Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, IDBI Bank, Indian Overseas Bank, Punjab National Bank, State Bank of India, and Union Bank of India were financing Earnest Money Deposit for the DDA Housing Scheme 2010.
Banks Financing of Earnest Money for Delhi Development Authority’s DDA Housing Scheme 2010
New Delhi (Delhi, India), October 06, 2015
Several public and private sector banks financed the Earnest Money Deposit (EMD) for Delhi Development Authority’s DDA Housing Scheme 2010 to the customers who were applying for the DDA flats.
The DDA Housing Scheme 2010 had opened on November 25, 2010 and closed on December 24, 2010.
The different banks charged 8-9 per cent per annum as the tentative rate of interest for Earnest Money Deposit Scheme. In the Earnest Money Deposit Scheme, the banks were offering total finance of the earnest money required to be deposited with the application form.
The banks entertained only those applicants under the Earnest Money Deposit Scheme, who fulfilled all the terms and conditions of Delhi Development Authority framed for the DDA Housing Scheme 2010.
State Bank of India – Financing of the Earnest Money for the DDA Housing Scheme 2010
State Bank of India financed the Earnest Money or Application Money for the DDA Housing Scheme 2010 on the following terms and conditions.
1. Purpose:
Loan for depositing Registration Money with the Delhi Development Authority for allotment of the DDA Flat
2. Loan Eligibility:
All the individuals who were eligible for finance including the staff members. All the loan documents were to be submitted in the same Bank Branch where applicant had deposited the upfront payment. One person could apply for only one application in the DDA Housing Scheme 2010. In case, it is detected by the Bank that an individual had 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:
Maximum of Rs. 150,000 per individual
4. Disbursement:
The Bank disbursed the entire Earnest Money Deposit (Registration Money) by issuing Banker’s Cheque or Demand Draft favouring DDA Housing payable in Delhi or New Delhi.
5. Repayment of Loan:
On Non-Allotment of a DDA Flat: The loan amount will be adjusted out of the proceeds of the refund order of earnest money deposit issued by the Delhi Development Authority (DDA) from the applicant’s bank account in the event of non-allotment of a DDA flat. 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 DDA Flat: In the event of allotment of a flat by the Delhi Development Authority (DDA), the entire outstanding amount along with the interest, cost and charges, etc., is required to be adjusted within 15 days from the date of allotment of a flat through draw by the DDA. 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 houses may also choose to repay this loan from the proceeds of a Hosing Loan, if availed. Otherwise, the Bank shall be entitled to get your allotment cancelled from the DDA, sell, or transfer the allotted flat. Please note that sanction of a loan for Earnest Money Deposit does not confer any right for a Housing Loan to the borrower, if he or she is allotted a flat under DDA Housing Scheme 2010. 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:
Two Post-Dated Cheques (First cheque for the loan amount, second cheque as an interest for delayed draw). The Bank will have a lien on the Application Money and Letter of Allotment in all Cases.
7. Rate of Interest:
8.00% per annum
8. Processing Fee:
Rs. 200 for Rs. 150,000 Loan and Rs. 135 for Rs. 50,000 Loan
9. Other Charges:
Rs. 100 for Stamp Paper and Rs. 105 for DDA Housing Scheme 2010 Application Form
10. Interest Amount:
Rs. 4,300 for Rs. 150,000 Loan and Rs. 1,500 for Rs. 50,000 Loan
11. Total Amount Payable Upfront:
Rs. 4,705 for Rs. 150,000 Loan and Rs. 1,840 for Rs. 50,000 Loan
12. Document Required:
(i) Bank Loan Application Form – One Copy
(ii) PAN Card Issued by the Income Tax Department of India – Two Self-Attested Photocopies with the Original
(iii) Last Three Months Salary Slips or Salary Credit Certificates or Income Tax Return or Form 16 of the Assessment Year 2010-2011 – One Self-Attested Photocopy with the Original
(iv) Last Six Months Statement of the Bank Account – Two Self-Attested Photocopies with the Original
(v) Residence Proof – Two Self-Attested Photocopies with the Original (Any One of the Following Documents)
– Passport
– Latest Telephone Bill
– Latest Electricity Bill
– Latest Water Bill
– Income Tax or Wealth Tax Assessment Order
– Latest Insurance Premium Receipt
– Latest LIC Policy
– Address on the Letterhead of Employer (Only for the Government Employees)
(vi) ID Proof – Two Self-Attested Photocopies with Original (Any One of the Following Documents)
– Passport
– Driving Licence
– PAN Card
– Voter ID Card Issued by the Election Commission of India
– Government Department ID Card
– Employer ID Card
(vii) Passport Size Photograph – Two Copies for Each Applicant and Co-Applicant, If Any
(viii) DDA Housing Scheme 2010 Application Form – One Copy
(ix) Post Dated Cheques Drawn in Favour of the Bank – Two Cheques
(x) Requisite Certificate in Case of Reserve Category, If Any – One Self-Attested Photocopy with the Original
(xi) Revenue Stamp – One
Axis Bank Limited – Financing of the Earnest Money for the DDA Housing Scheme 2010
Terms and Conditions for financing of the Earnest Money by the Axis Bank Ltd: Same as the State Bank of India (see the Terms 1 to 6 above)
7. Rate of Interest: 8.25% per annum
8. Processing Fee: Rs. 735 for Rs. 150,000 Loan and Rs. 515 for Rs. 50,000 Loan
9. Other Charges: Rs. 105 for DDA Housing Scheme 2010 Application Form
10. Interest Amount: Rs. 4,125 for Rs. 150,000 Loan and Rs. 1,375 for Rs. 50,000 Loan
11. Total Amount Payable Upfront: Rs. 4,965 for Rs. 150,000 Loan and Rs. 1,995 for Rs. 50,000 Loan
12. Document Required: Same as the State Bank of India (see the Term 12 above)
Bank of Baroda – Financing of the Earnest Money for DDA Housing Scheme 2010
Terms and Conditions for financing of the Earnest Money by Bank of Baroda: Same as the State Bank of India (see the Terms 1 to 6 above)
7. Rate of Interest: 9.00% per annum
8. Processing Fee: Rs. 250 for Rs. 150,000 Loan and Rs. 250 for Rs. 50,000 Loan
9. Other Charges: Rs. 50 for Stamp Paper and Rs. 105 for DDA Housing Scheme 2010 Application Form
10. Interest Amount: Rs. 4,500 for Rs. 150,000 Loan and Rs. 1,500 for Rs. 50,000 Loan
11. Total Amount Payable Upfront: Rs. 4,905 for Rs. 150,000 Loan and Rs. 1,905 for Rs. 50,000 Loan
12. Document Required: Same as the State Bank of India (see the Term 12 above)
Bank of India – Financing of the Earnest Money for the DDA Housing Scheme 2010
Terms and Conditions for financing of the Earnest Money by Bank of India: Same as the State Bank of India (see the Terms 1 to 6 above)
7. Rate of Interest: 9.00% per annum
8. Processing Fee: NIL
9. Other Charges: Rs. 50 for Stamp Paper and Rs. 105 for DDA Housing Scheme 2010 Application Form
10. Interest Amount: Rs. 5,063 for Rs. 150,000 Loan and Rs. 1,594 for Rs. 50,000 Loan
11. Total Amount Payable Upfront: Rs. 5,218 for Rs. 150,000 Loan and Rs. 1,749 for Rs. 50,000 Loan
12. Document Required: Same as the State Bank of India (see the Term 12 above)
Canara Bank – Financing of the Earnest Money for DDA Housing Scheme 2010
Terms and Conditions for financing of the Earnest Money by Canara Bank: Same as the State Bank of India (see the Terms 1 to 6 above)
7. Rate of Interest: 9.50% per annum
8. Processing Fee: Rs. 331 for Rs. 150,000 Loan and Rs. 331 for Rs. 50,000 Loan
9. Other Charges: Rs. 50 for Stamp Paper and Rs. 105 for DDA Housing Scheme 2010 Application Form
10. Interest Amount: Rs. 4,807 for Rs. 150,000 Loan and Rs. 1,603 for Rs. 50,000 Loan
11. Total Amount Payable Upfront: Rs. 5,293 for Rs. 150,000 Loan and Rs. 2,089 for Rs. 50,000 Loan
12. Document Required: Same as the State Bank of India (see the Term 12 above)
Central Bank of India – Financing of the Earnest Money for DDA Housing Scheme 2010
Terms and Conditions for financing of the Earnest Money by Central Bank of India: Same as the State Bank of India (see the Terms 1 to 6 above)
7. Rate of Interest: 8.50% per annum
8. Processing Fee: Rs. 221 for Rs. 150,000 Loan and Rs. 221 for Rs. 50,000 Loan
9. Other Charges: Rs. 50 for Stamp Paper and Rs. 105 for DDA Housing Scheme 2010 Application Form
10. Interest Amount: Rs. 4,300 for Rs. 150,000 Loan and Rs. 1,434 for Rs. 50,000 Loan
11. Total Amount Payable Upfront: Rs. 4,676 for Rs. 150,000 Loan and Rs. 1,810 for Rs. 50,000 Loan
12. Document Required: Same as the State Bank of India (see the Term 12 above)
IDBI Bank Limited – Financing of the Earnest Money for DDA Housing Scheme 2010
Terms and Conditions for financing of the Earnest Money by IDBI Bank Limited: Same as the State Bank of India (see the Terms 1 to 6 above)
7. Rate of Interest: 8.75% per annum
8. Processing Fee: Rs. 250 for Rs. 150,000 Loan and Rs. 250 for Rs. 50,000 Loan
9. Other Charges: Rs. 105 for DDA Housing Scheme 2010 Application Form
10. Interest Amount: Rs. 4,500 for Rs. 150,000 Loan and Rs. 1,650 for Rs. 50,000 Loan
11. Total Amount Payable Upfront: Rs. 4,855 for Rs. 150,000 Loan and Rs. 2,005 for Rs. 50,000 Loan
12. Document Required: Same as the State Bank of India (see the Term 12 above)
Indian Overseas Bank – Financing of the Earnest Money for DDA Housing Scheme 2010
Terms and Conditions for financing of the Earnest Money by Indian Overseas Bank: Same as the State Bank of India (see the Terms 1 to 6 above)
7. Rate of Interest: 8.75% per annum
8. Processing Fee: Rs. 250 for Rs. 150,000 Loan and Rs. 250 for Rs. 50,000 Loan
9. Other Charges: Rs. 50 for Stamp Paper and Rs. 105 for DDA Housing Scheme 2010 Application Form
10. Interest Amount: Rs. 4,375 for Rs. 150,000 Loan and Rs. 1,459 for Rs. 50,000 Loan
11. Total Amount Payable Upfront: Rs. 4,780 for Rs. 150,000 Loan and Rs. 1,864 for Rs. 50,000 Loan
12. Document Required: Same as the State Bank of India (see the Term 12 above)
Punjab National Bank – Financing of the Earnest Money for DDA Housing Scheme 2010
Terms and Conditions for financing of the Earnest Money by Punjab National Bank: Same as the State Bank of India (see the Terms 1 to 6 above)
7. Rate of Interest: 9.00% per annum
8. Processing Fee: Rs. 199 for Rs. 150,000 Loan and Rs. 203 for Rs. 50,000 Loan
9. Other Charges: Rs. 50 for Stamp Paper and Rs. 105 for DDA Housing Scheme 2010 Application Form
10. Interest Amount: Rs. 4,551 for Rs. 150,000 Loan and Rs. 1,517 for Rs. 50,000 Loan
11. Total Amount Payable Upfront: Rs. 4,905 for Rs. 150,000 Loan and Rs. 1,875 for Rs. 50,000 Loan
12. Document Required: Same as the State Bank of India (see the Term 12 above)
Union Bank of India – Financing of the Earnest Money for DDA Housing Scheme 2010
Terms and Conditions for financing of the Earnest Money by Union Bank of India: Same as the State Bank of India (see the Terms 1 to 6 above)
7. Rate of Interest: 8.90% per annum
8. Processing Fee: Rs. 200 for Rs. 150,000 Loan and Rs. 200 for Rs. 50,000 Loan
9. Other Charges: Rs. 50 for Stamp Paper and Rs. 105 for DDA Housing Scheme 2010 Application Form
10. Interest Amount: Rs. 4,500 for Rs. 150,000 Loan and Rs. 1,500 for Rs. 50,000 Loan
11. Total Amount Payable Upfront: Rs. 4,855 for Rs. 150,000 Loan and Rs. 1,855 for Rs. 50,000 Loan
12. Document Required: Same as the State Bank of India (see the Term 12 above)
Delhi Development Authority – DDA Housing Scheme 2010
Delhi Development Authority’s DDA Housing Scheme 2010
DDA Housing Scheme 2010 – List of Authorized Banks
List of Banks Authorized for Sale and Collection of Application Forms
Delhi Development Authority – Residential Plans, Projects and Schemes
Delhi Development Authority – Current and Past Residential Plans, Policies, Projects, and Schemes
Delhi Government – Plans, Policies, and Projects
Government of Delhi – 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
