December 17, 2012 / 1:57 PM / 5 years ago

RBI allows foreign funding for low-cost housing

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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