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DLF’s Rajeev Talwar backs NHB’s subvention scheme circular, says it doesn’t mean a blanket ban
Posted on 24th July 2019
DLF’s CEO Rajeev Talwar has welcomed the National Housing Bank’s recent circular that asked the housing finance companies to desist from offering loan products for subvention schemes offered by builders. It is widely speculated that the new norms could have an adverse impact it may have on the industry, which is weighed down by a slowdown due to lack of demand and a liquidity crunch caused by the NBFC crisis.

The NHB is trying to link the big data with the guidelines of real estate regulatory authority (RERA), he said in an interaction with BTVi. Under RERA, the builders have to report the progress of construction every quarter and the NHB circular will make sure that the money being released by the housing finance companies is in consonance with this, he said.

There have been several complaints in relation to housing loan products under the subvention schemes offered by various builders. Instances of alleged frauds by builders using these schemes were also brought to the notice of the NHB, the circular dated July 19 had said. The document said disbursal of housing loans sanctioned to individuals should be linked to the progress of construction of the projects.

Talwar called for verification of the progress of construction before releasing funds to individuals to protect home buyers’ interests, Talwar said. NBFCs and HFCs suffer because they have released the money, but projects are not completed. Buyers suffer because they have taken a loan yet they have to keep paying rents. Disbursement by NBFCs and HFCs to real estate companies without homes actually being constructed has resulted in a fall in asset quality of NBFCs and HFCs, he said.

Talwar said the circular doesn’t mean a blanket ban. Housing loans are the safest category of loans and the circular was just advocating caution, he said. Companies should see proof of construction before financing loans. Any subvention scheme which doesn’t match the construction should not be disbursed, he said.

Related Companies: DLF Ltd   

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Ayodhya verdict is cue for PM Modi to focus on fixing India's economy
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Shiv Sena MP Arvind Sawant resigns from Union Minister post
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