RESERVE BANK OF INDIA
INDUSTRIAL & EXPORT CREDIT DEPARTMENT
CENTRAL OFFICE,
CENTRAL OFFICE BUILDING,
POST BAG - 10030,
MUMBAI - 400 001. TELEPHONE 266 1602
FAX: 022-266 0407
Ref: IECD.No. 8 /03:27:35/1999-2000 November 16, 1999 To The Chairmen/Chief Executives
of All Scheduled Commercial Banks Dear Sir, Transfer of housing loan accounts vis-à-vis
Housing Finance Allocation - clarification It has come to our notice that, some banks of late have devised schemes for sanction of finance for take over of housing loans granted by other banks/housing finance institutions. They are also reported to be including such disbursements under direct housing loans in the statement prescribed for overseeing the performance of banks in achieving their housing finance allocation. In this connection, we advise that since the bank which has originally sanctioned the housing loan to an individual borrower by way of direct housing loan or to a housing finance intermediary by way of indirect housing loan would have included these loans under the housing finance statement referred to above, it has been decided that the bank which takes over housing loans as aforesaid would not be entitled to include such disbursements for the purpose of achieving housing finance allocation and in the quarterly housing statement to be submitted by them. (Ref.paragraph 2 of our RBI Circular IECD.no.(HF).24/03.27.25/1999-2000 dated April 15, 1999.) 2. Consequent to the above decision, the following may be added as sub item (d) of Para 13.B.III.6(i) of the Manual of Instructions - Vol. I. "(d) housing loans taken over by banks from other banks". Please acknowledge receipt. Yours faithfully, Sd/-
(V.G. Damle)
Chief General Manager | |