All the Indian citizens, who can apply in PUDA Enclave freehold residential plots scheme Jagraon, are eligible for bank finance. All the EMD loan documents are to be submitted in same Bank Branch where applicant has deposited the upfront payment.
Bank Finance Eligibility Conditions for PUDA Enclave Freehold Residential Plots Scheme Jagraon
Jagraon (Punjab, India), November 08, 2015
The Punjab Urban Planning and Development Authority (PUDA) had launched a residential scheme (PUDA Scheme Code PUDA Enclave Jagraon) of 601 plots in PUDA Enclave, Jagraon in Punjab.
Registration or booking for the PUDA Enclave freehold residential plots scheme Jagraon was open for the eligible applicants from November 06, 2012 to November 30, 2012.
PUDA Enclave Freehold Residential Plots Scheme Jagraon: Bank Finance Eligibility Conditions
The public and private sector banks are financing the Earnest Money Deposit or Application Money for the GDA Madhuban Bapudham multistory Mini MIG flats scheme 819 on the following terms and conditions.
1. Purpose of Loan:
Loan for depositing Registration Money or Earnest Money Deposit (EMD) with the Punjab Urban Planning and Development Authority for allotment of a residential plot in PUDA Enclave Jagraon.
2. Loan Eligibility:
All the Indian citizens, who can apply in the PUDA Enclave freehold residential plots scheme Jagraon, are eligible for the bank finance.
All the bank loan documents are to be submitted in the same Bank Branch where applicant has deposited the upfront payment.
One person can apply for only one application in the PUDA Enclave freehold residential plots scheme Jagraon. In case, it is detected by the Bank that an individual has submitted more than one application in this scheme, the entire money deposited with the Bank shall be forfeited and the application shall be rejected and any loss incurred to the Bank at any stage in this scheme due to misrepresentation or suppression of information or facts shall be recovered from the borrower.
3. Maximum Amount of Loan Available:
Maximum of Rs. 127,500 for a 150 square yards plot, Rs. 170,000 for a 200 square yards plot, Rs. 212,500 for a 250 square yards plot, Rs. 255,000 for a 300 square yards plot, Rs. 340,000 for a 400 square yards plot, and Rs. 425,000 for a 500 square yards plot.
4. Disbursement:
The Bank will disburse the entire Registration Money or Earnest Money Deposit by issuing Banker’s Cheque or Demand Draft favouring ‘Estate Officer, PUDA, Ludhiana’.
5. Repayment of Loan:
On Non-Allotment of a PUDA Plot: The loan amount will be adjusted out of the proceeds of the refund order of earnest money deposit issued by the Punjab Urban Planning and Development Authority from the applicant’s bank account in the event of non-allotment of a PUDA plot. Further, the applicant will arrange for the repayment of this loan from his or her own sources to liquidate the loan amount with interest, charges, cost, etc., if refund is not sufficient to clear the outstanding dues.
On Allotment of a PUDA Plot: In the event of allotment of a plot by the Punjab Urban Planning and Development Authority, the entire outstanding amount along with the interest, cost and charges, etc., is required to be adjusted within 30 days from the date of allotment of a plot through draw by the Punjab Urban Planning and Development Authority. In case the applicant is successful in the allotment, loan amount would be recovered by cashing the post-dated cheque(s). The successful allottees of flats may also choose to repay this loan from the proceeds of a Bank Home Loan, if availed. Otherwise, the Bank shall be entitled to get your allotment cancelled from the PUDA, sell, or transfer the allotted flat. Please note that sanction of a loan for Earnest Money Deposit does not confer any right for a Bank Housing Loan to the borrower, if he or she is allotted a plot under the PUDA Enclave freehold residential plots scheme Jagraon. It will be processed separately as per the Bank norms for a Housing Loan Scheme.
6. Security of Loan:
Two Post-Dated Cheques (first cheque for the loan amount, and the second cheque for the interest in case the draw is delayed). The Bank will have a lien on the Application Money and Letter of Allotment in all Cases.
7. Rate of Interest for the EMD Bank Finance:
It is 9.75% to 12.00% per annum for PUDA Enclave freehold residential plots scheme Jagraon
PUDA Enclave Plots Scheme Jagraon – Authorized Banks
List of Banks Authorized for the PUDA Enclave Freehold Residential Plots Scheme Jagraon
Punjab Urban Planning and Development Authority – PUDA Enclave Plots Scheme Jagraon
PUDA Enclave Freehold Residential Plots Scheme in Jagraon, Punjab
Punjab Urban Planning and Development Authority – Plans and Projects
Punjab Urban Planning and Development Authority – Current and Past Plans, Policies, Projects, and Schemes
Punjab Government – Plans, Policies, and Projects
Government of Punjab – Current and Past Residential Plans, Policies, Programs, Projects, and Schemes
Indian Government – Plans, Policies, and Projects
Government of India – Current and Past Residential Plans, Policies, Programs, Projects, and Schemes
