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Housing Finance signifies finance for meeting the various needs related to housing. The primary purpose of the Housing Finance Company is to offer funds to purchasers to acquire their homes. Housing Finance Company is treated as one of the categories of Non-Banking Financial Companies (NBFCs) for regulatory purposes. Hence the main object of HFC is to carry the business of providing finance for housing, whether directly or indirectly. National Housing Bank Limited (NHB), a subsidiary of RBI regulates the Housing Finance Company.
A Housing Finance Company is a finance company registered under the Companies Act, 1956. The principal business of Housing Finance Company is to provide finance for the acquisition or construction of houses that include the development of plots of lands for the construction of new houses.
According to Section 29A of the National Housing Bank Act, 1987, it is mandatory for every proposed Housing Finance Company to get a certificate of registration from the National Housing Bank before initiating activities related to housing finance.
A company registered as HFC under the Companies Act, 1956 having an aim to commence the business of housing finance institutions must comply with specific requirements. National Housing Bank on fulfillment of following conditions provided under Section 29 (4) of the National Housing Bank Act, 1987 by a company, may grant a Certificate of Registration.
Below is the list of documents required to apply to HFC Registration:
The Provisions for the regulation of Housing Finance Companies are as follows:
To complete the process of Registration of HFC, an applicant has to:
According to Section 29A (5) of the National Housing Bank Act, 1987, the National Housing Bank may cancel the certificate of registration granted to a HFC under the following circumstances:
We at Enterslice have experienced team of professionals who will help you in:
The Housing Finance system is in an elementary stage in India. It is, therefore, necessary to have a great deal of stability in terms of resource development, policy development, and institution building. National Housing Bank has set up guidelines for recognizing Housing Finance Companies for its financial assistance. The National Housing Board, along with RBI, also has the task of regulating deposits taking activity of the Housing Finance Companies. As prescribed in Section 29A of the National Housing Bank, 1987, Housing Companies must obtain a registration certificate. Since it is a complicated process it is better suggested to consult our experts in Enterslice.
Our Recommendation: RBI Draws Out Certain Exemptions From Housing Finance Companies
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