India cbank allows foreign funding for low-cost housing

Last Updated: Mon, Dec 17, 2012 13:30 hrs

MUMBAI, Dec 17 (Reuters) - The Reserve Bank of India on Monday allowed property developers to borrow money overseas through external commercial borrowing (ECB) for funding low-cost housing projects.

Housing finance companies can also avail of ECB for financing prospective owners of low-cost housing units, the central bank said in a statement.

The application for ECB would have to be sent to the central bank for approval, it said. (Reporting by Shamik Paul; Editing by G.Ram Mohan)

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