India - Housing Development Finance Corporation Project
Heian, Betty C. | Monson, Terry
The proposed project helps finance housing through a line of credit to the Housing Development Finance Corporation (HDFC), equal to a maximum 30 percent of HDFC's mortgage lending program over a 3-1/2 year period. HDFC's average loan for Rs 40,000 (about US$3,000) finances about 45 percent of the total housing cost. Technical assistance supports HDFC's institutional development, branching to new geographic areas and development of new mortgage instruments, especially for lower-income groups. The project also supports HDFC's own technical assistance to other emerging housing finance corporations for their establishment of operating procedures and control systems. The project supports the development of market-oriented finance in India. It comes at a critical time in the Government debate, whether to encourage housing finance mainly through directed credit or competitive resource mobilization.
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