National Housing Bank

What National Housing Bank does

National Housing Bank (NHB) is the apex development financial institution for housing in India, established on July 9, 1988 under the National Housing Bank Act, 1987 as a wholly government-owned statutory corporation. Headquartered in New Delhi with 16 regional offices nationwide and a lean staff of 51-100 employees, NHB operates as a wholesale refinancing institution that channels long-term liquidity to Housing Finance Companies, Scheduled Commercial Banks, Regional Rural Banks, and Urban Cooperative Banks. Its core operations span refinance assistance (with an outstanding portfolio of ₹1,07,913 crore as of June 2025), direct project finance to public housing agencies, construction finance to developers, equity support to HFCs, securitization facilitation, and administration of the Affordable Housing Fund and Urban Infrastructure Development Fund. NHB also serves as the Central Nodal Agency for PMAY 2.0 interest subsidy disbursement and holds equity stakes in SIDBI (₹642.20 crore), RDCL (39%, ₹195 crore), CBHFL, CERSAI, TNIFMC, and IMGC.

The technology backbone comprises several proprietary digital platforms: NHB RESIDEX, India's first official housing price index tracking 50 cities quarterly; the Housing Finance Repository (HFR) for centralized HFC data sharing; the Gruh Sugam Portal enabling defence, paramilitary, and government personnel to apply for housing loans digitally from posting locations; the Automated Data Flow System (ADF) for granular data exchange; and CRAMIS for XBRL-based regulatory returns. NHB earned the 2025 ADFIAP Infrastructure Development Merit Award and is led by Managing Director Shri Sanjay Shukla, who assumed charge on July 30, 2024.

Revenue is generated primarily through interest income on the refinance portfolio, fees on project and construction finance (0.5-1% of loan amount), equity investment returns, and regulatory service charges. As a government development financial institution, NHB's mandate prioritizes promoting housing finance market stability and affordable housing credit flow over profit maximization. Following 2019 amendments to the NHB Act, regulatory powers over HFCs were transferred to the Reserve Bank of India, with NHB retaining its development finance and promotional roles.

Name

National Housing Bank

Legal name

National Housing Bank

Website

https://nhb.org.in

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

51–100 employees

Short description

National Housing Bank is India's apex government-owned housing finance institution, providing wholesale refinance, project finance, and securitization services to Housing Finance Companies, banks, and public housing agencies while administering government housing schemes like PMAY 2.0 as Central Nodal Agency.

Ownership category

akta.pro rank

Product category

Wholesale Housing Finance and Development Banking

NAICS

Real Estate Credit (522292), Administration of Housing Programs (925110), Administration of Housing Programs (92511)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

National Housing Finance Agencies & Ministries (FSALAKAB)

akta.pro secondary industries

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Agency (GSE) Multifamily Lending (FSALADAD), Government-Backed CRE Lending (FHA/HUD/USDA) (FSALADAE)

Keywords

• Housing refinance
• Housing finance institution
• Development banking
• Mortgage finance
• Affordable housing finance

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices17 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D

Revenue model

1. Interest Income from Refinance: NHB extends refinance to primary lending institutions in respect of eligible housing loans, earning interest income on its refinance portfolio. As of June 2025, outstanding refinance portfolio stood at ₹1,07,913 crore.
2. Direct Lending Interest: NHB provides direct project finance to public housing agencies and construction finance to developers/builders, earning interest on these loans.
3. Equity Investments: NHB participates in equity share capital of HFCs and related companies including SIDBI (₹642.20 crore), RDCL (₹195 crore), CBHFL (₹5.10 crore), CERSAI (₹2.44 crore), TNIFMC (₹5.40 crore), and IMGC (₹3.74 crore).
4. Fees and Service Charges: NHB charges service fees on project finance proposals (0.50% of loan amount), upfront fees on construction finance (1% of loan amount), and various regulatory fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

National Housing Bank is India's apex development financial institution for housing, providing refinance and direct finance to a network of Housing Finance Companies (HFCs), Scheduled Commercial Banks, Regional Rural Banks, and Urban Cooperative Banks. It also extends direct project finance to public housing agencies, construction finance to private developers, equity support to HFCs and allied institutions, and facilitates mortgage-backed securitization. NHB serves as the Central Nodal Agency for PMAY 2.0 interest subsidy disbursement, operates the Urban Infrastructure Development Fund (UIDF), and publishes the NHB RESIDEX housing price index covering 50 cities. Revenue is earned primarily through interest income on its refinance and direct loan portfolio, supplemented by fees, service charges, and equity investment returns.

Product overview

National Housing Bank (NHB) is India's apex housing finance institution operating as a regulatory and financing body. The organization offers a comprehensive suite of housing finance products and services including refinance assistance to primary lending institutions (HFCs, banks, RRBs), direct project finance to public housing agencies, equity support to housing finance companies, and securitisation facilitation. Key digital platforms include the Gruh Sugam Portal for digital housing loan applications and NHB RESIDEX for housing price tracking. The bank also administers government schemes like PMAY 2.0 as Central Nodal Agency and manages the Urban Infrastructure Development Fund (UIDF). NHB provides supervisory oversight of housing finance companies through inspection systems and regulatory returns collection, while also offering training programs and research publications for sector development.

Differentiator

Problem solved

Functional benefit

Products and services

• Refinance Assistance Wholesale refinance extended by NHB to eligible Primary Lending Institutions (HFCs, Scheduled Commercial Banks, RRBs, UCBs) against individual housing loan portfolios. Provided under multiple schemes for regular and affordable housing including AHF, Fixed Rate Refinance, and Special Refinance facilities. Outstanding refinance portfolio of ₹1,07,913 crore as of June 2025.
• Project Finance Direct lending by NHB to State Housing Boards, Development Authorities, Municipal Corporations, and Urban Local Bodies for large-scale integrated housing projects. Includes term loans (up to 5 years, extendable to 10 years for public agencies) and short-term loans. Construction finance is also extended to private developers/builders for eligible projects.
• Equity Support NHB participates in equity share capital of HFCs and related companies. Equity stakes include SIDBI (₹642.20 crore), RDCL (₹195 crore, 39% stake), CBHFL (₹5.10 crore), CERSAI (₹2.44 crore), TNIFMC (₹5.40 crore), and IMGC (₹3.74 crore).
• Securitisation Mortgage-backed securitization services and secondary mortgage market facilitation. NHB has played a lead role in starting up Mortgage Backed Securitisation in India since pilot MBS issues in August 2000. RDCL executes securitization transactions — first RDCL issuance with LIC HFL raising ₹1,000 crore was listed on NSE on May 5, 2025.
• Partial Credit Enhancement Scheme Scheme providing Partial Credit Enhancement to Secured Non-Convertible Debentures / Bonds issued by Housing Finance Companies to help HFCs lower borrowing costs and diversify funding sources.
• Guarantee Scheme for HFC Bonds Scheme under which NHB provides guarantees on bonds issued by Housing Finance Companies, reducing their funding costs and supporting their market access.
• NHB RESIDEX India's first official Housing Price Index (HPI) and the country's most comprehensive housing price index. Tracks movement in prices of residential properties across select 50 cities on a quarterly basis with FY 2017-18 as the base year. Compiled in-house by NHB since December 2022.
• Gruh Sugam Portal Digital marketplace portal operated by NHB enabling defence, paramilitary, and central government personnel to apply for housing loans digitally from posting locations. Functions as a unified digital marketplace for comparing loan offers from registered lending institutions without requiring branch visits.
• Urban Infrastructure Development Fund (UIDF) Fund operationalized in 2024 to augment resources for the housing sector through state-level urban infrastructure projects. Has sanctioned ₹7,778 crore to 19 States/UTs and disbursed ₹1,041 crore to 17 States/UTs during FY 2024-25.
• Go Green Initiative NHB initiative promoting energy-efficient housing and green building practices within the housing finance sector, including concessional construction finance for energy-efficient housing under India's Eco-Niwas Samhita framework.
• PMAY Interest Subsidy Scheme (ISS) NHB acts as Central Nodal Agency for Pradhan Mantri Awas Yojana (Urban) 2.0, disbursing interest subsidies to eligible beneficiaries through a network of 221 Primary Lending Institutions. 4,511 beneficiaries received subsidy disbursement as of June 2025.
• Certificate Programme on Housing Finance Training and capacity building programmes run by NHB covering appraisal of housing loans, legal issues, credit monitoring, customer service, and HR practices for HFCs and housing finance sector personnel. Two Certificate Programmes and 7 training programmes were conducted during FY 2024-25.

Quantifiable outcome

• ₹1,07,913 crore outstanding refinance portfolio with 6% YoY growth as of June 2025
• +4 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI)coreStrategic or Co-development PartnerCERSAI maintains and operates Registration System for securitization, asset reconstruction and creation of security interest over property under SARFAESI Act. NHB's investment is ₹2.44 crore as of June 30, 2025.
• Starlight InvestmentscoreStrategic or Co-development PartnerNHB became cornerstone investor in Starlight UK Build-to-Rent Fund II with £100 million commitment to support development of 6,000 new rental homes across England. This is among first investments through newly established National Housing Bank (UK).
• Place Capital GroupcoreStrategic or Co-development PartnerPlace Capital Group serves as exclusive development partner for NHB-Aviva partnership to develop thousands of homes across UK, with secured projects at Vescock Street in Liverpool (135 homes) and Moston Lane in Manchester (about 150 homes).
• NITI AayogminorStrategic or Co-development PartnerNITI Aayog recommended fiscal incentives for affordable housing including 100% tax exemptions for developers, doubling loan limits under Credit Risk Guarantee Fund Scheme, and allowing NHB to issue tax-free bonds.
• Bureau of Energy Efficiency (BEE)minorStrategic or Co-development PartnerBEE presented India's Eco-Niwas Samhita low-energy housing framework at World Urban Forum in Baku. NHB provides concessional construction finance through the framework for energy-efficient housing.
• Financial Intelligence Unit - India (FIU-IND)coreStrategic or Co-development PartnerMoU signed on January 18, 2025, for coordination and information exchange to prevent money laundering. Partnership focuses on intelligence sharing, capacity building, risk assessment, and developing red flag indicators for suspicious transactions.

Scale indicators22 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Fannie Mae: US government-sponsored enterprise (GSE) that is the dominant secondary mortgage market institution and provides liquidity to mortgage lenders. Directly comparable to NHB as an apex housing finance institution with sovereign backing, a refinance function, and a statutory mandate to promote housing finance.
• Freddie Mac: US GSE that purchases and securitizes mortgages, providing liquidity to the housing market. Closely parallels NHB's role as a wholesale housing finance institution providing refinance to primary lenders, with similar regulatory mandates and sovereign credit backing.
• Canada Mortgage and Housing Corporation (CMHC): Canada's federal Crown corporation serving as the national housing finance agency, providing mortgage insurance, securitization, and affordable housing programs. Highly comparable to NHB given its apex development finance role, government ownership, and integrated mandate across mortgage finance and housing affordability.
• Small Industries Development Bank of India (SIDBI): India's apex development financial institution for the MSME sector, established under a similar statutory framework. Directly comparable as a peer apex DFI with sovereign backing, refinance operations, and equity investment mandate. NHB itself holds ₹642.20 crore stake in SIDBI, indicating institutional proximity.
• National Housing Bank (UK): UK's publicly owned housing investment bank operating as a subsidiary of Homes England, deploying capital for affordable housing. Mirrors NHB's mandate as a government-backed apex institution channeling capital into housing finance, with comparable role in stimulating housing supply.

Broad incumbents

• KfW: German state-owned development bank providing promotional financing across multiple sectors including housing and sustainable development. Comparable to NHB as a government-backed development financial institution, though operating at much broader scale across sectors beyond housing.
• HUD (US Department of Housing and Urban Development): US federal department administering housing programs including FHA mortgage insurance and affordable housing initiatives. Comparable to NHB in promoting affordable housing through government programs, though HUD is a direct federal agency rather than a financial institution.
• National Bank for Financing Infrastructure and Development (NaBFID): India's apex DFI for infrastructure financing, established in 2021 with sovereign backing. Peer to NHB as a newly established government-backed DFI with refinance and development finance functions, though focused on infrastructure rather than housing specifically.

Emerging players

• India Mortgage Guarantee Corporation (IMGC): India's first mortgage guarantee company, backed by NHB alongside IFC, ADB, and other global institutions. Comparable as a housing finance ecosystem player where NHB holds equity and where both entities collaborate on enabling housing credit flow.
• RMBS Development Company Limited (RDCL): NHB-promoted Special Purpose Vehicle for residential mortgage-backed securitization in India. Highly relevant as a strategic subsidiary/affiliate where NHB holds equity, with RDCL's first ₹1,000 crore transaction signaling emerging market development relevant to NHB's broader mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nhbindia
• LinkedInlinkedin.com/company/national-housing-bank
• Facebookfacebook.com/NationalHousingBank

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Housing Bank