Reserve Bank of India (RBI) has included cooperative housing societies in the list of allowed borrowers for housing finance.

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 The Reserve Bank of India (RBI) has included cooperative housing societies in the list of allowed borrowers for housing finance. The move will facilitate the redevelopment of co-operative housing societies in Mumbai.

With intent to provide a thrust to self-development of cooperative housing societies in Mumbai, the Reserve Bank of India (RBI) has included them in the list of allowed borrowers for housing finance loan. The decision has come as a breather for housing societies who were earlier permitted to obtain loan only from the Mumbai District Co-operative Bank.

As per a statement issued by RBI, housing finance shall mean loan granted to individuals, group of individuals, and co-operative societies for the purchase, construction, reconstruction, renovation, or repairs of a residential structure. This is the first time when co-operative societies have been permitted to seek funds from Housing Finance Companies (HFCs).




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