RBI imposes monetary penalty on India Home Loan Limited, Mumbai Maharashtra

The RBI, through an order dated June 03, 2024, levied a monetary penalty of ₹1.00 lakh on India Home Loan Limited for breaching provisions of 'The Housing Finance Companies (NHB) Directions, 2010' and the RBI's Master Direction on 'Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021'. \r

This penalty was imposed under powers conferred by the National Housing Bank Act, 1987. Following a statutory inspection by NHB, the company was found non-compliant with prescribed Loan to Value (LTV) Ratio limits. Despite being notified and given an opportunity to respond, the company failed to rectify the non-compliance. \r

This penalty addresses regulatory deficiencies and doesn't comment on specific transactions. Further regulatory actions against the company remain possible.