Home loan counsellors are here
Come January 2009, the home loan market will see the first batch of the new breed of home loan counsellors, who are expected to bring in more transparency in home loan marketing.
By TNN |
KOLKATA: Come January 2009, the home loan market will see the first batch of the new breed of home loan counsellors, who are expected to bring in more transparency in home loan marketing. National Housing Bank (NHB), the apex body for promoting and regulating specialised housing finance companies, plans to introduce counsellors to protect home loan borrowers from fraudsters and exploitation by lenders and real estate developers.
A borrower will now have the option to take recourse to the expertise of these new advisors before availing themselves of a home loan. Indian Institution of Banking & Finance (IIBF) ��� a body of professionals in banking and finance ��� has launched a diploma programme, in association with NHB, to create professional and independent advisors to this end. NHB will announce details of the new format shortly.
���This will create a stream of professionals in the home loan industry with requisite knowledge. Candidates who complete the diploma course will be eligible for award of ���Certified Independent Mortgage Counsellor/Advisor��� designated by NHB,��� IIBF chief executive officer R Bhaskaran told ET.
Simultaneously, 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.
According to Mr Bhaskaran, 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.
IIBF's certification course is designed to train advisors on these issues. The initiative is aimed at building competence and enhancing counselling skills in home loan market.
IIBF is targeting both existing marketers in banks and 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.
The rapid economic growth has accelerated the demand for huge infrastructure and housing projects. This has necessitated the demand for home loan advisors having the knowledge about the legal and regulatory aspects of home financing. These counsellors can effectively protect consumers from exploited by the builders and real estate developer.
A borrower will now have the option to take recourse to the expertise of these new advisors before availing themselves of a home loan. Indian Institution of Banking & Finance (IIBF) ��� a body of professionals in banking and finance ��� has launched a diploma programme, in association with NHB, to create professional and independent advisors to this end. NHB will announce details of the new format shortly.
���This will create a stream of professionals in the home loan industry with requisite knowledge. Candidates who complete the diploma course will be eligible for award of ���Certified Independent Mortgage Counsellor/Advisor��� designated by NHB,��� IIBF chief executive officer R Bhaskaran told ET.
Simultaneously, 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.
According to Mr Bhaskaran, 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.
IIBF's certification course is designed to train advisors on these issues. The initiative is aimed at building competence and enhancing counselling skills in home loan market.
IIBF is targeting both existing marketers in banks and 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.
The rapid economic growth has accelerated the demand for huge infrastructure and housing projects. This has necessitated the demand for home loan advisors having the knowledge about the legal and regulatory aspects of home financing. These counsellors can effectively protect consumers from exploited by the builders and real estate developer.
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