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HOUSING LOAN TO STAFF (INCLUDING EMPLOYEES OF THE REGISTRAR COOPERATIVE SOCIETY, U.T. CHANDIGARH)

For Construction of house/flat and addition in house/flat, purchase of/built up house/flat/purchase of plot anywhere in his/her parental state.

AMOUNT OF LOAN: RS. 30.00 LACS OR 100 BASIC PAY WHICHEVER IS LESS.

Rate of Interest: 10% P.A (Calculation of interest rests half yearly)

REPAYMENT: BEFORE MATURITY PERIOD OF FDRS.

Disbursement of loan installments:
In case of purchase of plot + Construction, the disbursement shall be in 3 installments as follows.
For purchase – 50%
Up to roof level- 25%
After roof level-25%
Loan will be disbursed at one go for purchase of built up house. However, for construction on pre-owned plot, the disbursement shall be in two installments.
Ist installment for construction after plinth level       -50%
IInd installment for construction after the roof level       -50%

Terms and Conditions:

1. Loanee should be regular/permanent employee of the bank and Cooperative department, UT, Chandigarh and having 5 years of service.

2. 40% carry home salary should be maintained.

3. Maximum period of loan is 20 years or recoverable at the time of retirement from his/her retirement dues. The installments shall be calculated keeping in view the period of remaining service of employee.

4. For purchase of Flat/built up house the margin money should be 20%.

5. Two good sureties.

6. Interest will be calculated on half yearly basis.

7. Report of cost of construction/purchase of flat/plot/built up house.

8. Equitable mortgage of property for securing the repayment of loan amount.

9. Loanee should produce proof of ownership, valuation certificate, non-encumbrance certificates, and possession certificate, issued by the competent authority regarding immovable property to be mortgaged in favour of the bank in lieu of the loan.