Efficient Housing scheme of National Housing Bank

Efficient Housing scheme of National Housing Bank

By SiliconIndia   |   Monday, June 30, 2014
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Bangalore : The National Housing Bank (NHB) is a state-owned bank and subsidiary of Reserve Bank of India (RBI), this was inaugurated its operations in 9th July 1988 and was set up under an Act of parliament in 1987. The headquarter is situated at New Delhi. The NHB was established with an aim to drive as a principal agency to promote housing finances both at local and regional levels. NHB will promote a sound, healthy, feasible and value effective housing finance system to cater all the segments of the population and to integrate the housing finance system with the general National Economy. This Bank is owned by the Reserve Bank of India to promote private real estate acquisition. NHB originated a scheme named as Energy Efficient Housing Scheme (EEHS), for providing all the reliable operations towards Buildings it includes buying, selling, constructing, renting or financing of Residential and the commercial properties. This scheme was commenced in the year 2011-2012. The main manifest of this EEHS is to present refinance assistance to Housing Finance Companies (HFCs) in respect of their direct lending up to rs 50 lakhs to the people for purchase/construction of high energy efficient housing units in urban areas. HCFs are expected to use this Refinance Assistance and aid such persons to have an energy efficient shelter of their own by expanding need based housing loans to them. Housing Finance companies are stimulated to avail of refinance from National Housing Banking underneath of different scheme to enable leverage of EEHS so that the primary objective of an increasing housing stock in urban areas is served. Refinance from NH bank are obtainable to the extent of 100% of housing loans sanctioned and spent by the HFCs for construction of housing/construction units, in accordance with the provisions of the scheme. Reverse mortgage is an economical product released by NHB which allows senior citizens who are more than 60 who own a house to mortgage their property with an investor and convert a part of the house equity in to tax exempt financial gain without having to sell the house. Instead of you creating a monthly payment to an investor, as a regular loan, the investor makes payment to you. Multiple choices are obtainable for reimbursement of the loan in a lump sum at the end of the loan term. The maximum duration of the loan is of 20 years. The loan does not need to be serviced as long as the borrower is alive and in occupation of the property. On the death of the borrower, the loan will be repaid through the sale of property.
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