Keeping pace with the rapid economic growth and fighting the ills that have emerged as a result of exploitation by certain builders and real estate developers, the National Housing Bank (NHB) has come up with a unique solution: HOME LOAN COUNSELLORS! NHB, the apex body for promoting and regulating specialised housing finance companies (HFCs), has come up with a plan to introduce home loan counsellors to protect home loan borrowers from fraudsters and exploitation by lenders and real estate developers. January 2009 will see the first batch of the new breed of home loan counsellors, who are expected to bring in more transparency in home loan marketing.

The rapid economic growth has accelerated the demand for huge infrastructure and housing projects. There is an increasing need for home loan advisors having the knowledge about the legal and regulatory aspects of home financing. These counsellors can effectively protect consumers from exploitation by builders and real estate developers. Hence, a borrower will now have the option to take recourse to the expertise of these new advisors before availing themselves of a home loan.

Indian Institution of Banking & Finance (IIBF) — a body of professionals in banking and finance — has launched a diploma programme, in association with NHB, to create professional and independent advisors to this end. NHB will announce details of the new format shortly.

"This will create a stream of professionals in the home loan industry with requisite knowledge. Candidates who complete the diploma course will be eligible for award of ‘Certified Independent Mortgage Counsellor/Advisor’ designated by NHB," IIBF chief executive officer R Bhaskaran said.