We build a dynamic stochastic general equilibrium model to analyze the interaction between monetary policy and several macroprudential policies: LTV ratios, prior provisioning of standard assets, risk weights, and capital requirement regulations. In our model households could borrow from both banks and non-banks and a portion of households save with returns the same as the risk-free rate; entrepreneurs could borrow only from banks. Calibrating the model to India, we find that provisioning norms are the most efficient in mitigating either a consumption demand shock, a TFP shock, or a housing boom if calibrated correctly. The results for risk weights and capital requirements are at best an attenuated version of provisioning norms, and LTV ratios being demand side policies result in a sharper reallocation of loans toward the less-regulated non-banks compared to other policies. Monetary policy is potent but could be unnecessarily costly in terms of its effect on output and inflation.