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Housing Finance

Housing Finance

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Published by soman45

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Published by: soman45 on Sep 22, 2009
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03/10/2013

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INTRODUCTION
The basic needs of mankind have been the food, shelter andclothing. Keeping this in mind, lots of efforts have been made to providefood through the poverty alleviation programmes since substantial portion of the Indian population are still in the clutches of object poverty.The poverty alleviation programmes both credit oriented and non-creditoriented ones described in earlier Units would have thrown light on theefforts taken in providing food for the poor which is primary among the basic needs. However, it is an irony of life that a large section of the population in India and other developing countries do not afford theseneeds both in their quantitative as well as qualitative dimensions. In fact,non-affordability of these facilities is a sine quo non of poverty. This Unithighlights the need for housing and the efforts taken by the Governmentin housing.The responsibility to provide housing finance largely rested withthe Government of India till the mid-eighties. The setting up of the National Housing Bank (NHB), a fully owned subsidiary of the ReserveBank of India (RBI) in 1988, as the apex institution, marked the beginning of the emergence of housing finance as a fund-based financialservice in the country. It has grown in volume and depth with the entry of a number of specialised financial institutions / companies in the public, private and joint sectors, although it is at an early stage of development.The implementation of housing finance policies presupposesefficient institutional arrangements. Although there were a large number of agencies providing direct finance to individuals for house construction,there was no well established finance system till the mid-eighties in asmuch as it had not been integrated with the main financial system of the
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HOUSING FINANCE WITH REFERENCE TO NATIONAL HOUSING BANK 
 
country. The setting-up of the National Housing Bank (NHB), a fullyowned subsidiary of the Reserve Bank of India, as an apex institution wasthe culmination of the fulfillment of a long overdue need of the housingfinance industry in India. The system has also been characterised by theemergence of several specialised financial institutions that haveconsiderably strengthened the organisation of the housing finance systemin the country. At present, there are about 320 housing financecompanies, of which 26 are registered with the NHB and which accountfor 98 per cent of the total housing loan disbursed.
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HOUSING FINANCE WITH REFERENCE TO NATIONAL HOUSING BANK 
 
CENTRAL AND STATE GOVERNMENTS
Till the mid-eighties, the responsibility to provide housing financerested, by and large, with the government. The Central and stateGovernments indirectly support the housing building effort. The CentralGovernment has introduced, from time to time, various social housingschemes. The role of the Central Government visa-versa these schemes isconfined to laying down broad principles, providing necessary advice andrendering financial assistance in the form of loans and subsidies to thestate governments and union territories. The Central Government has setup the Housing and Urban Development Corporation (HUDCO) tofinance and undertake housing and urban development programmes,development of land for satellite towns, besides setting up of a buildingmaterials industry.The Central Government provides equity support to the HUDCOand guarantees the bonds issued by it Apart from this, both Central andstate Governments provide house building advances to their employees.While the Central Government formulates housing schemes, the StateGovernments are the actual implementing agencies.
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HOUSING FINANCE WITH REFERENCE TO NATIONAL HOUSING BANK 

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