RBI allows foreign funding for low-cost housing

MUMBAI Mon Dec 17, 2012 7:04pm IST

People fly kites from the roof of their houses on the occasion of India's Independence Day celebrations in the old quarters of Delhi August 15, 2012. REUTERS/Mansi Thapliyal/Files

People fly kites from the roof of their houses on the occasion of India's Independence Day celebrations in the old quarters of Delhi August 15, 2012.

Credit: Reuters/Mansi Thapliyal/Files

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MUMBAI (Reuters) - The Reserve Bank of India (RBI) 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 RBI 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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