Recently, the Prime Minister of India congratulated new homeowners in Bengaluru’s first project under SWAMIH Fund.
About SWAMIH Fund:
- The Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund I is a social impact fund specifically formed for completing stressed and stalled residential projects.
- The Fund is sponsored by the Ministry of Finance, Government of India.
- It is managed by SBICAP Ventures Ltd., a State Bank Group company.
- It has one of the largest domestic real estate private equity teams focused only on funding and monitoring the completion of stressed housing projects.
- It is a Category-II AIF (Alternate Investment Fund)debt fund registered with the Securities and Exchange Board of India.
Eligibility criteria for funding
- Real estate project must be registered under the Real Estate (Regulation and Development) Act (RERA) 2016.
- 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.
Q1) What is Non-Performing Asset?
It is a classification used in the banking and financial sector to describe a loan or advance that is in default or shows signs of being in default. In simple terms, an NPA refers to a loan or debt on which the borrower has not made timely interest or principal payments for a specified period.