National Housing Board Advisories for Housing Finance Companies
National Housing Board (NHB) regulates the housing finance system of the country, extends refinance to different primary lenders and lends directly in respect of projects undertaken by public housing agencies for housing construction and development of housing related infrastructure.
To enhance the efficiency and effectiveness of the operation of Housing finance company (HFCs), National housing board has notified various advisory over an email communication to the HFCs.
The advisories issued by HFC are as mentioned below:
|
Introduced via |
Requirement/Provision | Compliance Type |
Due Date |
| MRO/ DOS/ DAK/2024/ 03875 Dated December 13, 2024 | HFCs to ensure the compliance of restriction to allow Company Secretary (CS) to act as Chief Compliance Officer (CCO) for HFC and Vice-versa latest by December 31, 2024 .
The provision is introduced with an intent to enhance the overall effectiveness of the Compliance Function the HFCs. |
On Going | This is an ongoing obligation and is to be ensure that HFCs are complying with this at all times. |
| MRO/ DOS/ DAK/2024/ 03852 Dated December 10, 2024 | HFCs to refrain from practices of mis-selling of insurance with housing loans.
Mis-selling can be in any form like:
This is introduced to safeguard the interest of the consumers and is effective with immediate effect. |
On Going | This is an ongoing obligation and is to be ensure that HFCs are complying with this at all times. |
| MRO/ DOS/ DAK/2024/ 03857 Dated December 11, 2024 | HFCs to submit data of Delinquent Loan Accounts both on aggregate and individual basis on monthly basis to National Housing Bank.
This provision is applicable on all the HFCs with Asset Size of more than 1000 Crores. This provision is effective w.e.f., 1st January 2025. |
Monthly Return |
By 2nd of the following month. |
All the Housing finance companies are advised to comply with the above-mentioned.
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