SWAMIH Fund Latest News
The Reserve Bank of India will exempt a government-backed SWAMIH fund from its tightened rules for alternate investment funds (AIF).
About SWAMIH Fund
- The Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund I was set up in 2019 to rescue stressed real estate projects by providing debt financing for stalled housing projects.
- The Fund is sponsored by the Ministry of Finance, Government of India.
- Fund Managed by: It is managed by SBICAP Ventures Ltd
- It is a Category-II AIF (Alternate Investment Fund) debt fund registered with the Securities and Exchange Board of India.
- The SWAMIH Fund is considered the lender of last resort for distressed projects for established developers with troubled projects.
Eligibility Criteria for Funding
- Real estate projects must be registered under the Real Estate (Regulation and Development) Act (RERA) 2016.
- The project must be classified as a non-performing asset (NPA) or be under insolvency proceedings.
- The project should have been declared as a “stalled” or “delayed” project by a competent authority.
- The fund is available only for projects that fall under the affordable and mid-income housing categories.
Source: ET
SWAMIH Fund FAQs
Q1: What does SWAMIH stand for?
Ans: Special Window for Affordable and Mid-Income Housing
Q2: What is the primary objective of the SWAMIH Fund?
Ans: To provide debt financing for stressed residential projects in the affordable and mid-income categories.
