Finally, the home loan market will get a new species of home loan counsellors to make the art of home loan marketing a rather more transparent. National Housing Bank (NHB), the premier body responsible for the promotion and regulation of specialised housing finance companies, is planning to introduce a course to create an army of counsellors, with a mission to protect the home loan borrowers from exploitation by lenders or real estate developers. A borrower can surely bank upon the expertise of the new advisors, before opting for a home loan

The Indian Institution of Banking & Finance (IIBF) and NHB, have joined forces to launch the diploma programme, designed to create professionals and independent advisors. NHB will proclaim the details of new format in a short while. Further, NHB is also planning to start joint forum of banks and HFCs that will play the role of a self regulatory organisation (SRO) dedicated to monitor home loan marketing.

If IIFB is to be believed, then this new course will create professionals in the home loan industry responsible not only for the direct selling efforts but also to advise customers about the loan option. So,will this advisory option be available for free? Well, as of now, that's not the case. Prospective borrowers will have to shell out a fee amount to avail the suggestions pertaining to loan, mortgage oriented legal issues, tax planning etc.

The need of home loan counsellors is felt in the wake of rapid economic growth that has increased the demand for infrastructure and housing projects. This new effort will indeed fill the existing vacuum necessary to protect the consumers form any kind of exploitation.