India REAL ESTATE MORTGAGE LOANS BANKS
The central bank of India has reduced the refinancing rate
01.11.2008 Central bank of India has unexpectedly made the decision on reduction of the rate of refinancing about 8 % to 7,5 %. On it informs information-analytical portal Ê2Kapital referring to agency Bloomberg.

The decision on rate fall was accepted «in view of decrease of risks of inflation, and also necessity to address to the problems, concerning delays of economic growth», — is told in a communique of the Indian Central Bank.

Also the bank has lowered norm of obligatory reservation for banks from 6,5 % to 5,5 %. Last time these norms have been changed by bank on October, 20th current year.

From the beginning of development of the hypothecary market in India thanks to activity of the government formation of hypothecary system was carried out at strong support from abroad. So 115 ÀÃÎ with 1981 on 1988 has allocated 125 mln. dollars of Corporation of financing of housing development for granting of credits to families with the small income. Financing arrived and on other lines.

The secondary market of mortgages in India practically is not developed. The pilot project of release of the bonds provided with a pool of hypothecary credits, given out by the selected financial companies, tried to carry out ÍÆÁ. However a number of legal and tax questions does development of the secondary market in India almost impossible. So, cession of rights under the credit demands transfer and pledge that can be carried out in writing in the form of the special tool which cost of check in makes from 3 to 17 % (depending on staff) from the sum ñåêüþðèòèçàöèè (some states have lowered gathering to 0,1 %). Besides, transfer of a debt demands special check in that in the conditions of formation of a pool of the credits which have been given out by creditors from different places, does the given process expensive enough. There is also a problem under the reference of collecting about pledge.