1. Regulation of HFIs2. Financially helping HFIs3.Agent of RBI
1. Obtain certificatre of registration with NHB.2. Net owned funds – Rs 25 lakhs.3. 5 -25 percent of deposits in approvedsecurities.4.Deposit – 12 to 84 months.5.Maximum interest – 12.5 percent.
The formula for calculation of EMI given the loan, term and interest rateis:
EMI =(p*r) (1+r)^n ___________ (1+r)^n - 1 p = principal (amount of loan), r = rate of interest per instalment period, i.e., if interest is 12% p.a. r = 1, n = no.of instalments in the tenure, ^ denotes whole to the power.