Axis Bank Limited had financed Earnest Money Deposit for Haryana Urban Development Authority’s freehold residential plots scheme in Karnal to the Indian citizens. The last date to apply for HUDA Karnal residential plots scheme was on March 07, 2011.
Axis Bank Limited – Financing of the Earnest Money Deposit for the HUDA Plots Scheme Karnal
Karnal (Haryana, India), October 05, 2015
Several branches of the Axis Bank Limited were financing the earnest money for the Haryana Urban Development Authority’s Karnal Plots Scheme.
The last date for submission of application forms for the HUDA Plots Scheme Karnal was on March 07, 2011.
The Axis Bank Limited was financing the Earnest Money or Application Money for the Haryana Urban Development Authority’s freehold residential plots scheme in Sector-32, Karnal on the following terms and conditions.
1. Purpose:
The loan for depositing Registration Money with the Haryana Urban Development Authority for allotment of the residential plots in Karnal
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 branch of Axis Bank Limited where applicant has deposited the upfront payment. One person was allowed to apply for only one application in the HUDA Plots Scheme Karnal. In case, it was 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:
4-Marla Plot: Rs. 70,600
6-Marla Plot: Rs. 105,800
8-Marla Plot: Rs. 141,100
10-Marla Plot: Rs. 192,100
14-Marla Plot: Rs. 282,200
1-Kanal Plot: Rs. 431,100
4. Disbursement:
The Axis Bank Limited will disburse the entire Earnest Money Deposit (Registration Money) by issuing Banker’s Cheque or Demand Draft in favor of the Estate Officer, HUDA, Karnal.
5. Repayment of Loan:
On Non-Allotment of a HUDA Residential 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 (HUDA) 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 Residential Plot: In the event of allotment of a plot by the Haryana Urban Development Authority (HUDA), 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 plot through draw of lots by the Haryana Urban Development Authority. In case the applicant is successful in the allotment, loan amount would be recovered by cashing the post-dated cheque(s).
6. Security:
Two Post-Dated Cheques (first cheque for the loan amount, second cheque as an interest for the delayed draw of lots). The Axis Bank Limited will have a lien on the Application Money and Letter of Allotment in all Cases.
7. Rate of Interest:
10.00% per annum
HUDA Freehold Residential Plots Scheme Karnal
Haryana Urban Development Authority’s Freehold Residential Plots Scheme in Karnal
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
