SOUTH ASIA India Finance & Markets Global Practice IBRD/IDA Financial Intermediary Loan FY 2013 Seq No: 8 ARCHIVED on 11-Nov-2016 ISR25496 Implementing Agencies: National Housing Bank, National Housing Bank, National Housing Bank Key Dates Key Project Dates Bank Approval Date:14-May-2013 Planned Mid Term Review Date:30-Sep-2015 Original Closing Date:31-Dec-2018 Project Development Objectives Effectiveness Date:20-Nov-2013 Actual Mid-Term Review Date:09-Dec-2015 Revised Closing Date:31-Dec-2018 Project Development Objective (from Project Appraisal Document) To provide access to sustainable housing finance for low income households, to purchase, build or upgrade their dwellings. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Component 1: Capacity Building:(Cost $2.00 M) Component 2: Financial Support for Sustainable and Affordable Housing:(Cost $97.00 M) Component 3: Project Implementation:(Cost $1.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Moderate Implementation Status and Key Decisions 11/11/2016 Page 1 of 5
The Low Income Housing Finance project has completed close to three years of implementation with total IDA disbursements at $59.5% representing a significant step up in disbursements and reversing the lagging trend of a year ago. The Project benefits from a supportive policy through Housing for All which includes in its focus segment (ie. EWS) the Project s target group. NHB s Special Urban Housing Refinance Scheme for Low Income Households which brings significant innovation is reaching target segments through a range of lending institutions across states in India. A key aspect of the project is the demonstration effect by lenders extending loans in an economically viable way to low income households with informal income and collateral. The Project is contributing to improving borrower affordability and demonstrating sustainability of lending models with NHB more confidently embracing development of the segment with a long term plan. NHBs efforts at deepening inclusion through innovation in market development by opening up the financing line among a wider set of Primary Lending Institutions (PLI) and helping build institutional capacity would foster transformation in access to formal housing finance even while being vigilant on risks with regard to asset quality and on consumer protection aspects given the low levels of financial literacy of target borrowers. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Low Low Macroeconomic -- Low Low Sector Strategies and Policies -- Moderate Moderate Technical Design of Project or Program -- Substantial Substantial Institutional Capacity for Implementation and Sustainability -- Substantial Moderate Fiduciary -- Moderate Low Environment and Social -- Moderate Moderate Stakeholders -- Moderate Moderate Other -- -- -- Overall -- Substantial Moderate Results Project Development Objective Indicators Number of Primary Lending Institutions active in the target low-income segment (Number, Custom) Value 33.00 44.00 50.00 35.00 Date 30-Jun-2013 11-Jun-2015 30-Jun-2016 31-Dec-2018 11/11/2016 Page 2 of 5
PHINDIRITBL Lending Volume Growth (Percentage, Custom) Value 100.00 110.00 115.00 150.00 Date 30-Jun-2013 30-Jun-2015 30-Jun-2016 31-Dec-2018 Number of Borrowers growth (Percentage, Custom) Value 100.00 110.00 130.00 150.00 Date 30-Jun-2013 30-Jun-2015 30-Jun-2016 31-Dec-2018 NPLs (percentage of replacements of non-performing with performing sub-loans by primary lenders required for pools of loans which have been refinanced by NHB) (Percentage, Custom) Value 100.00 120.00 120.00 150.00 Date 01-Apr-2013 30-Jun-2015 30-Jun-2016 31-Dec-2018 Overall Comments Intermediate Results Indicators NHB Issues Lending Guidelines for Housing Loans with Alternative Security Arrangements (Number, Custom) Value 0.00 1.00 1.00 2.00 Date 01-Apr-2013 11-Jan-2016 30-Jun-2016 31-Dec-2018 11/11/2016 Page 3 of 5
PHINDIRITBL PHINDIRITBL Number of Pilots Launched (Number, Custom) Value 0.00 4.00 4.00 4.00 Date 01-Apr-2013 11-Jan-2016 30-Jun-2016 30-Jun-2015 Implementation of Capacity Building Activities (Number, Custom) Value 0.00 0.00 0.00 5.00 Date 01-Apr-2013 19-Jun-2015 30-Jun-2016 31-Dec-2018 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P119039 IDA-52830 Effective XDR 66.10 66.10 0.00 39.34 26.76 60% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P119039 IDA-52830 Effective 14-May-2013 14-Aug-2013 20-Nov-2013 31-Dec-2018 31-Dec-2018 Cumulative Disbursements 11/11/2016 Page 4 of 5
Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 11/11/2016 Page 5 of 5