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Indiabulls Housing Finance announced that the company would present in detail the 25 major development loans granted to its creditors (mutual funds and insurance companies), following recent rumors about this loan.
"To dispel any concerns over rumors, the company is taking a proactive step to provide its bond investors (mutual fund companies and insurance companies) with the top 25 Indiabulls developer loans Housing Finance, the other lenders of these developers, the LTV (Loan Value) and the details of the security package, including DDR badets and residential units mortgaged with Indiabulls Housing Finance for each of these loans, "said the group in a regulatory filing.
When contacted, what are the specific rumors, a company official said. This concerns concerns arising from his exposure to the Supertech group, whose credit ratings have been downgraded.
"We also wish to highlight the fact that the loan / value ratio of the top 25 developer loans is 43% and all 25 major loans are standard," the company said in the document.
In a separate document, the company said, "This is a media coverage of the developer housing finance loan companies.We would like to point out … The portfolio includes prominent developers only in the metropolitan cities of the region of the national capital [NCR] of the Mumbai Metropolitan Area [MMR] of Chennai, Bangalore, Pune and Hyderabad ".
Each portfolio developer maintains many loan relationships with leading banks, private equity partners and financial institutions. None of the promoters in our portfolio had Indiabulls Housing Finance Ltd as its sole lender, he added.
The company also stated that the majority of the portfolio is supported by lease discount badets leased by multinational corporations and leading Indian companies as tenants of the building.
"These rental badets are cross-collateralized with construction-related developer loans, with a 43% average Loan-to-Value [LTV] ratio in the developer portfolio. Ready apartments and apartments under construction are mortgaged with Indiabulls Housing Finance Ltd. as exclusive, "said the company.
The housing financier added that he did not consent to any dependent loan with other lenders and
The company also does not buy developer loans from other lenders nor does not sell its developer loans to other lenders, he adds.
"Each loan from the developer portfolio has secured guarantee accounts with Indiabulls Housing Finance in which cash flows are deposited directly by tenants occupying the buildings or by homebuyers in construction-related loans. 19659002] "The developer has no control over the cash flow received on the escrow account with Indiabulls Housing Finance directly to tenants of the building or buyers of a construction project in progress until That the company Indiabulls Housing Finance the loan is repaid in full, "he added.
It should be noted that the housing finance market is already under tension after the crisis IL & FS.
The stock of the company fell by more than 17% to close at 654.25 rupees the BSE.
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