a) RBI has issued certain revisions as annexed in the notification which will be applicable to all HFC’s. the HFC’s shall continue to comply with all extant instructions issued by National Housing Bank which are not covered in the Notification. RBI has provided inclusion which have to be made to the meaning of “Housing Finance” and shall cover the likes of ; Loans to individuals or group of individuals including co-operative societies for construction/ purchase of new dwelling units; and to individuals for purchase of plots for construction of residential dwelling units provided a declaration is obtained from the borrower that he intends to construct a house on the plot within a period of three years from the date of availing of the loan etc.
b) The Registered HFC’s which do not currently fulfill the criteria as mentioned in the notification but wish to continue as HFC’s will have to comply within the timeline provided in the notification for transitions.
Read All other Updates in Legal Updates