Lawgist16Loans in foreign currency
(1) Notwithstanding anything contained in 5[the Foreign Exchange Management Act, 1999 (42 of 1999)] or in any other law for the time being in force relating to foreign exchange, the National Housing Bank may, for the purpose of making loans and advances under this Act, borrow in such manner and on such conditions as may be prescribed in consultation with the Reserve Bank and with the previous approval of the Central Government, foreign currency from any bank or financial institution in India or elsewhere.
(2) The Central Government may, where necessary, guarantee any loan taken by the National Housing Bank under sub-section (1) or any part thereof as to the repayment of principal and the payment of interest and other incidental charges.
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1. Subs. by Act 13 of 2018, s. 168, for “the Foreign Exchange Regulation Act, 1973 (46 of 1973).
- 14 Business of the National Housing Bank
- 15 Borrowings and acceptance of deposits by National Housing Bank
- 16 Loans in foreign currency
- 16A Assistance to borrower when to operate or a charge in the property offered as security
- 16B Amount and security to be held in trust
- 17 Power to transfer rights
- 18 Power to acquire rights
- 18A Exemption from registration
- 18B Recovery of dues as arrears of land revenue
- 19 Power to impose conditions for accommodation
- 20 Power to call for repayment before agreed period
- 21 National Housing Bank to have access to records
- 22 Validity of loan or advance not to be questioned
- 23 National Housing Bank not to make loans or advances against its own bonds or debentures
- 24 Power to inspect
- 25 Power to collect credit information
- 26 Power to publish information
- 27 Advisory services
