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Notifications
National Housing Bank
(Wholly Owned by the Reserve Bank
of India )
New Delhi
HOUSING FINANCE COMPANIES
(NHB) DIRECTIONS, 2001
Direction No. NHB.HFC.DIR.10/CMD/2005 dated March
11, 2005
The National Housing Bank having
considered it necessary in the public interest and being satisfied
that, for the purpose of enabling the National Housing Bank to
regulate the housing finance system in the country to its advantage,
it is necessary so to do, hereby in exercise of the powers conferred
by sections 30A and 31 of the National Housing Bank Act, 1987
(53 of 1987) and all the powers enabling it in this behalf, directs
that the Housing Finance Companies (NHB) Directions, 2001 shall with
immediate effect , be further amended in the following
manner, namely:-
1. In clause (t), in Paragraph 2:-
(i) for sub-clause (ii),
the following shall be substituted, namely:-
“(ii) a term loan (other than the one granted to an
agriculturist or to a person whose income is dependent on the
harvest of crops) inclusive of unpaid interest, when the instalment
is over due for more than six months or on which interest amount
remained past due for six months;”
(ii) for proviso (ii), the following shall be substituted,
namely:-
“(ii) a term loan (other than the one granted to an agriculturist
or to a person whose income is dependent on the harvest of crops)
inclusive of unpaid interest, when the instalment is over due for
a period of ninety days or more or on which interest amount remained
over for a period of ninety days or more;”
(iii)
after proviso (viii) the following may be inserted namely:-
“(ix) a term loan granted to an agriculturalist or to
a person whose income is dependent on the harvest of crops if the
instalment of principal or interest thereon remains unpaid:
(a) for two crop seasons beyond the due date
if the income of the borrower is dependent on short duration
crops, or
(b) for one crop season beyond the due date if
the income of the borrower is dependent on long duration crop.
Explanation
• For the purpose
of this sub-clause "long duration" crops would be crops
with crop season longer than one year and crops, which are not "long
duration" crops, would be treated as "short duration" crops.
• The crop season
for each crop means the period up to harvesting of the crops
raised, would be as determined by the State Level Bankers' Committee
in each State.”
-Sd/-
(P.K. Gupta)
Chairman and Managing Director
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