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In India, Housing Finance Companies (HFCs) are regulated by the National Housing Bank (NHB), while bank lending to housing is governed by the Reserve Bank of India (RBI). These housing finance companies need to adhere list of compliances for their operations. In this blog, we will discuss the compliance of housing finance companies in detail.
Table of Contents
For Housing Finance Companies, there are various compliances that need to be followed timely. We have divided these compliances into two categories:
Now let’s discuss both in detail;
Following are the pre-incorporation compliances:
Once the housing finance company is incorporated, here are the following compliances that need to be followed:
Additionally, the National Housing Bank (NHB[1]) has directed Housing Finance Companies (HFC) to comply with IND-AS provisions. IND-AS is basically a set of accounting norms developed by Indian authorities, which coincides with the International Financial Reporting Standards (IFRS).
In accordance with the directions issued by the National Housing Bank (NHB), Housing Finance Companies (HFC) has to comply with the provisions of IND-AS= as notified by the Ministry of corporate affairs.
If the HFC fails to comply with the regulations, in that case, NHB can take the following actions-
As we have already discussed in the beginning, Housing Finance Companies are regulated by the National Housing Bank, so let’s discuss the role National Housing Bank in connection with the Housing Finance Companies in India.
You have to follow certain guidelines to participate in the equity of housing finance companies.
Following are the Safeguard Provisions for depositors under the NHB Act, 1987 and Housing Finance Companies (NHB) directions, 2001
Housing Finance Company is a huge entity in itself. Operating a Housing Finance Company is a task, so to make sure that these companies work hassle-free. Enterslice can make the compliance process easy & uncomplicated for you. For more information, please contact.
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