Sloka Naham Vasami Vaikunthe comes in conversation between Lord Vishnu and Sage Narada . At the advent of Kaliyuga, it is believed, that the Lord Supreme was asked by Sage Narada, of the simplest Sadhana which will help the ordinary people realize the Lord Supreme easily. To dispel doubts, the Lord himself pronounced that in Kaliyuga he would not reside in Vaikuntha, the celestial abode, or in the Sun or in the hearts of great Yogis [sages], but would stand in attention wherever his devotees do sing his name.
नाहं वसामि वैकुण्ठे योगिनां हृदये न च |
मद्भक्ता यत्र गायन्ति तत्र तिष्ठामि नारद ||
Naham vasami vaikunthe yoginam hridaye na cha
mad-bhakta yatra gayanti tatra tishthami narada
Neither do I reside in Vaikuntha nor in the hearts of the Yogis, but I dwell where my devotees sing my name, O Narada !!
हे नारद! मैं न तो बैकुंठ में ही रहता हूँ और न योगियों के हृदय में ही रहता हूँ। मैं तो वहीं रहता हूँ, जहाँ प्रेमाकुल होकर मेरे भक्त मेरे नाम का कीर्तन किया करते हैं।