All the Indian citizens, who can apply in the GMADA Purab Premium Apartments scheme, were eligible for the bank finance. All the loan documents were to be submitted in the same Bank Branch where applicant has deposited the upfront payment.
Bank Finance Eligibility Conditions for the GMADA Purab Premium Apartments Scheme
Mohali (Punjab, India), November 06, 2015
The Greater Mohali Area Development Authority (GMADA) had launched a 4,500 residential flats scheme in Sector-88, Mohali in Punjab.
Registration or subscription for the GMADA Purab Premium Apartments scheme was open for the eligible applicants from December 12, 2011 to January 21, 2012.
GMADA Residential Flats in Sector-88, Mohali: Bank Finance Eligibility Conditions
Public and private sector banks were financing the Earnest Money or Application Money for the GMADA Purab Premium Apartments scheme on the following terms and conditions.
1. Purpose:
Loan for depositing Registration Money with the Greater Mohali Area Development Authority for allotment of a GMADA Purab Premium Apartment
2. Loan Eligibility:
All the Indian citizens, who can apply in the GMADA Purab Premium Apartments scheme, are eligible for the bank finance. All the 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 GMADA Purab Premium Apartments 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:
Maximum of Rs. 370,000 per individual for Type I flats, Rs. 550,000 per individual for Type II flats, and Rs. 690,000 per individual for Type III flats
4. Disbursement:
The Bank will disburse the entire Earnest Money Deposit (Registration Money) by issuing Banker’s Cheque or Demand Draft favouring Estate Officer, GMADA payable at the location where you are depositing your application for the residential flat.
5. Repayment of Loan:
On Non-Allotment of a GMADA Flat: The loan amount will be adjusted out of the proceeds of the refund order of earnest money deposit issued by the Greater Mohali Area Development Authority from the applicant’s bank account in the event of non-allotment of a GMADA 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 GMADA Flat: In the event of allotment of a flat by the Greater Mohali Area Development Authority, 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 GMADA. 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 Home Loan, if availed. Otherwise, the Bank shall be entitled to get your allotment cancelled from the GMADA, 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 the GMADA Purab Premium Apartments 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:
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:
11.00% to 15.00% per annum
Greater Mohali Area Development Authority – Purab Apartments Scheme
Greater Mohali Area Development Authority – Purab Premium Apartments Scheme
Greater Mohali Area Development Authority – Plans and Projects
Greater Mohali Area Development Authority – Current and Past Plans, Policies, Projects, and Schemes
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
