Public Disclosure Copy

Public Disclosure Authorized

The World Bank Implementation Status & Results Report

India Low-Income Housing Finance (P119039)

India Low-Income Housing Finance (P119039)

SOUTH ASIA | India | Finance & Markets Global Practice |

IBRD/IDA | Investment Project Financing | FY 2013 | Seq No: 10 | ARCHIVED on 02-Dec-2017 | ISR30209 |

Implementing Agencies: National Housing Bank, Department of Economic Affairs, Ministry of Finance, National Housing Bank, Department of
Financial Services, Ministry of Finance
Public Disclosure Authorized

Key Dates

Key Project Dates

Bank Approval Date:14-May-2013 Effectiveness Date:20-Nov-2013

Planned Mid Term Review Date:30-Sep-2015 Actual Mid-Term Review Date:09-Dec-2015
Original Closing Date:31-Dec-2018 Revised Closing Date:31-Dec-2018

Project Development Objectives

Public Disclosure Authorized

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)
Public Disclosure Authorized

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  Moderate  Moderate

Implementation Status and Key Decisions

12/2/2017 Page 1 of 5
Public Disclosure Copy
 Public Disclosure Copy

The World Bank Implementation Status & Results Report

India Low-Income Housing Finance (P119039)

The innovative Low Income Housing Finance Project is in its fourth year of implementation with disbursements well on track including to the challenging
informal income – alternate collateral segment. It continues to target the Economically and Weaker Sections (EWS) to refinance long tenor loans for
new or incremental housing, most often new housing. Its relevance is bolstered by India’s ambitious housing program, the future financing of which can
be crucially informed by this Project – through the demonstrated sustainability of market finance based lending models, improving borrower affordability
and innovation in lending processes. In addition to market innovation in underwriting practices through leveraging technology, NHB has on its part
initiated steps to seed Aadhar in loan accounts under the Project. NHBs ongoing efforts at opening up the financing line to a wider set of Primary
Lending Institutions (PLI) is promising with potential additions including housing finance companies specifically working to provide formal housing
finance to women in the informal sector. This is greatly encouraging for inclusive market development and for meeting overall project objectives.
Strengthening NHBs institutional capacity to foster development of a resilient housing finance sector through better monitoring of risks and minimizing
information asymmetry between stakeholders will continue to be supported though Project activities. The Project is expected to disburse the refinancing
line (component 2) within the Project close date of December 2018.

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
 --  Moderate  Moderate
Fiduciary  --  Low  Low
Environment and Social  --  Moderate  Moderate
Stakeholders  --  Moderate  Moderate
Other  --  --  --
Overall  --  Moderate  Moderate

Results

Project Development Objective Indicators

PHINDPDOTBL

 Number of Primary Lending Institutions active in the target low-income segment (Number, Custom)

12/2/2017 Page 2 of 5
Public Disclosure Copy
 Public Disclosure Copy

The World Bank Implementation Status & Results Report

India Low-Income Housing Finance (P119039)

Baseline Actual (Previous) Actual (Current) End Target

Value 25.00 52.00 52.00 35.00

Date 30-Jun-2013 31-Mar-2017 20-Nov-2017 31-Dec-2018

PHINDPDOTBL

 Lending Volume Growth (Percentage, Custom)

Baseline Actual (Previous) Actual (Current) End Target

Value 100.00 82.00 114.00 150.00

Date 30-Jun-2013 31-Mar-2017 20-Nov-2017 31-Dec-2018

PHINDPDOTBL

 Number of Borrowers growth (Percentage, Custom)

Baseline Actual (Previous) Actual (Current) End Target

Value 100.00 71.00 74.00 150.00

Date 30-Jun-2013 31-Mar-2017 20-Nov-2017 31-Dec-2018

PHINDPDOTBL

 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)

Baseline Actual (Previous) Actual (Current) End Target

Value 100.00 -- -- 150.00

Date 01-Apr-2013 31-Mar-2017 20-Nov-2017 31-Dec-2018

Comments
NHB not reporting this figure.

Overall Comments

12/2/2017 Page 3 of 5
Public Disclosure Copy
 Public Disclosure Copy

The World Bank Implementation Status & Results Report

India Low-Income Housing Finance (P119039)

Intermediate Results Indicators

PHINDIRITBL

 NHB issues Lending Guidelines for Housing Loans with Alternative Security Arrangements (Number, Custom)

Baseline Actual (Previous) Actual (Current) End Target

Value 0.00 1.00 1.00 2.00

Date 01-Apr-2013 31-Mar-2017 20-Nov-2017 31-Dec-2018

PHINDIRITBL

 Number of Pilots Launched (Number, Custom)

Baseline Actual (Previous) Actual (Current) End Target

Value 0.00 4.00 4.00 4.00

Date 01-Apr-2013 31-Mar-2017 20-Nov-2017 30-Jun-2015

PHINDIRITBL

 Technical Assistance is implemented according to agreed business plan (Number, Custom)

Baseline Actual (Previous) Actual (Current) End Target

Value 0.00 1.00 1.00 5.00

Date 01-Apr-2013 31-Mar-2017 20-Nov-2017 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 USD 100.00 100.00 0.00 87.27 5.77 87%

12/2/2017 Page 4 of 5
Public Disclosure Copy
 Public Disclosure Copy

The World Bank Implementation Status & Results Report

India Low-Income Housing Finance (P119039)

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

Restructuring History

There has been no restructuring to date.

Related Project(s)

There are no related projects.

12/2/2017 Page 5 of 5
Public Disclosure Copy