(SMBC), The Bank of Tokyo-Mitsubishi UFJ and DBS Bank, the housing finance company said in a statement.
The rate of interest on the facility is linked to Libor plus a spread of 1.75%. The borrowing facility has a tenor of five years. HDFC has swapped the facility in rupees for the entire tenor of the loan, the company said in the statement.
Roadshows shall be conducted by the lender banks in Taipei & Singapore in March 2014 to syndicate the facility and invite other international banks to participate in the facility, HDFC said.
The ECB, which is in the form of a syndicated loan facility, is a first by a housing finance company under the low cost affordable housing scheme of Reserve Bank of India (RBI).
The central bank in December 2012, had permitted housing finance companies and the National Housing Bank to raise ECBs for financing prospective owners of low cost affordable housing units.
Low cost affordable housing units are defined as units where the property cost does not exceed Rs 30 lakh, loan amount is capped at Rs 25 lakh and the carpet area does not exceed 60 square metres. RBI has prescribed an aggregate limit of $1 billion each for FY 14 & FY 15 for ECBs to be drawn under this window.