Construction Industry News
The Reserve Bank of India has informed banks that any additional home loans granted for revitalized real estate projects under a special government scheme should be treated as non-performing loans. This information was conveyed to the banks in a communication last month. In 2019, the government established the Special Window Investment Fund for Affordable and Middle Income Housing (SWAMIH) to help complete stalled housing projects.
A committee headed by G20 Sherpa Amitabh Kant had proposed several measures, including additional loans to borrowers, to revive stalled projects.
According to a bank executive aware of the communications shared with the lenders, "the regulator has stated that any additional financing or disbursement of the remaining portions of home loans by the banks after participation of SWAMIH will be treated as standard." Currently, these home loan accounts in stalled projects are classified as non-performing loans.
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