fexonn
10th November 2009, 12:34 PM
In recent years, some public sector banks and financial institutions have promoted separate housing finance companies, which specialize in providing finance for construction of new houses and up gradation of existing housing stock. Canara Bank has set up Can Fin Homes Ltd (CFH) to operate mainly in Southern States with an equity capital of Rs. 5 crore subscribed by Canara Bank (26%), Canbank Financial Services Ltd; (4%), UTI (12.5%), HDFC (12.5%), ICICI (5%) and Asian Development Bank (5%), the remaining equity of 35 percent being mobilized through public issue.
State Bank of India has set up Housing Promotion Finance Corporation Ltd (HPFC) with an equity capital of Rs. 5 crore subscribed by SBI Capital Market Ltd (20%), Housing Development Finance Corporation (HDFC) (20%), financial institutions like LTC, General Insurance Company (GIC) and Unit Trust of India (UTI) 35%, the remaining equity of 25 percent being subscribed by public and private sector companies. HDFC will be mainly operating in Eastern states of Bengal, Bihar, Orissa and Northeastern states of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura and Sikkim.
Punjab National Bank has promoted PNB Housing Finance Ltd. Housing and Urban Development Corporation (HUDCO) has collaborated with the Central Bank of India and the Indian Bank for setting up two Regional Housing Finance Companies to cater to the needs of Central and Southern States. The other participants in these ventures are UTI, HDFC etc. The Insurance Companies viz., LIC and GIC have set up LIC Housing Finance Ltd; and GIC the Grih Vitta Nigam Ltd respectively.
All the above said leading financing institutions now have roaring business in Cochin, the commercial capital of Kerala. When considering the proliferation in Apartments Cochin (http://www.abadbuilders.com/viewprojects.asp) City is way ahead of other destinations mainly due to the liberal approach of the leading financiers. In recent times the financing institutions help not only the builders of apartments but also the customers who intend to purchase an apartment.
State Bank of India has set up Housing Promotion Finance Corporation Ltd (HPFC) with an equity capital of Rs. 5 crore subscribed by SBI Capital Market Ltd (20%), Housing Development Finance Corporation (HDFC) (20%), financial institutions like LTC, General Insurance Company (GIC) and Unit Trust of India (UTI) 35%, the remaining equity of 25 percent being subscribed by public and private sector companies. HDFC will be mainly operating in Eastern states of Bengal, Bihar, Orissa and Northeastern states of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura and Sikkim.
Punjab National Bank has promoted PNB Housing Finance Ltd. Housing and Urban Development Corporation (HUDCO) has collaborated with the Central Bank of India and the Indian Bank for setting up two Regional Housing Finance Companies to cater to the needs of Central and Southern States. The other participants in these ventures are UTI, HDFC etc. The Insurance Companies viz., LIC and GIC have set up LIC Housing Finance Ltd; and GIC the Grih Vitta Nigam Ltd respectively.
All the above said leading financing institutions now have roaring business in Cochin, the commercial capital of Kerala. When considering the proliferation in Apartments Cochin (http://www.abadbuilders.com/viewprojects.asp) City is way ahead of other destinations mainly due to the liberal approach of the leading financiers. In recent times the financing institutions help not only the builders of apartments but also the customers who intend to purchase an apartment.