All the Indian citizens, who can apply in the HUDA Rohtak Sector-5 residential plots scheme, were eligible for the bank finance. All the EMD loan documents were to be submitted in the same Bank Branch where applicant had deposited the upfront payment.
Bank Finance Eligibility Conditions for the HUDA Rohtak Freehold Residential Plots Scheme
Rohtak (Haryana, India), October 17, 2015
The Haryana Urban Development Authority (HUDA) had launched a 450 freehold residential plots scheme in Sector-5, Rohtak in Haryana.
Registration or subscription for the HUDA Rohtak Sector-5 residential plots scheme was open for the eligible applicants from January 06, 2012 to March 27, 2012.
HUDA Residential Plots in Sector-5, Rohtak: Bank Finance Eligibility Conditions
The public and private sector banks were financing the Earnest Money Deposit or Application Money for the HUDA residential plots scheme Rohtak on the following terms and conditions.
1. Purpose of Loan:
Loan for depositing Registration Money or Earnest Money Deposit (EMD) with the Haryana Urban Development Authority for allotment of a HUDA residential plot in Rohtak.
2. Loan Eligibility:
All the Indian citizens, who can apply in the HUDA Rohtak residential plots scheme, were eligible for the bank finance. All the bank loan documents were to be submitted in the same Bank Branch where applicant had deposited the upfront payment. One person can apply for only one application in the HUDA Rohtak Sector-5 residential plots scheme. 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. Amount of Loan Available:
Maximum of Rs. 78,900 for 90 square meters (4 Marla), Rs. 118,400 for 135 square meters (6 Marla), Rs. 157,800 for 162 square meters (8 Marla), Rs. 214,800 for 220 square meters (10 Marla), Rs. 315,600 for 324 square meters (14 Marla), and Rs. 482,200 for 450 square meters (1 Kanal) plots.
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, HUDA, Rohtak.
5. Repayment of Loan:
On Non-Allotment of a HUDA Plot: The loan amount will be adjusted out of the proceeds of the refund order of earnest money deposit issued by the Haryana Urban Development Authority from the applicant’s bank account in the event of non-allotment of a HUDA 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 HUDA Plot: In the event of allotment of a flat by the Haryana Urban 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 HUDA. 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 HUDA, 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 HUDA Rohtak plots scheme. It will be processed separately as per the Bank norms for a Housing Loan Scheme. Maximum tenure of the loan should not exceed 12 months from the date of disbursement of the loan.
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:
10.00% to 12.00% per annum
HUDA Freehold Residential Plots Scheme Rohtak 2012
Haryana Urban Development Authority Rohtak Sector-5 Freehold Residential Plots Scheme
Haryana Urban Development Authority – Plans and Projects
Haryana Urban Development Authority – Current and Past Residential Plans, Policies, Projects, and Schemes
Housing Board Haryana – Plans and Projects
Housing Board Haryana – Current and Past Residential Plans, Policies, Projects, and Schemes
Haryana Government – Plans, Policies, and Projects
Government of Haryana – 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
