Section 16
Loans in foreign currency.
The National Housing Bank Act, 1987
About this Act
An Act to establish a bank to be known as the National Housing Bank to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support to such institutions and for matters connected therewith or incidental thereto.
(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.
(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.
Notes
1. Subs. by Act 13 of 2018, s. 168, for “the Foreign Exchange Regulation Act, 1973 (46 of 1973).