All the Indian citizens, who can apply in ADA Amritsar Aero City freehold residential plots scheme, are eligible for bank finance. All the EMD loan documents are to be submitted in same Bank Branch where applicant has deposited the upfront payment.
Amritsar Development Authority – Bank Finance Eligibility for ADA Amritsar Aero City Residential Scheme
Amritsar (Punjab, India), November 15, 2015
The Amritsar Development Authority (ADA) had launched a residential scheme (ADA Amritsar Scheme Code: Aero City Plots Scheme) of 428 plots in Aero City, Amritsar in Punjab.
ADA Amritsar Aero City Freehold Residential Plots Scheme: Bank Finance Eligibility Conditions
The public and private sector banks were financing the Earnest Money Deposit or Application Money for the ADA Amritsar Aero City plots scheme on the following terms and conditions.
1. Purpose of Loan:
Loan for depositing Registration Money or Earnest Money Deposit (EMD) with the Amritsar Development Authority for allotment of a residential plot in ADA Amritsar Aero City scheme.
2. Loan Eligibility:
All the Indian citizens, who can apply in the ADA Amritsar Aero City freehold residential plots scheme, 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 ADA Amritsar Aero City freehold 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. Maximum Amount of Loan Available:
Maximum of Rs. 225,000 for a 150 square yards plot, Rs. 262,500 for a 175 square yards plot, Rs. 300,000 for a 200 square yards plot, Rs. 337,500 for a 225 square yards plot, Rs. 375,500 for a 250 square yards plot, Rs. 412,500 for a 275 square yards plot, and Rs. 450,000 for a 300 square yards plot.
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, ADA, Amritsar’.
5. Repayment of Loan:
On Non-Allotment of a ADA Amritsar Plot: The loan amount will be adjusted out of the proceeds of the refund order of earnest money deposit issued by the Amritsar Development Authority from the applicant’s bank account in the event of non-allotment of a ADA Amritsar 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 ADA Amritsar Plot: In the event of allotment of a plot by the Amritsar 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 Amritsar Development Authority. 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 ADA Amritsar, 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 ADA Amritsar Aero City freehold residential plots scheme. It will be processed separately as per the Bank norms for a Housing 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 9.70% to 11.00% per annum for ADA Amritsar Aero City freehold residential plots scheme
ADA Amritsar Aero City Plots Scheme – Authorized Banks
Amritsar Development Authority – List of Banks Authorized for ADA Amritsar Aero City Residential Scheme
Registration or booking for the ADA Amritsar Aero City freehold residential plots scheme was open for the eligible applicants from May 18, 2015 to July 08, 2015.
Amritsar Development Authority – Aero City Plots Scheme
Amritsar Development Authority’s Freehold Residential Plots Scheme in Aero City, Amritsar in Punjab
Amritsar Development Authority – Plans and Projects
Amritsar Development Authority – Current and Past Plans, Policies, Programs, 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
