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JC - Legal Updates - Revised: Master Directions on NBFC - HFCs

Legal Updates

20 Oct 2023

Revised: Master Directions on NBFC - HFCs

Brief Overview:
 
RBI has revised the master directions on Non-Banking Financial Company – Housing Finance Company (“HFC”) whereby, inter alia compiling the latest regulations issued by RBI in relation to HFCs.
 
Technical Details:
 
1)  Release of movable/immovable property documents on repayment/settlement of personal loans (including housing loans): HFCs are required to release all the original movable / immovable property documents and remove charges registered with any registry within a period of 30 days upon receiving full repayment of a loan and closure of loan account.
 
2)  Display of information - secured assets possessed under the SARFAESI Act, 2002: HFCs which are secured creditors as per the SARFAESI Act, 2002, are required to display information on their website in respect of the borrowers whose secured assets have been taken into possession by them under the Act.
 
For further details, please see:
 
 
For any queries / clarifications, please feel free to ping us and we will be happy to chat:

●   Mr. Ankit Sinha (ankit.sinha@jclex.com)
●   Mr. Saurabh Sharma (saurabh.sharma@jclex.com)
●   Ms. Rupul Jhanjee (rupul.jhanjee@jclex.com
)