The National Housing Bank (NHB) was established on 9th July 1988 under an Act of the Parliament viz. the National Housing Bank Act, 1987 as a wholly owned subsidiary of Reserve Bank of India to function as a principal agency to promote Housing Finance Institutions and to provide financial and other support to such institutions. The Act, inter alia, empowers NHB to:
|Reserves & Surplus||1558.00||1389.00||1288.00|
|Borrowings & Deposits||16981.00||18479.00||16859.00|
|Loans & Advances||17671.00||19572.00||16363.00|
|Cash & Bank Balances||1090.00||972.00||2158.00|
|Profit & Loss Account||30.06.08||30.06.07||30.06.06|
|Profit before Tax||256.00||184.00||138.00|
|Profit after Tax||170.00||114.00||86.00|
Mode of Acceptance
The application forms complete in all respect together with Cheque/DD should be submitted at NHB’s Head Office in New Delhi/Mumbai Office or Representative Offices in Hyderabad, Banglore, Chennai and Kolkata. The date of deposit would be taken as the date of realization of cheque/DD. Cheque/demand draft should be drawn in favour of “National Housing Bank” payable at New Delhi/Mumbai.
Interest rate applicable on the deposit would be the rate prevailing as on the date of acceptance of such deposit. Interest will be calculated on the basis of 365 days a year. Interest on cumulative deposits will be compounded quarterly and paid together with the principal amount on maturity whereas interest on other schemes will be paid on a quarterly or annual basis, as the case may be.
Tax Deduction at Source
NHB will deduct Income Tax at source from interest on deposits in accordance with the applicable provisions of the Income Tax Act, 1961 in force from time to time. No tax, however, shall be deducted by NHB if the HFC furnishes to NHB relevant certificate/declaration/order as may be prescribed under the Income-Tax Act, evidencing grant or exemption from income-tax deductions at source of permitting deduction of tax at a rate lower than otherwise applicable. NHB shall not be liable to refund to the HFC(s) the amount of tax that may have been already deducted if such certificate/declaration/order shall not have been submitted by the HFC(s) at least three weeks prior to the date of payment of interest or maturity value of the deposit as the case may be.
Repayment/Renewal of Deposit
Change of Address
Change of address, if any, of the HFC shall be lodged in writing with the Head Office of NHB at least two weeks before the date on which a payment fails due for being acted upon.
Loan against Deposit
NHB will not provide any loan against a deposit issued under this scheme.
In the event of loss, theft, destruction, mutilation or defacement of the Deposit Receipt, NHB may at its sole discretion and at the cost of the depositor issue a duplicate Deposit Receipt subject to compliance with such terms and conditions, including an indemnity from the HFC, as may be deemed fit by NHB.
The application forms must be complete in all respect and submitted at NHB’s Head Office in New Delhi or Regional Office in Mumbai or Representative Offices in Hyderabad, Banglore, Chennai and Kolkata along with following documents:
Incomplete Application is liable to be rejected and NHB would not be responsible for consequences thereof.
NHB reserves the right to waive or amend or alter all or any of the above terms and conditions and also to reject any application for a fresh deposit or for renewal without assigning any reason in which event the amount of deposit received by NHB will accordingly be refunded without interest to the HFC.
Acceptance, renewal and repayment of deposits will be governed by guidelines issued by RBI from time to time and subject to Delhi/Mumbai Jurisdiction.