Introduction

In the country development of housing finance started very late. Initially it was the responsibility of government to provide the finance in this sector, as there was no initiative from private sector. The setting up of National Housing Bank (NHB) a fully owned subsidiary of the RBI in 1988 as the apex institution, marked the beginning of the emergence of housing finance as a fund-based financial service in the country. Since than, it has grown both horizontally as well as vertically with the entry of specialized financial institutions / companies in the private, public and joint sectors.
Real growth of housing finance sector was witnessed in last five years, due to rapid reduction in interest rates and governments efforts to boost housing infrastructure. Also, growth was propelled because of Income Tax benefit available on housing loans to individuals.

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