National Housing Bank will raise its refinance limit to Rs 30,000 crore ($4.05 billion) for the year to June, 2019 in an effort to make funds available to housing finance companies, the finance ministry said on Monday.
The financial institution, which regulates mortgage finance companies, had initially set a limit of Rs 24,000 crore.
The revision in the refinance limit comes on the back of rising contagion fears after IL&FS, a major infrastructure financing and construction company, defaulted on some of its debt obligations.
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