NEW DELHI (Reuters) - National Housing Bank plans to raise 90 billion rupees in the current financial year ending June 2009 to meet its loan demand, its chairman and managing director said on Thursday.
This will be lower than the 121.09 billion rupees it raised a year ago. "It is because we expect more repayments from borrowers this year," S. Sridhar told a news conference, which was held to announce its annual results.
National Housing Bank (NHB), which regulates and lends to mortgage firms, saw its net profit rising by 68 percent to 1.7 billion rupees for the year ended June 2008.
It disbursed loans worth 90.36 billion rupees and sanctioned loans worth 133.62 billion rupees during the year.
For the current financial year, NHB expects to disburse loans worth 110 billion rupees and sanction loans worth 155 billion rupees, Sridhar said.
The bank also plans to raise money from the public by offering deposit plans which it hasn't done before, he said.
National Housing Bank expects housing loan business to slow in line with a drop in demand for property because of inflated prices, Sridhar said.
"The housing market is seeing some correction in terms of demand. It should get reflected into prices also," he said, adding some pockets had already witnessed correction in prices
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