SWAMIH Fund

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.

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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