Housing finance company

Shobhit Jain (Querist) 17 May 2020 This query is : Resolved
Does housing finance company need to register as NBFC ?

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Guest (Expert) 18 May 2020
Before August -- 2019----As per Section 29A of the National Housing Bank Act 1987 it is Compulsory for every Housing Finance Company to procure a Certificate of Registration from National Housing Bank before initiating activities related to Housing Finance.

Guest (Expert) 18 May 2020
After August 13th 2019 -- The Reserve Bank of India had announced HFC -- Housing Finance company would be treated as one of the Category of NBFC -- and would be in the control of RBI>-The company must be Registered under Companies Act 2013// 1956

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Raj Kumar Makkad (Expert) 18 May 2020
Yes, it is required to be registered.

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Rajendra K Goyal (Expert) 18 May 2020
Yes.
A housing finance institution, which is a company, desirous of making an application for registration under sub-section 2 of section 29A of the National Housing Bank Act, 1987 (as amended by Act 23 of 2019) may approach the Department of Non-Banking Regulation, Reserve Bank of India.

Guest (Expert) 18 May 2020
The Query has to be read properly before posting the Reply.

Guest (Expert) 18 May 2020
Half Read is always Un finished.

Raj Kumar Makkad (Expert) 18 May 2020
A person can reply two or three or even by way of more threads if he desires so. Mere one sentence can be written in one thread an so it can very well be stretched as many times as one can.

T. Kalaiselvan, Advocate (Expert) 18 May 2020
In order to effectively tackle all the litigation that may arise, the RBI has instructed the NBFCs to get it registered under the companies act.
I agree and endorse the views expressed by expert Advocate Mr. NJS Rajkumar.

Dr J C Vashista (Expert) 19 May 2020
Seek professional services of a local company secretary / chartered accountant / lawyer for getting the company registered as NBFC.

Raj Kumar Makkad (Expert) 19 May 2020
You need not to engqage a local Chartered Accountant rather can engage any one of them from any part of India.

Rajendra K Goyal (Expert) 19 May 2020
It is advisable to engage professional who is having enough experience in the field, may be a CA, lawyer or some other consultant in financial field, NBFCs etc. dealing registration of NBFCs,

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