October 8, 2018 / 2:41 PM / 6 months ago

National Housing Bank raises refinance limit

(Reuters) - India’s National Housing Bank will raise its refinance limit to 300 billion rupees ($4.05 billion) for the year to June, 2019 in an effort to make funds available to housing finance companies, the country’s finance ministry said on Monday.

The financial institution, which regulates mortgage finance companies, had initially set a limit of 240 billion rupees.

The revision in the refinance limit comes on the back of rising contagion fears after IL&FS, a major infrastructure financing and construction company, defaulted on some of its debt obligations.

Reporting by Chris Thomas in Bengaluru Editing by James Emmanuel

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