Pre budget expectations From The Industry

New Delhi, July 08, 2014 – Sachin Khandelwal has nearly two decades of experience in banking, finance and automobile industry. In his new role as Chief Executive Officer (Designate), Mr. Sachin Khandelwal will spearhead the housing finance foray for Magma, based out of Delhi and will leverage the nationwide network of more than 256 branches and existing customer base of more than 7,00,000 and build the dedicated team for housing finance biz.

While sharing his views on the Expectations from the budget Mr. Khandelwal shared the Following thoughts
1. Increasing the slab for Housing loan interest for tax rebate to encourage more property transactions which are stagnant today.

2. Issuing SARFAESI right to all Housing Finance companies in India for a smoother process of recoveries and settlement

3. Clarity on the Regulator being set up for Housing industry – time lines, framework and what all roles/responsibilities will they take up

4. Not forcing NIL foreclosure charges for Loan against property on floating rate product, as this will create an Asset – Liability issue with most players and reduce profitability

5. Need a clarity on the Land Acquisition bill given the doubts on how this is being implemented across the states

6. Encourage mass housing by providing low cost funds for Builders as also for customers buying these properties

7. Permitting more ECB limits as the amount sanctioned one time was too short. As also allowing Direct and Indirect FDI into real estate

8. Providing Infrastructure status to the Housing industry

9. Online facilities for housing and construction business . for easy and simple approvals process for projects clearances.

10. Mandating all lenders including banks who take property as collateral for corporate or SME lending to be also listed in CERSAI registration.

Prior to joining Magma Housing Finance, Sachin was the Managing Director and CEO of ICICI Home Finance Company. He earlier headed the International Retail Business that included Global Remittances, NRI (Non Resident Indians) and Global Private Client Business. His prior assignments at ICICI included setting up and scaling the Vehicle finance business and the Cards & Merchants Payments businesses.

Sachin also headed the Mobile Commerce initiatives for the bank and worked closely with regulators and key industry associations to roll-out the guidelines for mobile banking and prepaid instruments in India. Prior to ICICI Sachin has worked with Godrej & Boyce, HCL Nokia Pagers and Honda Siel Cars. Sachin is a Mechanical Engineer and an MBA Marketing. He loves cars and is an avid Formula 1 Racing fan. CCI Newswire