The revised norms are likely to nudge HFCs to borrow more from the money market, which could increase the borrowing cost by 20-30 basis points.In the revised norms announced in August last year, the central bank reduced the ceiling on the quantum of public deposits by deposit-taking HFCs from three times to 1.5 times of net-owned funds.The reduction of the limit by RBI will impact the ability of the housing finance companies to raise deposits.Turning to the money market to raise funds is expected to hit the profit margins of these companies, say experts."Now, we will have to look for alternative sources of funds such as non-convertible debentures (NCDs) to support our loan growth," the chief executive officer of a housing finance company told FE."Compared to bank borrowing, raising funds from NCDs are 20-30 basis points higher for AAA-rated HFCs. Currently, raising funds via short-term NCDs is costlier than raising funds through long-term NCDs," he said.He added that the net interest margins of HFCs may see compression due to borrowing at a higher cost.The new rules require HFCs to maintain 15% liquid assets against public deposits held by them in a phased manner, up from 13% at present.Major HFCs that raise deposits include LIC Housing Finance, PNB

New year brings stricter regulatory oversight for HFCs

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.