National Housing Bank (NHB) was set up on July 9, 1988 under the National Housing Bank Act, 1987.The Head Office of NHB is at New Delhi. NHB is wholly owned by Reserve Bank of India with other subsidiaries of RBI being Bharatiya Reserve Bank Note Mudran Private Ltd., DICGC, and NABARD.
Mission of NHB:
To promote housing finance institutions both at local and regional levels with the focus on low and moderate income housing.
NHB has been established with the following objectives:
- To act as an apex institution for housing finance companies (apex means the central institution like RBI for all the banks and financial institutions).
- To promote a network of dedicated housing finance institutions to adequately serve various regions and different income groups.
- To provide a cost effective housing finance system to all the sections of society.
- To upgrade housing stock in the country, provide building materials for housing and supply of buildable land.
- To encourage public companies to provide serviced land for housing.