Mumbai: The Reserve Bank of India has decided to soften the norms for builders and developers building affordable/low-cost houses through External Commercial Borrowing (ECB). Developers and builders offering affordable houses can avail overseas loans with softer norms compared to other developers and builders.The RBI has also lowered the experience limit from five years to three years for developers seeking ECB for affordable housing. Developers with minimum three years of experience in construction can now raise money via External Commercial Borrowings (ECB). The RBI has notified on their website that developers should have a good track record in the construction business.RBI declared that total ECBs of up to $ 1 billion can be gained in the financial years 2014 and 2015. Foreign loans raised through the ECB should be swapped into rupee for the better maturity on a protective basis.ECB loans are available at an interest of 9-12 per cent whereas developers get loans from the banks at 13-14 per cent interest rates. On Friday, RBI created a new sub section for real estate housing which will lower the risk weights to 75 per cent and eventually make loans cheaper for the developers.RBI also said that finance companies providing loans for affordable houses need not have a minimum paid-up capital of 50 crore which was mandatory earlier. займ на карту без отказов круглосуточновзять кредит онлайн