NHB(ND)/ROD/HFC/LRS/12/2004
November 23, 2004

<< To all Housing Finance Companies>>

Sir

Refinance Scheme as applicable to Housing Finance Companies, 2003

Kindly refer to our circular NHB(ND)/ROD/HFC/LRS/01/2003 dated February 20, 2003 introducing the captioned scheme.

It has been mentioned in the Information Brochure on Refinance Assistance to Housing Finance Companies that the application for sanction of Annual Refinance Limit in the annual credit review format NHB-ROD[HFC]-01 should reach NHB on or before February 28, each year. The last date has been mentioned in the brochure so that the complete process of sanction of annual refinance limit which involves processing of applications, sanctioning of annual limit by the Executive Committee of NHB, issuance of sanction letters, seeking approval by the HFCs from their Board of Directors for availing refinance and the Documentation could be completed before the beginning of the next financial year (July-June) of NHB.

In view of various steps involved in the process, it is desirable that HFCs should submit the duly completed application for sanction of annual limit before the end of February so that the process could be completed well in time. However, it is clarified that the above date is only indicative in nature and does not prevent HFCs from submitting the application after the due date.

Yours faithfully,

Assistant General Manager
Refinance Operations Department