External Commercial Borrowings for affordable housing: revised eligibility and operational conditions permit ECB under approval route with capped allocation. Revision permits ECB for low cost affordable housing under the approval route with modified eligibility and operational conditions: developers must have three years' experience and a good track record; the paid-up capital requirement for HFCs is withdrawn while a Net Owned Funds threshold for HFCs of Rs. 300 crore for the past three years remains. Aggregate annual ECB allocation under the scheme is capped and ECB must be swapped into rupees on a fully hedged basis. NHB shall fix reasonable on lending spreads and certify that ECB proceeds finance prospective owners under prescribed unit cost, loan amount, and carpet area limits.
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Provisions expressly mentioned in the judgment/order text.
External Commercial Borrowings for affordable housing: revised eligibility and operational conditions permit ECB under approval route with capped allocation.
Revision permits ECB for low cost affordable housing under the approval route with modified eligibility and operational conditions: developers must have three years' experience and a good track record; the paid-up capital requirement for HFCs is withdrawn while a Net Owned Funds threshold for HFCs of Rs. 300 crore for the past three years remains. Aggregate annual ECB allocation under the scheme is capped and ECB must be swapped into rupees on a fully hedged basis. NHB shall fix reasonable on lending spreads and certify that ECB proceeds finance prospective owners under prescribed unit cost, loan amount, and carpet area limits.
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