A Housing Finance Company registration in Jaipur is a company registered under the Companies Act, 2013 which primarily transacts or has as one of its principal objects, the transacting of the business of providing finance for housing, whether directly or indirectly.
In terms of Section 29A of the National Housing Bank Act, 1987, no Housing Finance Company in Jaipur shall commence or carry on the business of a housing finance institution without -
(i) Obtaining a certificate of registration from National Housing Bank issued under Chapter V of the said Act, and
(ii) Having the net owned fund of ten crore rupees or such other higher amount, as the National Housing Bank may, by notification, specify.
A company registered under the Companies Act, 2013 and desirous of commencing the business of a housing finance institution, should comply with the following-
(i) either it should primarily transact or has as one of its principal objects of transacting the business of providing finance for housing, whether directly or indirectly; and
(ii) it should have a minimum net owned fund of Rs. 10 crores.
NHB, after its satisfaction on the fulfillment of the following conditions provided under sub-section (4) of Section 29A of the National Housing Bank Act, 1987 by a company, may grant a Certificate of Registration.
(i) HFC is or shall be in a position to pay its present or future depositors in full as and when their claims accrue;
(ii) Affairs of the HFC are not being or are not likely to be conducted in a manner detrimental to the interest of its present or future depositors;
(iii) The general character of the management or the proposed management of the Housing Finance Company shall not be prejudicial to the public interest or to the interests of its depositors;
(iv) Housing Finance Company has adequate capital structure and earning prospects;
(v) Public interest shall be served by the grant of certificate of registration to the Housing Finance Company to commence or carry on the business in India;
(vi) Grant of the certificate of registration shall not be prejudicial to the operation and growth of the housing finance sector of the country; and
(vii) Any other condition, the fulfillment of which in the opinion of the NHB, shall be necessary to ensure that the commencement of or carrying on the business in India by an HFC shall not be prejudicial to the public interest or in the interests of the depositors.
Then the applicant company is required to submit a physical copy of the application (in duplicate) along with the essentials documents to the Head Office of the National Housing Bank. Further, Company is also required to attach a Demand Draft for Rs. 10,000 favoring National Housing Bank payable at New Delhi.
Certified Copy of MOA (Memorandum of Association) & AOA (Article of Association);
Demand Draft of Rs. 10,000/- in favor of NHB, New Delhi;
Board Resolution specifying the objective of the Company and authorization to file Application before NHB;
Certificate by professional regarding the meeting the criteria of minimum NOF (Net Owned Fund) of Rs. 10 crores;
Business Plan of the company for the next 3 years;
Business profile of MD/Directors/CEO etc;
Audited Financials for the last three years, if available;
Education and experience certificate of directors and employees;
Certificate by professional regarding the source of the capital of the company;
Details of the company in which promoters/ directors, associated;
Half-yearly Return on Prudential Norms
Quarterly Return on the maintenance of Liquid Assets
Auditor’s Certificate on annual basis certifying the capability of the HFC to repay deposits
Copy of financial statements / Annual Report
Returns on changes pertaining to the address of the registered office of the HFC, its Directors, etc.
Filing a copy of the advertisement soliciting Public Deposits or statement in lieu thereof
Best Business Consultant for Housing Finance Company registration in Jaipur. call 91160-98980 for best company registration offer.