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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Policy Update: Easier ECB Access for Affordable Housing Projects; New Experience and Capital Requirements for Developers and HFCs.</h1> Attention is drawn to authorized banks regarding modifications in the policy for External Commercial Borrowings (ECB) for low-cost affordable housing projects. Developers now require three years of experience instead of five, and the INR 50 crore minimum paid-up capital condition for Housing Finance Companies (HFCs) is removed, though a minimum Net Owned Funds of INR 300 crore remains. The ECB limit is set at USD 1 billion for 2013-14 and 2014-15. National Housing Bank will determine interest rate spreads, ensuring reasonableness. HFCs must ensure unit costs do not exceed INR 30 lakh, with loans capped at INR 25 lakh and a maximum carpet area of 60 square meters. Other scheme aspects remain unchanged.
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