New Delhi The special extra-commercial borrowings (ECB) window for low-cost housing projects will be subject to a cap of $1 billion to start with. The detailed norms for ECB access to this segment, which is facing a funds crunch, are likely to be announced soon, say government sources.

In August, the government had allowed designated housing finance companies and the National Housing Bank (NHB) to access overseas loans for the specific purpose of financing low-cost housing. ECB would be permitted in housing projects where 60% of the total area is devoted to low-cost houses having a carpet area of 60 sq metres, sources said.