NHB-ROD[HFC-ST]-01

FORMAT FOR REQUESTS FOR SANCTION OF CREDIT LIMIT

UNDER SHORT TERM FACILITY

Ref. No.
Date:

National Housing Bank,
Core 5A, India Habitat Centre,
Lodi Road, New Delhi-110003.

Dear Sirs,

Request for financial assistance from NHB

We ……………. (HFC) hereby apply for financial assistance to the extent of Rs. ………. under the scheme for providing short term facility to Housing Finance Companies.

We have been sanctioned refinance limit of Rs…. for the year 200_-_ (July to June). The 15% of the above sanctioned limit is Rs._________________.

We have noted the details of the scheme and agree to comply with the provision of the scheme.

Yours faithfully,

For and on behalf of ……….. (Name of HFC)

(Authorised Signatory)

NHB-ROD[HFC-ST]-02

FORMAT REQUEST FOR RELEASE OF FUNDS

UNDER SHORT TERM FACILITY

To

Refinance Operations Department,
National Housing Bank,
Core 5A, India Habitat Centre,
Lodi Road, New Delhi-110 003.


Dear Sir,

Financial assistance to Housing Finance Company - Short term facility

…………….. (Name of HFC) has been sanctioned credit limit of Rs……… under the scheme for providing short term funds to HFCs. The balance outstanding under the scheme as on ………. is Rs. …...

2. You are requested to release a sum of Rs. …….. out of the balance limit sanctioned. This will be repaid in 45 /90/180 days from the date of release of funds. The funds will be utilised for the purposes of Housing Finance disbursements for the next ____ months which are expected at Rs….. crore.

3. We understand that this request for release of funds under the sanctioned limit does not giving rise to any binding obligation on the part of NHB.

4. We undertake to repay the amount along with accrued interest at the end of the term.

5. The amount may please be paid in to our current account No. ………… maintained with ………………… [Name of the Bank/Branch/Place]

6. We certify that the short-term facility of Rs.______________ will be used by __________(Name of HFC)_______ for the purpose of meeting the present and future housing finance disbursements only.

Yours faithfully

Place:

Date:

CEO/ Director

* to be specified

Appendix I

RESOLUTIONS TO BE PASSED BY THE BOARD OF DIRECTORS OF A

HOUSING FINANCE COMPANY AT A MEETING OF ITS

BOARD FOR aVAILING SHORT TERM LOAN FACILITY FROM NHB

Chairman informed the Board that National Housing Bank has introduced a Scheme for providing short term liquidity facility to housing finance companies for meeting their short term liquidity requirements arising during the normal course of the housing finance business subject to the terms and conditions as contained in the said Scheme and in the one time Memorandum of Agreement required to be executed in connection therewith by the housing finance companies with the National Housing Bank, a copy each of the Scheme and the Memorandum of Agreement duly signed by the Chairman for the purpose of identification has been placed on the table at the meeting.

Chairman further informed the Board that the Company intend to avail the said short term facility from the National Housing Bank from time to time and, therefore, after some discussions, the following resolutions were passed:

“ RESOLVED -

1. That the company do avail short term loans from the National Housing Bank from time to time under its Scheme for providing short term liquidity facility to housing finance companies for meeting their short term liquidity requirements arising during the normal course of the housing finance business on the terms and conditions as contained in the Scheme and in the one time Memorandum of Agreement.

2. That the following directors, namely Shri ……………………and Shri.……………………be and are, hereby authorised severally to convey to NHB acceptance on behalf of the company of the terms and conditions of the said Scheme and of the one time Memorandum of Agreement referred to above and agree to such changes and modifications in the said terms and conditions as may be suggested and acceptable to NHB from time to time and to execute the said Memorandum of Agreement and such other deeds, documents and other writings as may be necessary or required for this purpose.

3. *That if so required by NHB, the common seal of the company be affixed to the stamped engrossment in duplicate of the Memorandum of Agreement (as per the approved draft with such modifications as may be agreed to between NHB and the company) in the presence of any …….. of the following Directors, namely Shri ……………………., Shri ……………………and Shri …………………… Directors of the Company who shall sign the same in token thereof and Shri ………Secretary/ Authorised Person who shall also sign/counter sign the same in token thereof.

4. That the company do borrow from NHB short term loans from time to time under the scheme subject, however, that the outstanding of the borrowings under the said scheme at any time not to exceed Rs……………..

5. That Shri…………………… , Shri……………………, and Shri ……………of the Company, be and is hereby authorised severally to borrow money from NHB under the said Scheme from time to time subject to the above limit and to do all such acts and things and execute all deeds and documents as may be necessary for giving effect to this resolution.

* The resolution regarding affixation of the Common Seal is to be modified in accordance with the Articles of Association of the company.

Director / Managing Director / Secretary

Certified that the above resolutions were passed at the duly convened meeting of the Board of Directors of ………………………………………… held on……………………and recorded in the relative minute book.

CERTIFIED TO BE TRUE
Director / Managing Director / Secretary