All the Indian citizens, who can apply in the GNIDA multistoried flats scheme BHS-16/2013, are eligible for the bank finance. All the EMD loan documents are to be submitted in the same Bank Branch where applicant has deposited the upfront payment.
Bank Finance Eligibility Conditions for the GNIDA Multistoried Flats Scheme BHS-16/2013
Greater Noida (Uttar Pradesh, India), October 28, 2015
The Greater Noida Industrial Development Authority (GNIDA) had launched a scheme of 7215 residential flats (GNIDA Scheme Code BHS-16/2013) in Greater Noida.
Registration or booking for the GNIDA multistoried flats scheme BHS-16/2013 was open for the eligible applicants from April 02, 2013 to May 02, 2013.
GNIDA Multistoried Flats Scheme BHS-16: Bank Finance Eligibility Conditions
The public and private sector banks are financing the Earnest Money Deposit or Application Money for the GNIDA multistoried LIG flats scheme BHS-16 on the following terms and conditions.
1. Purpose of Loan:
Loan for depositing Registration Money or Earnest Money Deposit (EMD) with the Greater Noida Industrial Development Authority for allotment of a residential flat in Greater Noida.
2. Loan Eligibility:
All the Indian citizens, who can apply in the GNIDA multistoried flats scheme BHS-16/2013, 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 GNIDA multistoried residential flats scheme BHS-16. 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. 80,000 for a 29.76 square meters built-up flat.
4. Disbursement:
The Bank will disburse the entire Registration Money or Earnest Money Deposit by issuing Banker’s Cheque or Demand Draft favouring Greater Noida Industrial Development Authority payable at Greater Noida, Noida or Delhi.
5. Repayment of Loan:
On Non-Allotment of a GNIDA Flat: The loan amount will be adjusted out of the proceeds of the refund order of earnest money deposit issued by the Greater Noida Industrial Development Authority from the applicant’s bank account in the event of non-allotment of a GNIDA 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 GNIDA Flat: In the event of allotment of a house by the Greater Noida Industrial 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 flat through draw by the GNIDA. In case the applicant is successful in the allotment, loan amount would be recovered by cashing the post-dated cheque(s).
The successful allottee of flat 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 GNIDA, 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 flat under the GNIDA multistoried flats scheme BHS-16/2013. It will be processed separately as per the Bank norms for a Home 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 9.60% to 11.75% per annum for GNIDA multistoried LIG flats scheme BHS-16/2013
GNIDA Multistoried Flats Scheme BHS-16 – Authorized Banks
List of the Banks Authorized for the GNIDA Multistoried Residential Flats Scheme BHS-16/2013
Greater Noida Industrial Development Authority Flats Scheme BHS-16
Greater Noida Industrial Development Authority – Multistoried Flats Scheme BHS-16/2013
Greater Noida Industrial Development Authority – Plans and Projects
Greater Noida Industrial Development Authority – Residential Plans, Policies, Projects, and Schemes
Uttar Pradesh Awas Vikas Parishad – Residential Plans, Projects and Schemes
Uttar Pradesh Awas Evam Vikas Parishad – Current Residential Plans, Policies, Projects, and Schemes
Uttar Pradesh Government – Plans, Policies, and Projects
Government of Uttar Pradesh – Current 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
