However, that’s not all. NHB is working on plan to set up a joint forum of banks and HFCs which will function as a self regulatory organisation (SRO) to supervise the home loan marketing practice.

Elaborating on the activities of these counsellors, Mr. Bhaskaran said that the advisors would be different from direct selling agents. They will not market loan products. They will only advise customers, albeit for a fee, about the loan, the tax planning, the legal issues related to mortgages, valuation of property etc.

The course designed by IIBF would train advisors on these issues. The aim of this step taken by NHB and IIBF is building competence and enhancing counselling skills in home loan market. IIBF is targeting both existing marketers in banks and housing finance companies (HFCs) as well as fresh graduates who aspire to make their career in home loan advising. Mr. Bhaskaran said that the first examination will be held on December 21, 2008 for which enrolments are open. Exams will be held twice a year.