National Housing Bank

The Sub-Group on Housing Finance for the Seventh Five Year Plan (1985-90) identified the non-availability of long-term finance to individual households on any significant scale as a major lacuna impeding progress of the housing sector and recommended the setting up of a national level institution.
The Committee of Secretaries considered' the recommendation and set up the High Level Group under the Chairmanship of Dr. C. Rangarajan, the then Deputy Governor, RBI to examine the proposal and recommended the setting up of National Housing Bank as an autonomous housing finance institution. The recommendations of the High Level Group were accepted by the Government of India.
The Hon’ble Prime Minister of India, while presenting the Union Budget for 1987-88 on February 28, 1987 announced the decision to establish the National Housing Bank (NHB) as an apex level institution for housing finance. Following that, the National Housing Bank Bill (91 of 1987) providing the legislative framework for the establishment of NHB was passed by Parliament in the winter session of 1987 and with the assent of the Hon’ble President of India on December 23, 1987, became an Act of Parliament.
The National Housing Policy, 1988 envisaged the setting up of NHB as the Apex level institution for housing.
In pursuance of the above, NHB was set up on July 9, 1988 under the National Housing Bank Act, 1987.
NHB is wholly owned by Reserve Bank of India, which contributed the entire paid-up capital.
The general superintendence, direction and management of the affairs and business of NHB vest, under the Act, in a Board of Directors.
The Head Office of NHB is at New Delhi.

Preamble

The Preamble of the National Housing Bank Act, 1987 describes the basic functions of the NHB as –

“... to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support to such institutions and for matters connected therewith or incidental thereto ...”

Vision

NHB’s Vision derived out of the Workshop on ‘Aspiration Driven Transformation’ conducted for its Officers, and subsequently approved by the Board of Directors is as follows –

“NHB ensures a sound and healthy housing finance system in India through effective regulation and supervision of housing finance institutions. As a financial institution, NHB is known for its commitment, innovation and quality of service, offering a broad spectrum of financial products to address the needs of the housing sector with motivated employees working in a congenial and participative work environment.

When people think of financial services related to housing, they think of NHB.”

Objectives

NHB has been established to achieve, inter alia, the following objectives –

To promote a sound, healthy, viable and cost effective housing finance system to cater to all segments of the population and to integrate the housing finance system with the overall financial system.
To promote a network of dedicated housing finance institutions to adequately serve various regions and different income groups.
To augment resources for the sector and channelise them for housing.
To make housing credit more affordable.
To regulate the activities of housing finance companies based on regulatory and supervisory authority derived under the Act.
To encourage augmentation of supply of buildable land and also building materials for housing and to upgrade the housing stock in the country.
To encourage public agencies to emerge as facilitators and suppliers of serviced land, for housing.

Board of Directors

Shri S. Sridhar
Chairman & Managing Director

Shri Vidyadhar K. Phatak
Retd Principal Chief Town and Country Planning Division, Mumbai Metropolitan Region Development Authority
(under Section 6(1) (b) of the National Housing Bank Act, 1987 )

Dr. Errol D'Souza
Professor, Economics Area, Indian Institute of Management, Ahmedabad
(under Section 6(1) (b) of the National Housing Bank Act, 1987 )

Shri R. V. Shastri
Ex-Chairman & Managing Director, Canara Bank
(under Section 6(1) (c) of National Housing Bank Act, 1987)

Ms. Jayshree Ashvinkumar Vyas
Managing Director, Shri Mahila Sewa Sahakari Bank Ltd.
(under Section 6(1) (c) of National Housing Bank Act, 1987)

Ms. Shyamala Gopinath
Deputy Governor, Reserve Bank of India
(under Section 6(1) (d) of the National Housing Bank Act, 1987)

Shri Lakshmi Chand, IAS (Retd.)
Director, Central Board of Directors, Reserve Bank of India
(under Section 6(1) (d) of the National Housing Bank Act, 1987)

Ms. Kiran Dhingra, IAS
Secretary to Government of India,
Ministry of Housing and Urban Poverty Alleviation
(under Section 6(1) (e) of the National Housing Bank Act, 1987)

Shri Alok Nigam, IAS
Joint Secretary to the Government of India, Ministry of Finance
(under Section 6(1) (e) of the National Housing Bank Act, 1987)

Ms. Nilam Sawhney, IAS
Joint Secretary to the Government of India, Ministry of Rural Development
(under Section 6(1) (e) of the National Housing Bank Act, 1987)

Shri Ashok Dongre, IAS
Secretary to Government of Tamilnadu, Housing and Urban Development Department
(under Section 6(1) (f) of the National Housing Bank Act, 1987)

Shri G. S. Sandhu, IAS,
Principal Secretary to Government of Rajasthan, Housing and Urban Development Department
(under Section 6(1) (f) of the National Housing Bank Act, 1987)

Executive Committee of Directors

Shri S. Sridhar, Chairman

Ms. Shyamala Gopinath, Member

Ms. Nilam Sawhney, Member

Shri Alok Nigam, Member

Shri R.V. Shastri, Member.

Shri Lakshmi Chand, Member.

Audit Committee of the Board

Shri Lakshmi Chand, Chairman

Ms. Shyamala Gopinath, Member

Ms. Nilam Sawhney, Member

Shri Alok Nigam, Member

Ms. Jayshree Ashvinkumar Vyas, Member

Shri Vidyadhar K. Phatak, Member.

Organization

NHB is a lean, officer oriented, professionally managed institution with its headquarters in Delhi and offices in Mumbai, Hyderabad, Bangalore, Chennai, Kolkata, Lucknow and Ahmedabad. It has 84 professionals at different levels. NHB is committed to pursuit of excellence through innovation, doer work culture and contemporary work practices with technology intervention. It has the following Departments, apart from NHB RESIDEX Cell for handling residential index activities –

Regulation & Supervision
Refinancing Operations
Direct Finance Operations
Enabling Processes
Information Technology
Resource Mobilization and Management
Development and Risk Management
Board and CMD Secretariat
Legal Department

Offices of the Bank

Head Office: National Housing Bank Core 5A, India Habitat Centre, 3rd-5th floor, Lodhi Road, New Delhi - 110003 Phone No. +91-11-24649031 to 35 FAX No. +91-11-24646988, 24649041 e-mail : ho@nhb.org.in	Regional Office: National Housing Bank Mumbai Life Building, 45, Veer Nariman Road, Fort, Mumbai - 400023 Phone No. +91-22- 22851560-64 FAX No. +91-22-22851555 e-mail : romum@nhb.org.in
Representative Office Shri Vineet Singhal Regional Resident Representative Mobile No. +91-9000228869 National Housing Bank Representative Office- Hyderabad Forth Floor, APSHCL BUILDING, Street No. 17, Himyat Nagar, Hyderabad - 500029 Phone No. +91-40-23223375 e-mail : vineets@nhb.org.in	Shri W.C. Robin, Relationship Manager Mobile No. +91-9444991104 National Housing Bank Representative Office- Chennai Repco Bank Building No. 55, 2nd Floor Gandhi Nagar, IVth Main Road, Adyar, Chennai - 600020 TeleFax +91-44-24401180 e-mail : rochn@nhb.org.in	Shri G.N. Somdeve Regional Resident Representative Mobile No.+91-9741118155 National Housing Bank Representative Office- Banagalore F- Block, II Floor CBAB Complex, Cauvery Bhawan, K.G. Road, Bangalore- 560009 Phone No. +91-80-22711228 TeleFax +91-80-22131157 e-mail : roblr@nhb.org.in
Shri M.B.Roy Regional Resident Representative Phone No:-033-22312522 National Housing Bank Representative Office – Kolkata RBI Building 8, Council House street, 2nd Floor, Kolkata - 700001 Phone No. +91-33- 22312522 e-mail : rokol@nhb.org.in	Shri S H P Rizvi Regional Resident Representative Mobile No: 09793008850 National Housing Bank Representative Office- Lucknow Floor, N E Wing, A-Block, Bibhuti Khand, PICKUP Bhawan Gomti Nagar Lucknow – 226010. Uttar Pradesh Phone No. +91-522-4025169 e-mail : rolck@nhb.org.in	Mr R.K.Arvind Relationship Manager Mobile No:09662051412 National Housing Bank, Representative Office - Ahmedabad Mezzanine Floor, G-7, Sakar-I, Opposite Gandhigram Station, Ashram Road, Ahmedabad – 380009. Gujarat Phone No. e-mail : roahm@nhb.org.in

Milestones

1988-89 Financial Year	Refinance Schemes for housing loans Schemes for Land Development & Shelter Projects Scheme for Equity Participation in Housing Finance Companies (HFCs)/ Building Materials Companies
1989-90	Home Loan Account Scheme Housing Finance Companies (NHB) Directions, 1989 Raised Loan of US$25m (first tranche) under USAID Govt. Housing Guaranty Program
1990-91	Notified as a Public Financial Institution
1991-92	Received a Loan Assistance of Yen 2,970 billion from OECF (now JBIC) Scheme for Financing Housing Infrastructure
1992-93	Refinance Schemes for Slum Redevelopment Projects
1994-95	Launched the issue of Unsecured Bonds Guidelines for Prudential Norms for HFCs
1997-98	Golden Jubilee Rural Housing Finance Scheme (GJRHFS) Issued Tax Free Bonds to finance GJRHFS Drawn from ADB US$20m in 1997-98 and US$30m in 1998-99
1999-2000	Agreement for Cooperation with Canada Mortgage and Housing Corporation for introducing Mortgage Insurance and New Products in the Country
2000-01	First Residential Mortgaged Backed Securitization Issue in the Country Guidelines for Entry of HFCs into Insurance Business Refinance Scheme for reconstruction of dwelling units in the earthquake affected areas in Gujarat
2001-02	Credit Enhancement of Bonds floated by HFCs
2002-03	Liberalized Refinance Scheme for Housing Loans
2004-05	First time provided Corporate Guarantee for RMBS New Window of lending to Micro Finance Institutions
2005-06	Fraud Management Cell set up to disseminate information on frauds committed on housing loans
2006-07	NHB RESIDEX was launched (first official residential housing price index). New Products Developed for unserved and underserved segments of Society Reverse Mortgage Loan for Senior Citizens Productive Housing in Rural Areas (PHIRA) i.e. Scheme for composite loans (housing and production) to rural families Refinance for Top-up loan for Indira Awas Yojana Beneficiaries Equity Participation in New Rural Housing Finance Companies Occasional Papers & Discussion Papers Series launched
2007-08	Rural Housing Fund was created with Rs.1,000 crores allocation Rural Housing Microfinance was launched NHB-UNESCAP Study on pro-poor housing finance: 7 Asian Countries initiated MOC with UNHABITAT signed for water and sanitation projects for housing Home Loan Counselling : Diploma programme put in place (IIBF)

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