The coupled neutronic-thermohydraulic stability characteristics of a natural circulation heavy water-moderated boiling light water-cooled reactor was investigated analytically considering the effects of prompt and delayed neutrons. For this purpose, the reactor considered is the Indian Advanced Heavy Water Reactor. The analytical model considers a point kinetics model for the neutron dynamics, a homogeneous two-phase flow model for the coolant thermal hydraulics, and a lumped heat transfer model for the fuel thermal dynamics. A higher mode of oscillation having a frequency much greater than the density-wave oscillation frequency was observed if prompt neutrons alone were considered. The occurrence of a higher mode of oscillation was found to be dependent on the concentration of delayed neutrons, the void reactivity coefficient, and the fuel time constant. The core inlet subcooling is found to have different effects on the decay ratio of the fundamental and higher modes of oscillations. The influences of void reactivity coefficient and fuel time constant on the fundamental and higher modes of oscillations were also found to be opposite in nature.