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Housing Finance Companies (HFCs) are specialized non-banking lenders focused on long-tenure home loans and housing-linked finance. With India’s housing credit market expanding rapidly across affordable, mid-market, and premium segments, HFCs play a critical role in fulfilling the national goal of “Housing for All” and serving borrower segments that banks often cannot reach.
Since August 2019, HFCs are treated as a category of NBFC and are directly regulated by the Reserve Bank of India, while the National Housing Bank (NHB) continues to play a supervisory role. HFC registration requires a minimum Net Owned Funds (NOF) of ₹20 crore, with at least 60% of total assets invested in housing finance and at least 50% in housing loans to individuals — making it one of the most strategically important NBFC categories in India.
We provide end-to-end advisory for Housing Finance Company registration — from structure selection and capital planning to RBI application, policies, tech and NHB / CERSAI integration, and ongoing regulatory, statutory, and SBR compliance — so your HFC is set up cleanly and runs compliantly from day one.
₹20 Cr
Minimum Net Owned Funds
60% / 50%
Housing finance & retail home tests
RBI & NHB
Dual regulatory architecture
6-9
Months typical timeline
Regulations & Frameworks We Align With
National Housing Bank Act, 1987
RBI Act, 1934
HFC Master Directions
Companies Act, 2013
SBR Framework
SARFAESI Act
FEMA & FDI Policy
PMLA & FIU-IND
The Defining HFC Tests
₹20 Cr
Net Owned Funds
Minimum NOF of ₹20 crore required for registration as a Housing Finance Company, certified by statutory auditor and bankers.
≥ 60%
Housing Finance Test
At least 60% of total assets must be deployed in housing finance as per RBI definitions.
≥ 50%
Individual Housing Test
At least 50% of total assets must be in housing loans to individuals for residential purposes.
15%
CRAR Requirement
Minimum Capital Adequacy Ratio of 15% to be maintained on an ongoing basis under RBI norms.
Tier I / II
Capital Structure
Capital adequacy includes Tier I and Tier II capital as per RBI HFC Master Directions.
Fit & Proper
Directors & Promoters
Directors and promoters must satisfy the Fit and Proper Criteria prescribed by the RBI.
Our HFC Advisory & Registration Services
Structuring & Strategy
Advisory on entity structure, segment focus (affordable / mid / premium), and target geographies.
Company Incorporation
Incorporation of a company with HFC-compliant objects and appropriate capital base.
Capital Planning
Structuring the ₹20 crore NOF, capital raise plan, and promoter contribution architecture.
Business Plan & Projections
Detailed 5-year business plan covering product mix, borrower profile, and financial model.
Policies & Framework
Credit, risk, pricing, recovery, FPC, KYC/AML, IT/IS, and outsourcing policies.
RBI Application
Preparation and filing of HFC application with RBI along with all supporting documentation.
Fit & Proper & Diligence
Promoter & director due diligence, Fit & Proper documentation, and declarations.
Post-Registration Support
Ongoing compliance, NHB / CERSAI / CKYCR integrations, SARFAESI setup, and advisory.
HFC Product Segments We Help Structure
Retail
Home Loans
Loans for purchase, construction, or acquisition of residential property for individuals.
Retail
Home Improvement Loans
Loans for renovation, repairs, and extension of existing residential property.
Affordable
Affordable Housing
Small-ticket home loans aligned with government affordable housing schemes and EWS / LIG borrowers.
Secured
Loan Against Property
Secured loans against residential / commercial property for business or personal needs.
Developer
Construction Finance
Project finance to developers for construction of residential real estate projects.
Balance Transfer
Balance Transfer & Top-Up
Refinancing of existing home loans with enhanced sanction or interest rate improvement.
NRI
NRI Home Loans
Home loans to NRIs and OCIs for purchase of residential property in India, within FEMA norms.
Plot
Plot & Construction Loans
Combined loan for purchase of plot and subsequent construction of a residential dwelling.
Key Eligibility Requirements
Registered Company
Must be a company incorporated under the Companies Act, 2013 with HFC objects in the MOA.
Net Owned Funds
Minimum NOF of ₹20 crore, verified through auditor and banker certification.
Housing Finance Focus
At least 60% of total assets in housing finance, of which 50% must be to individuals.
CRAR Compliance
Ability to maintain minimum CRAR of 15% with appropriate Tier I / Tier II capital mix.
Fit & Proper Criteria
Promoters and directors must satisfy RBI’s Fit and Proper Criteria and have relevant experience.
Governance Framework
Board structure, committees, and governance aligned to the SBR framework for HFCs.
Documents Required
Company & Corporate
- Certificate of Incorporation
- MOA & AOA with HFC objects
- Board resolution for HFC registration
- Shareholding pattern
- Audited financials (where applicable)
- NOF certificate & banker’s report
- Source of funds declaration
Promoters & Directors
- KYC of promoters & directors
- Net worth certificates
- Fit & Proper declarations
- CIBIL / credit history reports
- Experience in banking / lending / real estate
- Board composition details
Business Plan & Policies
- Detailed 5-year business plan
- Financial projections
- Product, pricing & credit policy
- Risk management framework
- KYC / AML / PMLA policy
- IT / IS & outsourcing policy
- Organization structure & hiring plan
HFC Registration Process
1
Structuring
Finalize entity structure, capital plan, and target product & borrower segments.
2
Incorporation
Incorporate the company with HFC objects and appropriate authorized capital.
3
Capital & Policies
Infuse ₹20 crore NOF, obtain certifications, and prepare policies and business plan.
4
RBI Filing
File HFC registration application with RBI along with all supporting documentation.
5
CoR & Go-Live
Respond to RBI queries, receive Certificate of Registration, and commence operations.
Why Set Up a Housing Finance Company
✓
Tap India’s large and growing housing credit market
✓
Focused, specialized lender with strong brand value
✓
Access to institutional funding, NCDs, and ECBs
✓
Eligible for priority sector co-lending with banks
✓
SARFAESI powers for secured loan recovery
✓
Strong appeal to PE, strategic, and foreign investors
✓
Well-understood vehicle for IPO and capital markets
✓
Contribute to “Housing for All” national agenda
Ongoing Compliance for HFCs
60% / 50% Asset Tests
Continuous compliance with housing finance and individual housing asset ratios.
CRAR & Leverage
Maintain minimum 15% CRAR and leverage limits as per HFC Master Directions.
RBI Returns
Periodic returns to RBI including ALM, NPA, asset quality, and governance disclosures.
NHB Supervision
Supervisory reporting to NHB where applicable, and alignment with NHB guidelines.
Fair Practices Code
Implementation of FPC, Key Fact Statement, and transparent pricing disclosures.
KYC / AML & FIU-IND
Customer due diligence, PMLA reporting, and STR / CTR filings to FIU-IND.
CERSAI & CKYCR
Registration of security interest on CERSAI and upload of KYC records on CKYCR.
Corporate & Tax
MCA filings (AOC-4, MGT-7, DIR-3 KYC), statutory audit, income tax, GST, transfer pricing.
FAQs on Housing Finance Company Registration
What is a Housing Finance Company (HFC)?
A Housing Finance Company is a category of NBFC whose principal business is financing of housing — including home loans to individuals, loans against residential property, construction finance to developers, and similar products. HFCs are governed by the National Housing Bank Act, 1987, and since 2019 are directly regulated by the Reserve Bank of India, with supervisory inputs from the NHB.
What is the minimum capital required for an HFC?
An HFC must have minimum Net Owned Funds (NOF) of ₹20 crore, maintained at all times. The capital must be genuine, traceable, and supported by certification from the statutory auditor and banker at the time of RBI application.
What are the 60% and 50% tests for an HFC?
For an entity to be classified as an HFC, at least 60% of its total assets must be deployed in housing finance, and out of this, at least 50% of total assets must be in housing loans to individuals. These tests are assessed on an ongoing basis and failure may result in re-classification as a different NBFC category.
Who regulates HFCs in India?
HFCs are regulated by the Reserve Bank of India as a category of NBFCs, with the National Housing Bank (NHB) continuing to play a supervisory and refinance role. HFCs are governed by the NHB Act, the RBI Act, HFC Master Directions, the Companies Act, SBR framework, and sector-specific laws including PMLA, SARFAESI, FEMA, and tax laws.
How long does HFC registration take?
A well-prepared HFC registration typically takes 6 to 9 months from filing to CoR grant, depending on completeness of documentation, quality of the business plan, and RBI’s queries. Promoter background, source of funds, and compliance-readiness of policies significantly influence the timeline.
Can foreign investors invest in an HFC?
Yes. Subject to the FDI policy and FEMA regulations, foreign investment is permitted in HFCs, typically under the automatic route for specified activities with applicable capitalization norms. FC-GPR / FC-TRS filings, pricing guidelines, and downstream investment rules must be followed for every foreign investment round.
Can an HFC use SARFAESI for recovery?
Yes. Eligible HFCs are notified as “financial institutions” under the SARFAESI Act, 2002, enabling them to enforce security interests and recover dues without court intervention, subject to satisfaction of threshold and procedural conditions. This is one of the key advantages of operating as a registered HFC.
What are the main ongoing compliance requirements for an HFC?
Core compliances include continuous maintenance of 60% / 50% asset tests, 15% CRAR, periodic RBI returns, NHB supervisory inputs, Fair Practices Code, KYC / AML, PMLA & FIU-IND reporting, CERSAI and CKYCR integration, MCA filings, statutory audit, income tax, GST, and alignment with the Scale-Based Regulatory (SBR) framework.
Build a Scalable, RBI-Regulated Housing Finance Company
Partner with our specialists for end-to-end HFC advisory — from structuring and RBI registration to policies, SARFAESI, and ongoing compliance — under one roof.
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