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Housing finance company is a type of finance company or an institution that provides housing-related advice. It is important to register a housing finance company with the National Housing Bank to become eligible for availing of a wide range of government schemes. This article outlines the detailed procedure for the Registration of Housing Finance Company with NHB (National Housing Bank).
A HFC or a housing finance company can be defined as a specialised financial institution that primarily focuses on providing home-related or housing facilities at affordable finance to individual members and families for purchase. HFC provides several types of finance facilities, such as providing housing loans at a reasonable rate of interest, construction, and renovation of homes. It is not a generalised financial institution, but it is a type of specialised financial institution that primarily focuses on providing financial assistance that is specifically focused on housing-related activities.
The type of housing-related financial activities includes but not restricted to home loans, mortgage loans, loans against property, construction finance etc. These financial activities can range from the requirement of a loan for purchasing a home to providing financing for the construction or for renovation of a home etc.
In India, housing finance companies or HFCs, have been there for several decades. HHCs in India are regulated and governed under the provisions mentioned in the NHB (National Housing Bank). It regulates the safe and smooth working of the HFCs. Some of the largest and most well-known HFCs in India include HDFC, LIC Housing Finance, DHFL, Indiabulls Housing Finance etc.
The eligibility criteria for registering Housing Finance Company with NHB in India are as follows:-
Following documents are required for the registration of the Housing Finance Company with NHB (National Housing Bank). These documents are given below:-
The HFCs or housing finance company in India is usually registered by the National Housing Bank. For registration, it is first necessary to incorporate the HFC. The process of registering HFCs in India involves several steps, including choosing the company’s name, registering Housing Finance Company with NHB, obtaining necessary licenses and registrations and lastly, obtaining the certificate of registration. The procedure of registering a housing finance company with NHB in India requires several steps. These steps are given below:-
It is recommended to seek expert advice from someone who holds expertise in the specified law before proceeding with the registration.
In a nutshell, it can be said that the registration of a Housing Finance Company with NHB provides a great number of advantages or benefits ranging from stability to serving their customers in the best possible manner.
Also Read: Housing Finance Company Registration: Step By Step Registration Process
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