India: IND: DEWAN HOUSING FINANCE CORPORATION

Nonsovereign Project | 37900-024

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Project Name IND: DEWAN HOUSING FINANCE CORPORATION
Project Number 37900-024
Borrower/Company SUNDARAM HOME FINANCE LIMITED
Country India
Location Delhi/Mumbain/Chennai
Approval Number 7189/2057
Type or Modality of Assistance
7189/2057 Loan US$ 918.60 million Approved
Strategic Agendas
Drivers of Change
Sector / Subsector Finance - Housing finance
Gender Equity and Mainstreaming
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Private Sector Financial Institutions Division
Responsible ADB Officer Biao Huang
Project Sponsor(s) Dewan Housing Finance Corporation Ltd.
Description Line of credit (in local currency) for providing housing finance.
Objectives and Scope

1) Help develop housing finance sector; and,

2) Provide a sustainable business model for private sector housing companies by providing a long-term rupee loan, at fixed rate of interest.

Linkage to Country/Regional Strategy Approaches to address housing shortages have consistently been a part of the Government's strategy. The project was consistent with the Country Strategy and Program from 2003-2006 which noted that projects supporting growth of the private sector and financial intermediary interventions would be targeted.
Status of Development Objectives Support of the housing finance market in India has been achieved. Dewan Housing Finance Corporation Ltd. has continued to grow since the disbursement of ADB's loan, providing housing loans to people in the lower and middle income segments who have had difficulty accessing housing finance loans.
Material Changes None.
Safeguard Categories
Environment C
Involuntary Resettlement
Indigenous Peoples
Summary of Environmental and Social Aspects
Environmental Aspects The Project is under category FI, and is expected to have minimal or no environmental impact. The Project does not entail land acquisition and/or involuntary resettlement. This fact will be included in the Borrowers' representations and warranties before disbursement of each tranche. Both Borrowers have systems to ensure that the houses financed comply with local zoning requirements, and building plans with the local code, and are duly approved by the municipal authorities. The due diligence of each home loan includes a technical appraisal by a qualified civil engineer, who inspects sites and examines the approved building plans and their adherence.
Involuntary Resettlement The Project does not entail land acquisition and/or involuntary resettlement.
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
Timetable for assistance design, processing and implementation
Concept Clearance 15 Apr 2003
Due Diligence 02 May 2003
Credit Committee Meeting 06 Nov 2003
Approval 18 Dec 2003
PDS Creation Date 29 Aug 2006
Last PDS Update 16 Sep 2014

Safeguard Documents

See also: Safeguards

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Evaluation Documents

See also: Independent Evaluation

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