Seizure law to cover housing finance

 Earlier, these provisions were applicable only to banks and financial institutions. The provisions will apply to housing finance companies with a capital of more than Rs 10 crore on March 31, 2003.

 There are 23 such housing finance companies, including HDFC, ICICI Home Finance, LIC Housing Finance and Can Fin Homes Ltd.

 The move is expected to result in a reduction of interest rates in the long run because the risk perception of housing finance companies will come down.