NHB likely to introduce Certified Mortgage Counsellors

Kolkata, Jun 28 (UNI) The National Housing Bank is creating a new system to evolve a new breed of certified mortgage counsellors who will be able to answer property-related queries.

The counsellors would help and advise customers on the financial implications of taking a housing loan, eligibility criteria, documentation requirements and cheap loan rates.

''A prospective customer will have to pay a fee for the new service and a per centage of the property cost will be paid as fee,'' National Housing Bank (NHB) CMD S Sridhar told UNI today.

Counselling by certified independent mortgage counsellors would ensure fairness and transparency in housing finance. Currently the propective house buyers take assistance of direct sales agents of the banks or housing finance companies.

NHB has also proposed to set up a common forum of Banks and Housing Finance Companies (HFCs) which would set standards, develop common approaches for industry issues and allow exchange of information. The forum would be a step towards development of a Self Regulatory Organisation (SRO), he said. Initially, the forum would give accreditation to the counsellors.

''We are preparing the course module in consultation with the Indian Institute of Banking&Finance, which will conduct online examination,'' Mr Sridhar said.

A graduate with a minimum of two years of experience in finance can apply. Chartered accountants, cost accountants, MBAs, chartered financial advisers, individual insurance agents with IRDA accreditation, retired bankers and insurance professionals can also apply.

A fee of around Rs 5,000 has been proposed for the accreditation, which will be valid for two years.

UNI