NHB sets up Rural Housing Fund for the homeless

The National Housing Bank (NHB) of India has been keen in providing housing finance for the homeless people in the rural areas of India. This has prompted the Bank to formulate a scheme called the “Rural Housing Fund” (RHF) to refinance housing loans for people in the rural areas. Between 2008-09 and 2012-13, RHF has received funding amounting to 12,778.18 crores which has been used for the refinance of rural housing for the target groups. With the creation of the RHF, many housing finance institutions in India have been persuaded to increase their housing loan portfolios in rural areas. Under the other flagship housing scheme of the Bank – the Golden Jubilee Rural Housing Refinance Scheme – it has disbursed an amount of 12475.05 crores during the period 2008 to 2013. 44% of the NHB’s refinance assistance program is towards rural housing. NHB’s “Rural Housing Finance” was winner of the ADFIAP Outstanding Development Project Awards, under the Development Finance-led Poverty Reduction category.