NHB Tightens Refinance Rules to Prevent Home Loan Misuse
MUMBAI: The National Housing Bank (NHB) has implemented new regulations for refinancing home loans on properties that are still under construction. According to an order issued to home financiers, NHB will now offer refinance only for loans where less than half of the construction is completed at the time of the initial disbursement. This regulation specifically pertains to loans designated for construction on plots or for building homes on self-owned land. NHB stated, “For loans extended to individuals for ongoing construction, refinance will only be available when no more than half of the construction is finished at the time of…