NHB scouting for partners to set up Mortgage Guarantee Corporation

Kolkata, Jun 26 (UNI) National Housing Bank(NHB) is talking to international companies like World Bank subsidiary IFC and Asian Development Bank(ADB) to rope in as join venture partner for setting up a Mortgage Credit Guarantee Corporation within a year.

Speaking to mediapersons here today, NHB Chairman cum Managing Director(CMD) S Sridhar said, ''We are scouting for the joint venture partner. We are talking to an Indian company as well.'' Mortgage Guarantee would provide risk cover to lenders against defaults in housing loans.

Mr Sridhar said, ''During the budget speech for 2007-08, Union Finance Minister has made reference to issuance of regulatory guidelines for Mortgage Guarantee.

RBI has already prepared draft guidelines for setting up of a mortgage guarantee corporation.

UNI