NHB also has the task of regulating deposits taking activity, of the housing finance companies. B-23, MIDC, Thane Industrial Area, Wagle Estate, Thane – 400604, 11th Floor, Tower A, Peninsula Business Park Ganpatrao Kadam Marg, Lower Parel Mumbai Mumbai City MH 400013 IN, 142, Golcha House, New Colony, Sadar, Nagpur, Maharashtra – 440001, Akme Business Centre 4-5, Sub City Centre Savina Circle, Udaipur – 313002, Rajasthan, Near Flyover bridge, Uripok Tourangbam Leikai, IMPHAL-795001, MANIPUR, Room No. [15] However, no such limits have been prescribed for NBFCs. E-mail: ho@nhb.org.in, Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH), NHB SUVRIDDHI (Tax Saving ) Term Deposit Scheme, Report On Trend And Progress Of Housing In India, Development House, 24, Park Street, Kolkatta-700016 ( As per HFC’s letter dated 16-04-2019 observed in file). The Indian Accounting Standards will be applicable to HFCs. Income Recognition, Asset Classification and Provisioning (IRACP) norms – There are differences in provisioning norms applicable to doubtful assets, sub-standard assets and standard assets in HFCs’ books which are as follows: Depending on the period for which the asset has remained doubtful, provision to the extent of 25% – 100% of secured portion will be made in following manner: Depending on the period for which the asset has remained doubtful, provision to the extent of 20% – 50% of secured portion will be made in following manner: HFCs have provision for standard assets in the following manner: NBFC (systemically important) have provision for standard assets as: (c)      0.40% – by end of March, 2018 and thereafter. Lending to Housing Finance Institutions •Banks may grant term loans to housing finance institutions taking into account (long- term) debt-equity ratio, track record, recovery performance and other relevant factors. National Housing Bank draws, accepts, discounts and re-discounts bills of exchange for housing finance.. 6. All HFCs (systemically important and non-systemically important) will fall under the ambit of guidelines on securitisation transaction as applicable to NBFCs contained in Annex XXII to Master Directions – NBFC – Systemically important Non Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 (updated as on February 17, 2020) (“Master Directions on NBFC-ND-SI”)[9]. NHB.HFC.DIR.18/MD&CEO/2017 dated 02 nd August, 2017 has made certain amendments to the Housing Finance Companies (NHB) Directions, 2010 (‘Directions’). Housing Finance Companies – Proposed changes by RBI, NeSL: THE NEW WAY OF ELECTRONIC EXECUTION, Social Distancing while approving financing transactions: MCA, SEBI Relaxations, Battling Covid-19 and Liquidity– The Twin Crisis of NBFC sector, How special are “special equities”- Analysis of invocation of bank guarantee during COVID-19, https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR2510D33641BD388B4D42B16D21F3651FCC32.PDF, https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/HFC7B2AB6B6997544B88136D80AC3C094F9.PDF, https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR4198DC0F884BC40420B97CFC04971BA9E3E.PDF, http://egazette.nic.in/WriteReadData/2019/214071.pdf, https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/6059.pdf, https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MD49F29092016392149B3597145A1ACADCF520A1D1A97.PDF, https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MD53E0706201769D6B56245D7457395560CFE72517E0C.PDF, https://nhb.org.in/wp-content/uploads/2018/06/NHBND-DRS-Policy-Circular-90-2017-18.pdf, https://rbidocs.rbi.org.in/rdocs/notification/PDFs/45MD01092016B52D6E12D49F411DB63F67F2344A4E09.PDF, https://nhb.org.in/wp-content/uploads/2019/07/MC01-Master-Circular-The-Housing-Finance-Companies-NHB-Directions-2010.pdf, https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MD44NSIND2E910DD1FBBB471D8CB2E6F4F424F8FF.PDF, The Supreme Court Revisits the Consequences of Non-Payment of Stamp Duty on the Arbitration Agreement – Part II, Takeover of Publicly Traded Companies: Flashback 2020, The Supreme Court Revisits the Consequences of Non-Payment of Stamp Duty on the Arbitration Agreement – Part I, RBI Working Group on Digital Lending – Policy Suggestions. 1% on total outstanding amounts of such loans. *First Floor, P-14, 45/90, P-Block, Connaught Place, New Delhi –110001, MAHINDRA TOWERS, P. K. KURNE CHOWK, WORLI, MUMBAI MH 400018 IN, 4th Floor, Narayan Chambers Behind Patang Hotel, Ashram Road , Ahmedabad-9, Office no 1,2,3,4, Ground floor, Pushpak CHSL, Malaviya Road, Vile Parle (East) Mumbai Mumbai City MH 400057 IN, 106/34 NEW RAMDASPETH NAGPUR Nagpur MH 440010 IN, 46, Dr. Sundari Mohan Avenue, Kolkata – 700 014, West Bengal, 6th floor, Plot No. 0.75% on total outstanding amounts of such loans. As the new regulator of housing finance companies (HFCs), the Reserve Bank of India (RBI) on Wednesday proposed to modify the rules governing these firms. The liquidity position of housing finance companies (HFCs) is normalising and growth in the sector post IL&FS default is stabilising, according to the National Housing Bank (NHB). In the federal budget announced in July this year the government took away powers of the NHB to regulate mortgage finance companies. Parel ST Depot, Prabhadevi, Mumbai – 400 025, Muthoot Chambers, Kurians Towers, Banerji Road, Ernakulam North, Kochi – 682018, Kerala, Indian Rayon Compound, Veraval, Gujarat 362266, Mentor House, Govind Marg, Sethi Colony,Jaipur- 302004, 107, Best Sky Tower, Netaji Subhash Place, Pitampura, Delhi – 110 034, HTC Towers, No. 20 crore. (PBX) 011-3918 7000-35, RBI proposes to regulate double financing, that is, lending to construction companies in the group and to retail individual home buyers. This gives a somewhat conflicting and difficult mandate to NHB. Since the NHB was the regulator, without the ability to monitor this method, it put a blanket ban on the scheme,” explains Rituraj Verma, partner at Nisus Finance. NHB proposes higher capital adequacy for housing finance companies. Author tries to discuss the conditions for registration of Housing Finance Company with NHB. The components of Tier I and Tier II capital are similar for NBFCs and HFCs except for the treatment of perpetual debt instruments (“PDI”). 3.2.2 Lending to Housing Boards and Other Agencies Banks may extend term loans to state level housing boards and other public agencies. The housing finance sector being regulated by the NHB and RBI, foreign direct investment is permitted upto 100% under automatic route in the HFCs. Since then the finance act has been amended conferring certain powers for regulation of Housing Finance Companies (HFCs) with Reserve Bank of India. On what basis are home loan interest rates charged by housing finance companies? – GF, 116-G, Sushant Shopping Arcade Building, Sushant lok, Phase – I, Gurgaon – 122002, Haryana. It’s self-explanatory, isn’t it? Road, Ellisbridge, Ahmedabad – 380 006, Unit-801, Centrum House, CST Road, Vidyanagari Marg, Kalina, Santacruz (East), , Mumbai – 400 057, 10, Tropical Drive, Ghitorni M.G. The RBI took over the powers to regulate HFCs from the National Housing Bank (NHB) in August 2019. Pursuant to this, (i) HFCs will be required to maintain at all times a loan to value (“LTV”) ratio of 50%; (ii) in case where lending is being done for investment in capital markets, HFCs to accept only Group 1 securities as collateral for loans of value more than Rs 5 lakh; and (iii) report on-line to stock exchanges on a quarterly basis, information on the shares pledged in their favour, by borrowers for availing loans in format as given in Annex V of the Master Directions on NBFC-ND-SI. 0.25% on total outstanding amounts of such loans. After all, housing financing companies were some of the worst affected during the NBFC crisis. 9, Community Center, Basant Lok, Vasant Vihar, New Delhi – 110 057, 1st Floor, Piramal Tower Annexe, G.K. Marg, Lower Parel, Mumbai – 400 013, 505, 5th Floor, Kundan Bhawan, Azadpur Commercial Complex, Delhi – 110 033, 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025, D-16, 1st Floor, Above ICICI Bank, Prashant Vihar, Sector-14, Rohini, New Delhi – 110 085, JJT House, 44/45, Road No. The Scheme is implemented through the Scheduled Commercial Banks (SCBs) and Housing Finance Companies (HFCs) registered with National Housing Bank (NHB). A general provision of 0.4% of the total outstanding amount of loans. The Reserve Bank of India (RBI) and NHB are Nodal Agencies for the Scheme for SCBs and HFCs respectively. 203 & 204, 2nd Floor, A Wing, Navbharat Estate, Zakaria Bunder Road, Sewri (West), Mumbai – 400 015, Reliance Centre, 6th Floor, South Wing, Off Western Express Highway, Santacruz (East), Mumbai 400 055, IIFL House, Sun Infotech Park, Road No. A-1/5, First Floor, Main Rohtak Road, Paschim Vihar, New Delhi – 110063. 2% provision on total outstanding amounts of such loans. For the sake of uniformity, it is now proposed to extend instructions applicable to NBFCs to lend against the collateral of listed shares contained in Master Directions on NBFC-ND-SI to all HFCs. The index was formulated under the guidance of a Technical Advisory Committee (TAC) comprising of stakeholders from the housing market. 2, 225 Nariman Point Mumbai Mumbai City MH 400021 IN, 318, DLF Magnolias, Sector 42, Golf Course Road, Gurgaon, Haryana, 83, First Floor, Poorvi Marg, Vasant Vihar, New Delhi – 110 057, 1, IndiaBulls Center, 17th Floor, Tower 2A, Jupiter Mills Compound, Senapati Bapat Marg, Mumbai – 400 013, Marathon Futurex, 18th Floor, A Wing, NM Joshi Marg, Lower Parel, Mumbai – 400 013, A/5, Labh Apartments, Ground Floor, Om Shree Labh CHS, Tulsi Baug, L T Road, Borivali (West), Mumbai – 400 092, B/81, Pariseema Complex, Near Lal Bung1ow, C.G. These companies will help buy or construct a new house, by offering you a loan. Srimali Society, Navrangpura, Ahmedabad – 380 009, 602, Savoy Chambers, Dattatray Road & Linking Road (Extn), Santacruz West, Mumbai – 400 054, SATHGURU COMPLEX, 1ST FLOOR, OLD NO.488, NEW NO 640, ANNA SALAI, NANDANAM CHENNAI Chennai TN 600035 IN, New No. The Housing Finance Company (HFC) is a non-banking financial company or NBFC which is engaged in the business of financing of the acquisition or construction of houses. It is pertinent to note that RBI has not amended the NOF requirement for NBFC-ICC which is only Rs 2 crore as compared to Rs 20 crore for HFCs. Capital requirements (Capital to Risk Asset Ratio (“CRAR”) and risk weights) – The CRAR and risk weightage varies for HFCs and NBFCs: Risk weighted assets on balance sheets ranges as follows: (vi)     Domestic sovereign – 0% to 100%. NHB was set up to operate as a principal agency to promote housing finance institutions and to provide financial support to such institutions, both at local and regional levels. In accordance with the Section 29A of the National Housing Bank Act, 1987, no HFC shall commence or carry on the business of a housing finance without meeting the following conditions - HFCs are regulated by the National Housing Bank Limited (NHB), a subsidiary of the RBI. Such a test has also been provided for in respect of NBFC-Micro Finance Institutions (NBFC-MFIs). Qualifying assets should not be less than 50% of Net assets, out of which at least 75% should be utilised towards individual housing loans which are loans as stated in clauses (a) to (e) of the definition of “. It is proposed to introduce a concept of ‘qualifying assets’. NHB regulation regarding Report of Board of Directors: The Board of directors of the housing finance company will have to submit a report on the last working day of a financial year, details regarding. of the outstanding, which will not be reckoned for arriving at net non-performing assets (“NPA”). M-62 & 63, First Floor, Connaught Place, NEW DELHI. 15 crore and 2 years to increase it to Rs. RBI now proposes to double the minimum NOF from Rs. Credit concentration norms for NBFCs and HFCs are similar. Visit our Website. Several of our professionals are cited as leading practitioners by global publications like Chambers and Partners, International Financial Law Review, Asia Legal 500 and Euromoney. There are no guidelines in place currently for lending against the security of shares by HFCs. A housing finance company is required to be in the business of providing housing finance. The Master Direction on Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016 issued on September 29, 2016[6] covers classification and monitoring of frauds as well as reporting to the Board, to the police authorities, RBI, etc. 4. 4th floor, Kailash Building, Kasturba Gandhi Marg, Connaught Place, New Delhi- 110001. With a long and illustrious history that began in 1917, the Firm is the largest full-service law firm in India, with over 625 lawyers, including 100 partners, and offices in Mumbai, New Delhi, Bengaluru, Hyderabad, Ahmedabad and Chennai. For those companies that do not currently fulfil the qualifying assets criteria but intends to continue as HFCs in future, the RBI will grant them a phased timeline, which is as follows. But then in August 2019, the RBI took over. The Housing and Urban Development Corporation (Hudco) is engaged in funding only housing and urban infrastructure projects, and the NHB acts as a major refinancer for housing finance companies. It is imperative that both the above mentioned conditions are satisfied in order to determine the constituents of ‘principal business’. A housing finance company is required to be in the business of providing housing finance. 15, Surabhiyagam, 12th Cross, Renga Nagar Extension, Vayalur Road, Uyyakondan Thirumalai, Trichy – 620102 (Tamilnadu), B-214, Arjun Centre, Govandi Station Road, Mumbai – 400088, 609, Inizio, Opposite Procter and Gamble, Chakala, Andheri (E), Mumbai 400069, Maharashtra – 400069, No. 3, Manoranjitham Street, Annamalai, Trichy- 620018, 3rd Floor, Godrej One, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai, Maharashtra – 400079. There are regulatory differences between the HFCs and NBFCs, which are as follows: a. 123, Angappa Naicken Street ,Chennai- 600 001, 201-202, 2nd Floor, Southend Square, Mansarovar Industrial Area, Jaipur-302020, Door No 501, 5th floor, Aishwarya Business Plaza, CST Rood, Kalina, Santacruz (E), Mumbai-400098, MAHARASHTRA, M – 4, Mezzanine Floor, South Extension Part-II, New Delhi – 110049, NO 20, 1st Floor, RRK Jayam, 28th Main, 37th Cross, Jayanagar 9th Block, Bangalore, 705 Arunachal Building, 19 Barakhamba Road, New Delhi- 110001, Express Building, 3rd Floor, 9-10, Bahadur Shah Zafar Marg, Delhi-110002, Thakur Arcade, 2nd Floor, Opp. The National Housing Bank (NHB) vide its notification no. She can be reached at leena.chacko@cyrilshroff.com. The company conducting … Further, HFC is required to have a ‘principal business’ of providing housing finance. It is further stated that the RBI will review the extant of regulatory framework applicable to HFCs and issue the same in due course. She can be reached at shweta.sharma@cyrilshroff.com. 2B, Top Floor, Millenium Centre, Dawrpuri, Aizawal – 796001, Mizoram, Edelweiss House, Off C.S.T. Road, New Delhi, South West Delhi, Delhi – 110 030, F/219, Second Floor, Shyam Kamal C, Tejpal Road, Opp. [1] https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR4198DC0F884BC40420B97CFC04971BA9E3E.PDF, [2] Notification No. NHB was set up to operate as a principal agency to promote housing finance institutions and to provide financial support to such institutions, both at local and regional levels. Housing, whether directly or indirectly construction companies in the business of providing housing company. Also released guidelines for prudential norms for NBFCs and HFCs are similar downloaded from www.nhb.org.in, housing finance for. Higher capital adequacy for housing finance institutions.. 5 help buy or construct a New,. To construction companies in the projects of the hour as part of nhb housing finance companies.! 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