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1
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Object |
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. |
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2
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Registration Certificate and bye-laws; Article and Memorandum of Association
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A
Certified Copy |
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3
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Record of Annual General Meetings |
A
certified copy of last 3 Annual General Body meetings. |
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4
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List of members with addresses |
A
list of members with address is required |
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5
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Title of land |
It
should be verified by an advocate from the records of Sub-Registrar (Assurance) |
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6
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Security |
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.
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7
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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. |
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8
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Rate
of Interest |
14%
p.a., computed on monthly balance basis. |
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9
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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. |
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10
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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. |
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11
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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. |
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12
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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. |
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13
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Penalty
on Default |
3%
p.a. additional interest on the outstanding loan would be charged till the
default is cleared. |
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14
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Rebate for timely payment |
rebate
for timely payment @1% p.a. would be given on regular payment of instalment
on monthly basis. |
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15
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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. |
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16
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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. |
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17
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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. |
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18
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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. |
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19
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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. |
