NHB is a premier financial institution in India that plays a vital role in facilitating affordable housing and ensuring stability in the housing finance sector through various initiatives and regulations.
National Housing Bank (NHB)
The National Housing Bank (NHB) is a key player in India’s housing finance sector. It was established in 1988 to operate as a principal agency and regulator for housing finance in India.
Objectives of National Housing Bank
The NHB was born with a mission to make housing affordable and accessible to all. Its primary goals include:
- Promoting Housing Finance Institutions:NHB provides support and guidance to institutions that extend housing loans.
- Expanding Housing Opportunities: It aims to expand the reach of housing opportunities for all, especially the underprivileged and those residing in rural areas.
- Stabilising the Housing Finance System: By providing financial support to housing finance companies, NHB ensures stability in the sector.
- Advancing Resources to Housing Finance Institutions: NHB also supplies necessary funds to various housing finance institutions.
Functions of National Housing Bank
NHB plays a crucial role through a range of functions:
- Regulatory Oversight: NHB oversees and regulates the housing finance companies and keeps the sector secure.
- Refinancing:It offers refinancing options to housing finance institutions, ensuring a steady flow of funds.
- Promoting Investments: NHB encourages investments in the housing and housing finance sectors by devising investment-friendly policies.
- Developmental Role: It fosters the growth and development of the housing finance sector through research, surveys, training, and consultancy services.
Benefits of National Housing Bank
NHB offers a plethora of benefits to the housing finance sector and the nation as a whole:
Stability: By regulating housing finance companies, NHB maintains stability in the housing finance market.
Increased Access to Housing: Through its policies and support, NHB helps increase access to housing loans, making housing more affordable for many.
Growth in Housing Sector: It promotes the growth of the housing sector which in turn positively impacts the economy.
Innovative Financial Products: NHB develops and promotes innovative financial products to cater to diverse housing needs.
What is NHB RESIDEX?
NHB RESIDEX is an index that tracks the movement in prices of residential properties across Indian cities. It aids in:
- Better Understanding:By tracking housing prices, RESIDEX helps investors, policymakers, and consumers to understand the real estate market.
- Informed Decision Making: It allows individuals to make informed decisions regarding property investments.
Government Housing Schemes Under NHB
NHB is involved in several government housing schemes such as:
- Pradhan Mantri Awas Yojana (PMAY): A scheme aimed at providing affordable housing to the urban poor
- Rural Housing Fund (RHF): This fund provides support to housing finance companies and banks that finance rural housing.
History of National Housing Bank
Established on July 9, 1988, under the National Housing Bank Act, NHB has come a long way. The Reserve Bank of India held a 100% stake which was transferred to the Government of India in 2019. Over the years, NHB has been instrumental in the evolution of the housing finance sector.
- Policy Formulation: NHB helps create housing finance policies and provides recommendations to the government.
- Pradhan Mantri Awas Yojana (PMAY): NHB supports PMAY, a scheme for affordable housing, by coordinating with lending institutions and managing financial resources.
- Capacity Building: NHB conducts training programs to improve skills and knowledge in the housing finance sector.
- Research and Market Analysis: NHB studies the housing finance market to gather insights and data for policymaking.
- Collaborations: NHB partners with organizations to share knowledge and best practices.
- Digital Transformation: NHB uses digital technologies for better processes and transparency in housing finance.
National Housing Bank Contact Details
For any queries or information regarding NHB, you can contact them through:
Address: National Housing Bank, Core 5-A, India Habitat Centre, Lodhi Road, New Delhi – 110003.
Phone: 1800-11-3377 ; 1800-11-3388
NHB Sunidhi FD Rates
NHB Sunidhi is a fixed deposit scheme offering attractive interest rates. The rates are subject to change; therefore, it’s advisable to check the official NHB website for the latest rates.
NHB Suvriddhi Tax Saving FD Rates
NHB Suvriddhi is a tax-saving fixed deposit scheme. Like Sunidhi, the rates are subject to change. You can avail of tax benefits under Section 80C of the Income Tax Act by investing in this scheme.
The National Housing Bank, through its objectives, functions, and various schemes, plays an integral role in shaping the housing finance sector in India. By enabling affordable housing, promoting investments, and ensuring a stable market, NHB contributes significantly to the nation’s development.
Helpful Links
