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Home loan counselors to be trained

By: shukla

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The rapid economic growth has accelerated the demand for huge infrastructure and housing projectsThis has necessitated the demand for home loan advisors who have knowledge about the legal and regulatory aspects of home finance. Accordingly, qualified home loan counselors are being trained.
Home loan counsellors are expected to bring in more transparency in ome loan marketingThe National Housing Bank(NHB), the apex body for promoting and regulating specialized housing finance companies, is taking steps to introduce counselors.

A borrowers will have the option to take recourse to the expertise of these new advisors before availing a home loan. The Indian Institute of Banking & Finance (IIBF), a body of professional in banking and finance, has launched a diploma programme, in association with NHB, to create professional and independent advisors.

This will create a stream of professionals in the home loan industry with requisite knowledge.

Candidate who complete the diploma course will be eligible for award of ‘Certified Independent Mortgage Counsellor/Advisor’ designated by NHB.
The advisors will be different from direct selling agents. They will not advise customers, albeit for a fee, on loans, 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 counseling skills in the home loan market. IIBF’s is targeting both existing marketers in banks as well as fresh graduates who aspire to make a career in home loan advising.
The institute has been working closely with the NHB on developing a course. Eventually, this will help home loan seekers in taking more informed decisions. Keeping this in mind, the two-paper diploma course covers essential practices and procedures in home loans and home loan counseling. The examination will be conducted in an online mode twice a year, in June and December. Those who complete this diploma will be designed as Independent Mortgage Counsellors/Advisors’.Simultaneously, the NHB is setting up a joint forum of banks which will function as a self-regulatory organization (SRO) to supervise the home loan marketing practice. This way, borrowers will be able to get independent, transparent, fair and professional advice before going in for a home loan.

The NHB is taking steps to start a certification course that will train counselors for the benefit of home loan borrowers. Ashish Gupta reports
Courtesy TimesProperty dtd May 1, 2010
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