Executive Summary:
This document contains amendments to the Housing Finance Companies NHB Directions, 2010, effective immediately. The amendments, issued by the National Housing Bank, address details required in deposit application forms and premature deposit payments under specific circumstances. These changes are considered necessary in the public interest to regulate the housing finance system.
Key Points / Main Content:
Deposit Application Forms:
* Housing Finance Companies (HFCs) must include fields for depositors' bank account details on application forms, especially for joint accounts.
* Application forms must include a consent clause where depositors explicitly authorize the HFC to renew or pay the deposit principal and interest into their designated bank account upon maturity.
* Deposits will either be automatically renewed or paid on maturity.
* Post first auto renewal, the amount will be automatically remitted to the designated bank account at maturity, unless otherwise specified by the depositor.
Maturity Instructions:
* HFCs are obligated to inform depositors about deposit maturity details at least fourteen days before the maturity date.
* In the absence of specific maturity instructions, the maturity amount will be remitted to the depositor's designated bank account.
Premature Payment of Deposits:
* In the event of a depositor's death, public deposits shall be paid prematurely to surviving depositors (in the case of joint holding with the survivor clause), nominee, or legal heirs upon request and submission of proof of death. Interest will be calculated at the contracted rate up to the date of repayment.
* Tiny deposits may be prematurely paid to individual depositors before three months from the date of acceptance, without interest.
* For other public deposits, up to 50% of the principal sum or 5 lakh (whichever is lower) may be prematurely paid to individual depositors before three months from acceptance, without interest.
* In cases of critical illness, 100% of the principal deposit amount may be prematurely paid to individual depositors before three months from acceptance, without interest.
* Expenses of an emergent nature includes medical emergency or expenses due to natural calamitiesdisaster as notified by the concerned Government authority.
* HFCs shall be guided by the IRDAI Health Insurance Regulations, 2016 for the definition of Critical illness.
* The premature withdrawal shall also apply to existing deposit contracts wherein the individual depositor does not have a right to premature withdrawal of the deposit before the expiry of three months.
Impact Analysis:
Housing Finance Companies (HFCs):
* Impact: HFCs must revise their deposit application forms and procedures to comply with the new requirements for bank account details, consent clauses, maturity intimation, and premature deposit payment processing.
* Action Required: Update application forms, modify IT systems, train staff, and implement procedures to adhere to the amended directives.
Depositors:
* Impact: Depositors will have more explicit control over the handling of their deposits upon maturity and clearer guidelines for premature withdrawals, especially in cases of emergencies or death.
* Action Required: Review and update maturity instructions with HFCs, provide bank account details, and be aware of the conditions for premature withdrawals.
Nominees/Legal Heirs:
* Impact: Nominees or legal heirs will be able to access deposits prematurely in the event of the death of a depositor, with interest at the contracted rate up to the date of repayment.
* Action Required: Upon the death of a depositor, submit a request along with proof of death to the HFC to claim the deposit.
Key Entities Referenced
National Housing Bank: An organization that is issuing the notification.
National Housing Bank Act, 1987: The Act under which the National Housing Bank derives its powers; specifically sections 30A and 31 are mentioned.
Housing Finance Companies NHB Directions, 2010: A set of directions issued by the National Housing Bank to regulate Housing Finance Companies.
New Delhi: Location of notification. Full name New Delhi, Delhi
IRDAI Health Insurance Regulations, 2016: Regulations issued by the Insurance Regulatory and Development Authority of India regarding health insurance.
Sriram Kalyanaraman: Managing Director and Chief Executive Officer of an unspecified company; the signatory of the notification.
Government of India Press, Ring Road, Mayapuri, New Delhi110064: The printing press for the gazette
Controller of Publications, Delhi110054: The publisher of the gazette
jftLVªh laö Mhö ,yö&33004@99 REGD. NO. D. L.-33004/99
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EXTRAORDINARY
Hkkx III—[k.M 4
PART III—Section 4
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PUBLISHED BY AUTHORITY
la- 41] ubZ fnYyh] 'kqØokj] iQjojh 2] 2018@ek?k 13] 1939
No. 41] NEW DELHI, FRIDAY, FEBRUARY 2, 2018/MAGHA 13, 1939
रा(cid:3) (cid:5)ीय आवास ब(cid:12)क
अिधसूचना
नई िद(cid:6) ली, 8 िदस(cid:11)बर, 2017
स.ं ,,,,uuuu,,,,ppppcccchhhh----,,,,pppp,,,,QQQQllllhhhh----िनद(cid:24)श.20/एमडीएडं सीईओ/2017.— रा(cid:19) (cid:20)ीय आवास ब(cid:24)क अिधिनयम, 1987 (1987 का 53) क# धारा
30ए और 31 &ारा 'द( शि*य+ एव ंइस संबधं म. साम/ य0कारी सभी शि*य+ का 'योग करते हए7 , रा(cid:19) (cid:20)ीय आवास ब(cid:24)क ने साव0जिनक िहत म.
और संतु(cid:19) ट होकर यह आव; यक समझा िक आवास िवतृत 'णाली को दशे के लाभाथ0 िविनयिमत करने म. सश@ त होने के 'योजनाथ0, िक
ऐसा करना आव; यक ह,ै एतद&् ारा िनदDश दते ा है िक आवास िव( कंपनी (रा.आ.ब(cid:24)क) िनदशD , 2010 (यहा ंके बाद मुG य िनदDश के Hप म.
संदिभत0 ), तI काल 'भाव से िन(cid:11) नानसु ार संशोिधत िकया जाएगा, यथा:
1. अनु% छेद 6 म) संशोधन
मुG य िनदDश+ के अनKु छ ेद 6 के उप-अनKु छेद (ii) म., खंड (छ) के बाद, िन(cid:11) निलिखत खंड+ को शािमल िकया जाएगा, यथा:
“(ज) सयं @ु त नाम+ म. जमा रािशया ं T वीकाय0 करने के मामले म. 'पU म. जमाकता0 या जमाकता0ओ ंक# ब(cid:24)ख खाते का W यौरा मांगना
चािहए ।
(झ) आवेदन 'पU के अंत म,. लेिकन जमाकता0 के हT ता[र से पहले जमाकता0 &ारा िन(cid:11)न िलिखत सहिमत खंड जोड़ िदया जाएगा। “म(cid:24)
एतद&् ारा जमा क# प]रप@ वता पर यहा ं उ(cid:6) लेिखत मेरे िनिद(cid:19)0 ट ब(cid:24)क खाते म. पणू 0त: मूलधन एव ं W याज भगु तान हते ु मलू धन को
नवीकृत करने/मलू धन एव ंW याज को नवीकृत करने हते ुआवास िव( कंपनी को अपनी T प(cid:19) ट सहमित 'दान करता ह` ं।”
(cid:1) या(cid:5) या:
जमाकता0 &ारा प]रप@ वता िनदशD म. िकसी सशं ोधन के मामले म., बकाया रािश या तो T वत: नवीकृत हो जाएगी या प]रप@ वता पर
भगु तान िकया जाएगा ।
660 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
बशतD िक दसू रे अविध ('थम T वत: नवीकरण के बाद) हते ुप]रप@ वता के मामले म., अb यथा जमाकता0 स ेिकसी िविश(cid:19)ट िनदDश क#
अनपु िTथित म., रािश प]रप@ वता पर िनिद(cid:19)0ट ब(cid:24)क खाते म. T वत: िव'ेिषत कर हो जाएगा”
2. अनुचछेद 12 म) सशं ोधन
(i) मुG य िनदDश+ के अनुKछ ेद 12 के उप-अनKु छेद (iv) िन(cid:11) निलिखत &ारा 'ितT थािपत िकया जाएगा, यथा:-
“(iv) आवास िव( कंपिनय+ क# ओर स ेजमा रािश क# प]रप@ वता क# तारीख से कम से कम चौदह िदन पवू 0 जमाकता0 को जमारािश
क# प]रप@ वता का W यौरा सूिचत करना अिनवाय0 ह।ै तथािप, िकसी खास प]रप@ वता िनदDश क# अनपु िTथित म. जमाकता0/ओ ंके
नाम िनिद0(cid:19) ट ब(cid:24)क खाते म. िव'ेिषत कर िदया जाएगा ।”
(ii) मूल िनदशD + के अनुK छेद 12 के उप-अनKु छेद (vi) नीचे िदए अनसु ार 'ितT थािपत िकया जाएगा-
“(iv) (क) बशतe िक, जमाकता0 के मIृ य ु होने क# िTथित म., साव0जिनक जमा रािश उ(रजीवी शत0 के साथ संय@ु त धारक होने के
मामले म. उ(रजीवी जमाकता0 को, या मतृ क जमाकता 0 के नािमती या काननू ी उ(रािधकारी/य+ को, मृतक जमाकता0 के
उ(रजीवी जमाकता 0/ नािमती / काननू ी उ(रािधकारी/य+ के अनरु ोध पर, उ(रजीवी जमाकता 0/ नािमती / काननू ी उ(रािधकारी
के अनरु ोध पर, और केवल मIृ य ुका 'माण 'T तुत करने पर, कंपनी क# सतं ु(cid:19) टी पर, चकु ौती क# तारीख को अनुबंिधत दर पर
W याज के साथ। प]रप@ वता पूव0 भगु तान िकया जाएगा ।
(ख) इसके अित]र@ त बशतD िक िन(cid:11) न प]रिTथितय+ के बारे म. िचंितत आवास िव( कंपनी क# संतु(cid:19) टी होने पर, आकिTमक 'कृित के
कुछ f यय के िमलान के gम म.-
1. ‘अI यंत लघ ुजमा’ परू ी तरह से िबना W याज के ऐसे जमा क# T वीकृित क# तारीख से तीन महीने समाk त होने स ेपहले, जमाकता 0
के अनरु ोध पर, वैयि*क जमाकताओ0 ंको प]रप@ वता पवू 0 भगु तान िकया जा सकता ह ै।
2. अb य साव0जिनक जमाओ ंके मामले म,. जमा के मूलधन योग क# रािश का पचास 'ितशत से अिधक नहl या 5 लाख 3 m.,
जो भी कम हो, िबना W याज के ऐस ेजमा क# T वीकृित क# तारीख से तीन महीने समाk त होने से पहल,े जमाकता0 के अनुरोध पर,
वैयि*क जमाकताओ0 ंको प]रप@ वता पवू 0 भगु तान िकया जा सकता ह;ै अनुबंिधत दर पर W याज सिहत शेष रािश साव0जिनक
जमाओ ंहते ुयथा लाग ू'चिलत िनदशD + के 'ावधान+ &ारा अिभशािसत होगा;
इसके अित]र@ त बशतD िक गभं ीर बीमारी के मामल+ म,. जमा क# मूलधन योग क# रािश का शत 'ितशत िबना W याज के ऐस े
जमा क# T वीकृित क# तारीख से तीन महीने समाk त होने से पहले, जमाकता0 के अनुरोध पर, वैयि*क जमाकताओ0 ंको
प]रप@ वता पवू 0 भगु तान िकया जा सकता ह;ै
(cid:1) या(cid:5) या:
1. उप-अनKु छेद (vi) (ख) के उo;े य हते ,ु आकिTमक 'कृित के f यय म. संबंिधत सरकार/'ािधकरण के &ारा यथा
अिधसूिचत 'ाकृितक आपदाओ/ंआपदा के कारण िचिकI सा इमरज.सी या f यय शािमल ह ै।
2. ‘गभं ीर बीमारी’ क# प]रभाषा हेत,ु आवास िव( कंपिनया ं आईआरडीए (T वाT/ य बीमा) िविनयमन, 2016 और इसके
अंतग0त एव ंसमय-समय पर यथा संशोिधत जारी िदशा-िनदशD + के &ारा अिभशािसत ह+गी ।
3. इन 'ावधान+ हेत ुरािश मौजूदा जमा अनुबधं + पर भी लाग ूहोगा जहा ंवैयि*क जमाकता 0के पास तीन महीने क# समािp
के पवू 0 जमारािश के प]रप@ वता पवू 0 आहरण का अिधकार नहl ह ै।
qीराम क(cid:6) याणरामन, 'बधं न िनदेशक एव ंमुG य काय0पालक अिधकारी
[foKkiu-III@4@vlk-@413@17]
NATIONAL HOUSING BANK
NOTIFICATION
New Delhi, the 8th December, 2017
No. NHB.HFC.DIR.20/MD&CEO/2017.—In exercise of the powers conferred by sections 30A and 31 of
the National Housing Bank Act, 1987 (53 of 1987) and of all the powers enabling it in this behalf, the National
Housing Bank, having considered it necessary in the public interest, and on being satisfied that for the purpose¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
of enabling it to regulate the housing finance system of the country to its advantage, it is necessary so to do, hereby
directs that the Housing Finance Companies (NHB) Directions, 2010 (hereinafter referred to as the principal Directions)
shall, with immediate effect, be amended in the following manner, namely –
1.
Amendment to Paragraph 6
In sub-paragraph (ii) of Paragraph 6 of the principal Directions, after the clause (g), the following clauses shall
be inserted, namely:-
“(h) the form should solicit the details of the bank account of the depositor or depositor/s in case of deposits
accepted in joint names.
(i) at the end of application form but before signature of the depositor, the following consent clause by the
depositor shall be appended. “I hereby give my explicit consent to the housing finance company to duly
renew principal / renew principal and interest / pay, in entirety, the principal and interest to my designated
Bank Account mentioned herein on maturity of the deposit.”
Explanation:
In the case of any revision in the maturity instruction by the depositor, the due amount will either be
automatically renewed or paid on maturity;
Provided that in the case of maturity for the second tenure (post first auto renewal), the amount will be
automatically remitted to the designated bank account at maturity, in absence of any specific instruction
from the depositor otherwise.”
2.
Amendment to Paragraph 12
(i) In Paragraph 12 of the principal Directions, the sub-paragraph (iv) shall be substituted by the following,
namely:-
“(iv) It is obligatory on the part of a housing finance company to intimate the details of maturity of the
deposit to the depositor at least fourteen days before the date of maturity of the deposit. However, in the
absence of any specific maturity instruction, the maturity amount shall be remitted to the designated
bank account maintained in the name of the depositor/s.”
(ii) Sub-paragraph (vi) of Paragraph 12 of the principal Directions, shall be substituted as under –
“(iv) (a) Provided that, in the event of death of a depositor, the public deposit shall be paid prematurely, to
the surviving depositor/s in the case of joint holding with the survivor clause, or to the nominee or
legal heir/s of the deceased depositor, on the request of the surviving depositor/s/nominee/legal
heir/s of the deceased depositor, on the request of the surviving depositor/s/nominee/legal heir, and
only against submission of proof of death, to the satisfaction of the Company, with interest at the
contracted rate up to the date of repayment.
(b) Provided further that in order to meet certain expenses of an emergent nature, subject to the
satisfaction of the housing finance company concerned about such circumstances –
1. ‘Tiny deposits’ may prematurely be paid to individual depositors, at the request of the
depositor, before the expiry of three months from the date of acceptance of such deposits,
in entirety, without interest;
2. In case of other public deposits, not more than fifty per cent of the amount of the principal sum of
deposit or ` 5 lakh, whichever is lower, may be prematurely paid to individual depositors, at the
request of the depositors, before the expiry of three months from the date of acceptance of such4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
deposits, without interest; the remaining amount with interest at the contracted rate shall be
governed by the provisions of the extant Directions as applicable for public deposits;
Provided further that in cases of critical illness, hundred percent of the amount of the
principal sum of deposit, may be prematurely paid to individual depositors, at the request of the
depositors, before the expiry of three months from the date of acceptance of such deposits,
without interest.
Explanation:
1. For the purpose of sub-paragraph (vi) (b), expenses of an emergent nature includes medical
emergency or expenses due to natural calamities/disaster as notified by the concerned
Government/authority.
2. For the definition of ‘Critical illness’, HFCs shall be guided by the IRDAI (Health Insurance)
Regulations, 2016 and the guidelines issued thereunder, as amended from time to time.
3. The amount of these provisions shall also apply to the existing deposit contracts wherein the
individual depositor does not have a right to premature withdrawal of the deposit before the expiry
of three months.”
SRIRAM KALYANARAMAN, Managing Director & Chief Executive Officer
[ADVT. –III/4/Exty./413/17]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.