tax Act that provides tax benefits to investors.
"We are waiting for the government's nod, after which we will start taking deposits," Sridhar added.
NHB has recently tied up with United Guarantee Co (UGC) of the US for a mortgage guarantee company where NHB will be the majority partner.
"NHB will be the single largest shareholder in the mortgage guarantee company while shareholding of UGC is yet to be decided," Sridhar added.
Source: IANS
110 billion ($2.6 billion) during the current fiscal to fund the housing industry, said a top official here Friday.
"This year, we plan to mop up 110 billion from the market. Of this, about 10 billion would be raised from retail deposits, which we will be doing for the first time," NHB chairman and managing director S. Sridhar said.
NHB provides financial and other supports to housing finance companies and have mopped up 13.2 billion in 2007-08.
NHB has sought the government's approval to include its deposit scheme under section 80 C of the Income Tax Act that provides tax benefits to investors.
"We are waiting for the government's nod, after which we will start taking deposits," Sridhar added.
NHB has recently tied up with United Guarantee Co (UGC) of the US for a mortgage guarantee company where NHB will be the majority partner.
"NHB will be the single largest shareholder in the mortgage guarantee company while shareholding of UGC is yet to be decided," Sridhar added.
Source: IANS
