Regulation

Registration of Housing Finance Companies under Section 29A of the National Housing Bank Act, 1987

 

Public is hereby informed that no housing finance company* shall commence or carry on the business of a housing finance institution without, inter alia, obtaining a Certificate of Registration under Section 29A of the National Housing Bank Act, 1987 (53 of 1987).

Contravention of the above provisions is an offence punishable with imprisonment and with fine under the said Act.

Any person placing deposits or otherwise dealing with housing finance companies is, therefore, advised to satisfy himself that the concerned company has obtained a Certificate of Registration from the National Housing Bank and also whether the certificate of Registration is valid for acceptance of deposits from the public. For the detailed list of housing finance companies, the web-site of National Housing Bank may be accessed.

It is, however, clarified that deposits with housing finance companies are neither insured nor guaranteed by the National Housing Bank and the depositors are advised in their own interest, to satisfy themselves about the company and its credit worthiness before having any dealings with them.

“Names of the companies whose application for Certificate of Registration have been declined/rejected/rejected as withdrawn/cancelled and Companies ineligible to carry on the business of housing finance institution can also be accessed on the Bank’s web-site.”

This advertisement has been issued in the public interest.

New Delhi                                                     R.V. Verma
                                                                    Executive Director

* A housing finance company means a company registered under the Companies Act, 1956 (1 of 1956) which primarily transacts or has one of its principal objects, the transacting the business providing finance for housing whether directly or indirectly. 25-11-2008

Companies whose application for COR have been declined/rejected/rejected as withdrawn/cancelled

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