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An Act to establish a bank to be
known as the National Housing bank to operate as a principal agency to promote
housing finance institutions both at local and regional levels and to provide
financial and other support to such institutions and for matters connected
therewith or incidental thereto.
Be it enacted by
Parliament in the Thirty-eighth Year of the Republic of India as follows:-
1. Short title, extent and
commencement - (1) This Act may be called the
National Housing Bank Act, 1987.
(2) It extends to the whole of India.
(3) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act and any reference in any provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.
2. Definitions.- In this Act, unless the context otherwise requires,-
(a) "Board" means the Board of Directors of the
National Housing Bank referred to in section 6;
(b) "Chairman" means the Chairman of the Board
appointed under section 6;
(c) "director" means a director appointed under
section 6;
(d) "housing finance institution" includes every
institution, whether incorporated or not, which primarily transacts or has as
[one of its principal objects]2, the transacting of the business of
providing finance for housing, whether directly or indirectly;
(e) "Managing Director" means the Managing Director appointed under section 6;
(f) "National Housing Bank" means the National Housing Bank established under section 3;
(g) "notification" means a notification published in the Official Gazette;
(h) "prescribed" means prescribed by regulations made under this Act;
(i) "Reserve Bank" means the Reserve Bank of India
constituted under section 3 of the Reserve Bank of India Act, 1934;
(j) words and expressions used herein and not defined but defined in the Reserve Bank of India Act, 1934, shall have the meanings respectively assigned to them in that Act;
(k) words and expressions used herein and not defined either in this Act or in the Reserve Bank of India Act, 1934, but defined in the Banking Regulation Act, 1949, shall have the meanings respectively assigned to them in the Banking Regulation Act, 1949.
