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Loan for the Societies/Trust registered under Societies Registration Act 1860/Indian Trust Act 1882
Loan for the societies/trusts registered under Societies Registration Act, 1860, Indian Trusts Act. 1882 which are engaged in the social sectors, namely, Health, Education and welfare activities for construction of their own buildings to be used for advancement of their objectives only, against the security of land and buildings. The provisions will help them to achieve their objective.
Loan shall be given only for the purpose of construction activity; for development of infrastructure within the housing complex of a co-operative housing society or also elsewhere against the security of immovable property or such security on such terms and conditions as may be determined by the board from time to time. The land should be free from all encumbrances and charges for which approval of the competent authority for undertaking such an activity which are beneficial for the society as a whole and also help in improving the quality of life of the people as one of the economic activity.
Registration Certificate and bye-laws; Article and Memorandum of Association
A Certified Copy
Record of Annual General Meetings
A certified copy of last 3 Annual General Body meetings.
List of members with addresses
A list of members with address is required
Title of land
It should be verified by an advocate from the records of Sub-Registrar (Assurance)
Loan shall be secured by way of mortgage of land and building. If it's a leasehold land, the permission of the competent authority for the purpose is necessary.
Period of Loan
It shall be for 10 years with a facility to pre-pay the loan in full or part at any point of time without any charge. However, if repayment is being done through finance from other institutions a penalty @ 2% would be levied on the outstanding loan amount to square up the loan.
Rate of Interest
14% p.a., computed on monthly balance basis.
Moratorium Period
A moratorium period not exceeding one year in the repayment can be granted with a provison that the interest compounded monthly for the moratorium period would be added in the principal and this amount would be recovered in the remaining period.
Nominal Membership of the DCHFC
The institution concerned shall have to enrol itself as Nominal Member with at least 3 office bearers of the institution also as Nominal Member of the DCHFC to secure the Loan.
Loan Agreement and Mortgage Deed and terms and conditions of loan
These are to be approved by the General Body of members of the society; Trust concerned where the managing committee or Board of Directors by whatever name it is known, shall have to be authorised to raise loan with atleast 3 office bearers as signatories.
Postdated chaques for payment
12 cheques for 12 months would be given and 13th cheque would be for the balance outstanding loan amount, which would be replaced by 13 cheques every year as per above.
Penalty on Default
3% p.a. additional interest on the outstanding loan would be charged till the default is cleared.
Rebate for timely payment
rebate for timely payment @1% p.a. would be given on regular payment of instalment on monthly basis.
Project Report, Estimates and progress of work, investment
Project reports on the basis of which building is proposed to be constructed , detailed estimates of the project, periodcal expenditure on the project. These are to be submitted duly certified by the Consultant/Architect of the institution concerned.
Audited accounts
Last 3 years audited accounts are to be submitted with the loan proposal and thereafter these audited accounts should be submitted to the DCHFC every year till the loan remains.
Power of the DCHFC for inspection
DCHFC shall be competent to undertake inspection of society's work during the construction stage and even on completion to satisfy itself to ensure recovery of the loan amount.
Power to recall
DCHFC shall be competent to recall loan, after giving prior notice if it is found that is not being used for the purpose it was given.
Any other information based on the working and type of scheme of the institution
Necessary information could be obtained from the institution concerned from time to time.