To
obtain a certificate of registration from National Housing Bank, a Housing Finance Company needs to make
an application on HB in a specified form with the requisite fees. The form is
available on the official website of National Housing Bank.
Conditions to be
fulfilled for grant or refusal of a certificate of registration by National
Housing Bank-
The
conditions to be fulfilled for obtaining a certificate for registration is as
follows-
- Housing Finance Companies shall be in a position to pay its depositors in full as and when their claims accrue
- The conduct of the HFC should not be in any detrimental manner which is against the interest of its depositor
- The management of the HFC should not be prejudicial to the public interest or to the depositor the company
- The Housing Finance Company should have adequate capital and earning prospects
- The public interest should be served by the grant of such certificate of registration
- Such other conditions as specified by the NHB from time to time on granting the certificate of registration.
Rejection of Certificate of Registration
In
case of rejection of certificate of Registration of Housing Finance Companies
then the applicant or HUF can appeal
to the Central Government within 30 days from the date on which such order of
rejection is communicated to do it.
Cancellation of
Registration
The
certificate for registration of Housing Finance Company once granted can be canceled in the following circumstances –
- When it ceased to carry on the business of housing finance further
- Where HFC has failed to comply with any prescribed condition subject to which the certificate of registration has been issued
- Where at any time it fails to comply with a direction issued by NHB
- Where it fails to maintain accounts in accordance with the requirement of law
- Where it fails to submit or offer for inspection its books of accounts and other relevant documents
However,
HFC can appeal to the central government within a period of 30 days on which
such cancellation is communicated to it.
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