CGEWHO Rules
CENTRAL GOVERNMENT EMPLOYEES WELFARE HOUSING ORGANISATION Rules
PREAMBLE
- The
Central Government Employees Welfare Housing Organisation is a
'Society' established to promote, control and coordinate the development
of housing schemes at selected places, all over India, on no profit-no
loss basis as a welfare measure. The Society is a registered body under
the Societies Registration Act of 1860.
- Its aim is to provide welfare housing service of quality to the Central Government employees.
- The
rules have been drawn up to give the Central Government employees,
serving and retired, a perception of the task and an understanding of
the Organisation's commitment to them and their own obligations in this
matter. Such a brochure cannot be all comprehensive. Applicants may,
therefore, contact the organisation's Head Office in New Delhi for
clarifications.
DEFINITIONS
- General Body' means the list of Members given under Para 6 of the Memorandum of Association.
- 'Governing Council' means the list of members given under Para 5 of the Memorandum of Association.
- 'CGEWHO' means the Central Government Employees Welfare Housing Organisation.
- 'Scheme' means the self-financed housing project announced by the CGEWHO.
- 'Dwelling
Unit' means a single storey/ duplex type/ flat type of housing unit
constructed in independent group housing or multistoreyed construction
or marked plots.
- 'Beneficiary' means an eligible applicant whose booking for a dwelling unit has been confirmed by the CGEWHO.
- For
the purpose of CGEWHO, a Central Government employee is an inpidual who
is appointed by or on behalf of the President of India and whose
pension both charged and voted, is debitable to the Consolidated Funds
of India, including the All India Services officials. However, employees
of "States" and "Union Territory Administrations" are not included.
Further, such Central Govt. employees as are eligible under similar
organisations like AWHO, AFNHB, IRWO are also not included,
ELIGIBILITY:
PRIORITY - I
- Central
Government Employees: Serving or retired Central Govt employees who are
covered by the above definition will be eligible.
- Spouses of
the deceased employees: Spouses of the deceased Central Government
employees or deceased retired employees would be eligible, if the
deceased employees would have qualified by criteria 3 (i) above.
- Employees of the CGEWHO, with a minimum of one year of service, will be eligible.
PRIORITY - II
Serving
Employees of Central PSUs, State Govts., Union Territory
Administration, Autonomous Bodies, Corporation, Nationalised Banks etc.
Serving Uniformed employees of the Ministry of Defence and serving
employees of Ministry of Railways.
PRIORITY - III
General Public, including retired/ spouses of deceased employees of Priority-II.
SPECIAL ELIGIBILITY CRITERIA
- Where both husband and wife are eligible, only one of them can apply.
- Employees,
serving or retired, owning residential property, in his/her, or in the
name of his/her spouse in the city/town, where the CGEWHO is planning a
Scheme, will not be eligible for that Scheme. For this purpose, urban
agglomerates contiguous to the city of the scheme (e.g. Delhi, NOIDA,
Greater NOIDA, Gurgaon, Faridabad) will be considered as one city / town
/ location
- Employees will be entitled to only one dwelling unit under CGEWHO Schemes anywhere in the country.
- An
employee who has been dismissed from the service, would cease to be a
beneficiary of the Scheme and will not be eligible to apply.
- Eligibility
and other conditions attached to the allotment of land by the Municipal
and Local Development Authorities, as applicable to such Scheme, would
prevail.
- The terms and conditions, as imposed by the Land
Alloting Agency/Plans Approving Authority, in respect of cost, FAR,
Bye-laws, eligibility etc, shall prevail and be binding on the
beneficiary of the CGEWHO.
HOUSING CONCEPT
Subject
to availability of land, dwelling units and garages in single units,
multiple units, row housing, multi-storeyed building, group-housing or
marked plots may be planned, subject to the approval of the local civic
authorities. These plans will be announced as Scheme, as applicable.
TYPE OF HOUSES
The
CGEWHO may build houses or flats of the following types: One bed-room
units - Type A/L Two bed-rooms units - Type B/M Three bed-rooms units -
Type C/N and Four bedroom units in Type D. These may be built with or
without scooter/car garages/stilts. The design, the layout and the
built-up area in each type may vary from place to place. More types may
be added with consequent change in Rule 7.
OPTION TO APPLY FOR TYPE OF UNIT
The applicant may apply for any one of the above types of units linked with the Group to which he/she belongs, as under:
| Type of dwelling unit / flat | Group of Service | Grade Pay | Pay Band |
| A or L (A type in highrise) | D, C, B & A | Rs. 1300 and above | 1S onwards |
| B or M (B type in highrise) | C, B & A | Rs. 1800 and above | PB-1 onwards |
| C or N (C type in highrise) | B & A | Rs. 4200 and above | PB-2 onwards |
| D | A | Rs. 5400 and above | PB-3 onwards |
Notes:
- Change
of dwelling unit from one type to another type, provided otherwise
eligible as per this para, can be entertained subject to payment of
additional Application Fee and Earnest Money, as applicable, and
availability of vacancies in that particular type of dwelling unit.
However, change to a lower type of category will not entitle the
applicant for refund of differential Application Fee but will entitle
him for refund/appropriate adjustment of the differential Earnest Money
paid.
- Change from one scheme to another scheme is not permitted.
For doing so, an applicant should first withdraw /undertake to withdraw
his allotment from the existing scheme and apply afresh in the new
scheme, if he so desires (subject to payment of cancellation charges, as
per rules).
- Request for change of DU from one type to another,
within the same scheme, or change from one scheme to another, after
physical possession of the originally allotted DU has been taken, are
liable to be rejected. Further, in case the change as mentioned at
subparas (i) & (ii) above have been agreed to and implemented, it
will be construed that the applicant had joined the revised type of DU/
scheme from the very inception and all the payments received/ yet to be
received will be treated, accordingly. CGEWHO's decision in this regard
shall be final and the beneficiary will not have any claim whatsoever.
- In
case an existing beneficiary of the CGEWHO under any other scheme,
wishes to apply for the present Meerut (Phase I) Housing Scheme, he may
do so by paying the Application Fee only and clearly stating in the
'Affidavit' the facts regarding his earlier registeration with the
CGEWHO. In the event of confirmed allotment under Meerut (Phase I)
Housing Scheme, the concerned beneficiary will have to surrender either
of the two registerations. In case of surrender of original allotment,
withdrawal charges shall be deducted, if applicable, as per the rules
and remaining amounts transferred under the Meerut (Phase I) Housing
Scheme. Failure to state the facts in the application may invite
cancellation of both the applications/ allotments.
PLANS AND SPECIFICATIONS
Plans
and specifications will be drawn up for each type of dwelling unit to
meet the basic needs of the group and conforming to the bye-laws of the
civic authorities. Different specifications may be considered for each
type of dwelling unit.
TECHNICAL BROCHURE
After
approval of the plans by the local statutory authorities, the plans of
dwelling units and layout and the major specifications will be published
in a Technical Brochure and circulated to all the beneficiaries. These,
however, are subject to change prior to or during execution, at the
discretion of the CGEWHO. CGEWHO undertakes construction of the housing
projects as per approved plans and beneficiaries shall have no right to
claim any changes or challenge the methods or procedures adopted during
the construction.
STATIONS
Major building
efforts of the CGEWHO will be concentrated in areas where there is
concentration of Central Government employees. Other places may be added
depending on availability of land and the likely demand.
MASTER PLAN
A
Master Plan of projects drawn up for a period of 5 years at a time will
be promulgated for the benefit of all Central Government employees.
Revised Schedule will be announced as and when the Master Plan is rolled
through CGEWHO's newsletter.
HOW TO APPLY
- The
CGEWHO will announce the Scheme, giving location, station, types,
covered areas and approximate cost of each unit for inviting
applications.
- An employee who is eligible to become a
beneficiary, may purchase the CGEWHO Rules/ Scheme Brochure along with
Application Form from the nominated office/Head Office, on payment of
Rs. 100/- in cash or through a bank draft drawn in favour of 'CEO,
CGEWHO' payable at New Delhi.
- On receipt of the Application Form
and the 'CGEWHO Rules', the applicant should fill the Form and return
the same to the CGEWHO by the specified time, alongwith :
- Bank draft for refundable Earnest Money, as under :
| Type of DU / Flat | Non-Refundable Application fees | Refundable Earnest Money Deposit (EMD) | Total Amt. ( in Rs.) |
A
|
500
|
50,000
|
50,500
|
B
|
500
|
50,000
|
50,500
|
C
|
1,000
|
1,00,000
|
1,01,000
|
D
|
1,000
|
1,00,000
|
1,01,000
|
Note: Rs.
100/- to be added towards cost of 'CGEWHO Rules Brochure' with above
amount, in case, applicant is using downloaded application form.
- Affidavit as per the format prescribed in the CGEWHO Rules Book.
- Pay
slip or copy of PPO duly attested. No interest will be payable on
Earnest Money deposited alongwith the application for the first three
months calculated from the day following the closing date of scheme,
including extension, if any. Thereafter, beyond three months a simple
interest @ 5% per annum will be payable to unsuccessful allottess till
the date of refund. On allotment, the Earnest Money paid (alongwith the
application) shall be deemed to be a part of the instalment(s) and the
beneficiary will be treated as if he had made part payment of the first
instalment.
REGISTRATION OF APPLICATIONS
On scrutiny of the Application Form, the applicants will be registered for a dwelling unit in the Scheme.
RESERVATION FOR SC/ST APPLICANTS
15%
& 7.5% of the DUs of all the types in all the housing schemes of
CGEWHO will be reserved for SC & ST applicants respectively, with a
stipulation that there will be a minimum of one DU of each type in the
reserved category and fractions, if any, will be rounded off to the
nearest full number. The procedure adopted in such allotments shall be
as under;
- In case of more number of applicants
belonging to SC/ST categories, after first conducting the draw for the
reserved categories alone, unsuccessful applicants shall be considered
in the draw for general category of applicants. Those who will succeed
in the general draw will get a confirmed allotment, and the remaining
applicants, if any, shall be placed on the general waiting list as well
as the one created especially for the reserved category of applicants.
However, in case of less number of applications than the number of DUs
reserved, the balance DUs (after giving confirmed allotment to the
applicants belonging to the reserved category) shall automatically stand
de- reserved, and will be considered in the general draw.
- The
applicants desirous of being considered in the 'Reserved' category, will
be required to submit an attested photocopy of the 'Caste' Certificate
from the appropriate authority.
- These 'Reservations' will be applicable to 'Priority I' applicants only.
CONFIRMATION OF BOOKING
If
the registered applicants for a given project exceed the number of
dwelling units, computerised draw will be held at the Head Office
separately for each type. Successful applicants will be given
'confirmation of booking' by an Allotment letter.
COST OF DWELLING UNITS
The
cost of dwelling units, with or without garages, for each Scheme will
be worked out by the CGEWHO and intimated at the time of announcing the
Scheme. The cost will, interalia, include interest on investment in land
purchased for a scheme, common amenities, cost of reserve funds,
charges towards registration of land etc. The costs will be reviewed at
different stages of construction and will be subject to escalation, on
account of market prices, labour wages, Cooperative Society/Apartments
Owners' Association's charges,essential alterations, additions etc. All
revisions of cost will be charged to the beneficiaries and they will be
liable to pay the same.
PAYMENT SCHEDULES
Beneficiaries
will be required to pay instalments on the self-financing basis. The
payments will be on call. Please also see para 7 of Part 'A' of this
Brochure.
LATE PAYMENTS
Beneficiaries who join
a Scheme, or are promoted from the waiting list, after the initial
enrollment or are late in paying their instalments, will be charged
interest from the respective dates of instalments towards equalisation
charges. The rate of interest on these payments will be 15% per annum.
This rate of interest is subject to change. The CGEWHO reserves its
right to terminate the registration and cancel the allotment without
giving any further notice, in case of default in making the scheduled
payment beyond 120 days from the last date of payment.
NOTE: Once an
allotment has been cancelled, for any reason whatsoever, it can not be
revived under any circumstances. However, in extreme cases, the
Competent Authority may agree to re-activate the allotment provided the
request is accompanied by requisite outstanding payments.
CHANGES IN PAYMENT SCHEDULES
The
CGEWHO will make every effort to indicate the prices of the dwelling
units as accurately as possible but the costs may vary. Adjustments in
payments and schedules may become necessary, commensurate with the
progress of construction. Beneficiaries will be intimated of the changes
as they occur.
MODE OF PAYMENT
All payments
will be made by Demand Draft / Pay Order only on any Scheduled Bank
payable at New Delhi, drawn in favour of the CGEWHO A/c 0267101018816
Canara Bank duly endorsed 'payee A/c only'. Payments in cash or cheque
will not be accepted.
PAYMENT OF INTEREST
- No
interest will be payable by the CGEWHO to the beneficiaries on any
instalment paid after the confirmation of booking. Beneficiaries, to
whom confirmed allotment has been made, shall also not be entitled to
any interest on installments paid, in the event of cancellation/
withdrawal.
- No interest will be payable by the CGEWHO on the Application Fee, which is non-refundable.
REBATE
If
a beneficiary pays the total cost of dwelling unit within 45 days of
the confirmation of booking, a rebate of 2.5% will be given. However,
this or any other rebate is not applicable for making any advance
payment of the tentative cost of the dwelling unit. Further, this rebate
is available to the applicants receiving allotment, on announcement of
the scheme. Applicants joining the scheme, during its operation, subject
to availability and offering to make early payments will not be
entitled to this rebate.
LOAN ARRANGEMENTS
- Beneficiaries
who are still in Central Government employment may be entitled to House
Building Advance as admissible to Central Government employees in
accordance with the rules of the Government of India.
- The CGEWHO
will liaise with Nationalised Banks, Housing Development Financial
Corporation and other financial institutions and endeavour to secure
financial assistance by way of loans. Subject to agreement of the
institutions, loans on second mortgage may be possible. However, the
receipt of loan cannot be guaranteed. The quantum of these loans will,
interalia, depend on the repaying capacity of the beneficiary.
ALLOTMENT OF SPECIFIC UNIT
The
allotment of block, floor, specific dwelling unit will be made by a
computerised draw of lots at the Head Office towards the end of the
project and the results be intimated to each beneficiary. Allotments of a
specific flat/ floor, as a result of the draw, shall be final and no
requests for change shall be entertained.
RESERVATIONS
- Reservation
will be made upto 3% of ground/lowest floor flats in each scheme for
handicapped personnel in the CGEWHO's Housing Schemes.
- Personnel with the following disabilities will be eligible for such reservations:
- Orthopaedically handicapped - severe (75% and above)
- Visually handicapped - severe (75% and above)
- Mental illness - severe (75% and above)
- Availability of the above facility is restricted only to the allottee, his/her spouse and children only.
- Percentage of disability would be certified by the Head of Deptt. of a Government Hospital.
WITHDRAWAL FROM A SCHEME:
If
a beneficiary wishes to withdraw from a scheme, he should submit a
written request to the CGEWHO, alongwith the following documents.
- Letter of allotment in original (if issued)
- Original receipt(s) issued by this office against the payment(s) made by the beneficiary
- Pre-receipt as per proforma placed at Annexure II.
Allottees
withdrawing from a Scheme will not be refunded their application fee,
nor will they be entitled to any interest payment, No interest is paid
to confirmed allottees. Allottees withdrawing after the date of
commencement of construction, will be required to pay withdrawal charges
@ 15% of the first instalment. Allottees withdrawing after allotment of
specific floor/flats will be required to pay withdrawal charges @ 20%
of the first instalment. Such refund will be made within 45 days of the
receipt of the request for withdrawal alongwith all required documents.
CANCELLATION CHARGES
In
addition to the Application Fee, 15% /20% of the first instalment will
be levied as cancellation charges in case cancellation or withdrawal is
sought after the commencement of construction/allotment of specific
unit. These charges will also be levied on beneficiaries whose booking
has been cancelled by the CGEWHO for want of timely payment or any other
reason whatsoever.
POSSESSION
The beneficiary
will be given a notice of two months to take the allotted unit,
provided he/she has completed all formalities, paid all the dues,
executed all the Deeds and obtained a Clearance Certificate from the
CGEWHO.
DELAY IN TAKING OVER
The allotment of
an inpidual who fails to take possession of the dwelling unit for three
months after expiry of the notice period (inspite of making payment of
following overhead charges per month or part thereof), shall be liable
to be cancelled by the CEO, CGEWHO. Under special circumstances, such an
allottee may approach the Chief Executive Officer, CGEWHO for an
extension of this period which may be granted by the CEO as a special
case for another maximum period of three months only.
Rs. 500 p.m. for Type A/L
Rs. 1500 p.m. for Type B/M
Rs. 2000 p.m. for Type C/N
Rs. 3000 p.m. for Type D
In
the event of a beneficiary failing to take physical possession of the
flat within 12 months of issue of the final call up letter, inspite of
having paid the maintenance charges as above, the possession shall be
given from the CGEWHO's Head Office only, and not from the site office,
on 'as is-where is' basis. Further, in such a case any request for
repairs, defect rectification etc will not be entertained. The
beneficiary, who takes possession late will, however, be obliged to pay
to the concerned Apartment Owners Association/ Society, the monthly
up-keep & maintenance charges, as levied by it w.e.f. the date made
applicable by the AOA or the date of allotment, whichever is earlier.
HANDING OVER
The
dwelling units will be offered on 'as-is-where-is' basis after the
Contractor and Architect have certified their completion. However,
defects and deficiencies observed by the beneficiaries at the time of
handing over/taking over, may be recorded in the documents. These will
be examined and rectified, wherever applicable, in the defect liability
period.
MUTUAL EXCHANGE OF DWELLING UNITS
Mutual
exchange of type of DUs, during the currency of the scheme, or specific
floor/ flat, after the draw has been conducted, may be permitted within
the same scheme, or schemes managed by the same AOA/ Society subject to
the two beneficiaries giving an undertaking to effect all the future
payments, as called, and not to seek withdrawal from the scheme.
However, in extreme situations, the Chief Executive Officer, may agree
to accept withdrawal from the scheme, subject to payment of double the
normal 'withdrawal charges' i.e. 30% / 40% of the 1st instalment (para
25 of the CGEWHO Rule refers).
COOPERATIVE SOCIETY/APARTMENT OWNERSHIP ASSOCIATION
Beneficiaries
of each Scheme would form a Cooperative Society/Apartment Ownership
Association under local laws governing such bodies. Every beneficiary
will pay the Membership Fee for the Society/Association. In addition, a
sum equal to 1.5% of the final cost of the dwelling unit will be charged
from each beneficiary and credited to the account of his
Society/Association, for its running expenses. The Society/Association,
will administer the colony, look after its maintenance, attend to common
property and provide guidelines for civic standards. The
Society/Association will be governed by its byelaws.
PROCEDURE & OBLIGATIONS
- Coinciding
with or after issue of the final call up notice, the CGEWHO will hold a
General Body meeting of all the beneficiaries to elect the
office-bearers of the proposed Apartment Owners' Association.
- Such
elected adhoc Committee, of the proposed Apartment Owners Association,
will aim at formally constituting the Association, including framing of
its by-laws under the local laws governing such bodies, and register the
same with the appropriate competent authorities.
- On completing
the formalities regarding registration of the Association, the ad-hoc
Committee would be required to convene a General Body meeting of all the
beneficiaries to elect and constitute a regular Executive Committee.
- The
duly elected adhoc Committee will take over all the common
areas/services/facilities of the project within 6 months of its
constitution - a period during which CGEWHO will maintain the
residential complex and debit the actual maintenance expenses so
incurred to the Apartment Owners' Association account.
- In case
the adhoc/regular Committee fails to take over the common
services/facilities/areas within a further period of 4 months, the
CGEWHO shall be at liberty to wind up its operations at site, including
demobilising its man power, leaving the complex in 'as is-where is'
condition, at the discretion of the Chief Executive Officer, CGEWHO.
However, during these 4 months period, though the CGEWHO shall maintain
the complex at the cost of Apartment Owners' Association, it will charge
an additional amount of Rs. 150/- per beneficiary per month for the
services so provided which will be over and above the actual cost of
maintenance and debit the same to the Apartment Owners' Association
account, before handing over the balance of amount to it. (f) While some
amounts will be transferred to the ad-hoc Committee by the CGEWHO, for
meeting day to day expenses, bulk of the AOA charges collected will be
transferred to the regular Executive Committee only, on a formal request
by the President/Secretary, but after taking over all the common
areas/services/facilities of the project. However, no interest would be
paid by the CGEWHO to the AOA, on the amounts collected from the
beneficiaries towards AOA charges.
ADDITIONS & ALTERATIONS
An undertaking covering the following aspects will be given by all the beneficiaries:
- Abide
by the laws, bye-laws, rules and regulations of the Central or State
Governments, the Civic bodies, the CGEWHO and the Cooperative
Society/Apartment Ownership Association.
- Shall not sub-pide,
extend, amalgamate, or carry out structural design or layout changes to
the dwelling unit and garages without the prior permission in writing of
the Civic Authority.
- The dwelling units and garages/stilts
would be used for the sole purpose of living and car/scooter parking.
Any commercial exploitation of these would be deemed to be a violation
of terms and conditions.
- Facilities like stair-cases, passages,
terraces, parks, lifts etc and common spaces and services, will be
utilised by the beneficiary, alongwith other beneficiaries of the Scheme
and no one will have exclusive right to their usage, nor make any
alterations thereto.
OWNERSHIP
At the time of
execution of Transfer Deed in favour of a beneficiary, he/she will have
the option to register the dwelling unit in his/her own name, or jointly
register it with one or two relations out of the undermentioned:
- Wife/Husband
- Son/sons, daughter/ daughters, including legally adopted children
- Parents (in case of unmarried @ widows without children)
- Brother/Sister (in case of unmarried @ widows without children)
SUCCESSION
In
the event of the death of the beneficiary before the dwelling unit is
taken over, his/her spouse or dependent children, whoever has been shown
as the nominee in the Application, will be eligible to continue in the
Scheme and to avail of the benefits under the Scheme. In case of
unmarried members, these privileges will be extended to the dependent
parents only. However, such changes in CGEWHO's records shall be made
subject to the nominee fullfilling certain criteria and submitting
requisite set of documents.
TRANSFER
The
beneficiaries will not be permitted to dispose off the dwelling unit by
way of Sale/Transfer/Assignment/ Long Lease/ by execution of Power of
Attorney, under any circumstances, before transfer of the legal title of
the dwelling unit by the CGEWHO in favour of the beneficiary. Any such
transfer shall result in cancellation of allotment of the dwelling unit,
in which case the allottee will pay penalty, as prescribed under the
heading 'Cancellation Charges.' After transfer of the legal title of the
dwellng unit in favour of the beneficiary, he/she may dispose off
his/her dwelling unit, with prior permission of the concerned 'Kendriya
Vihar Apartment Owners Association/ Society'. as per its byelaws.
LIABILITY OF THE CGEWHO
- In
extreme situations beyond the control of CGEWHO, CGEWHO may be obliged
to abandon a Scheme. In such a case, its liability would be to refund
the deposits in full, with interest, in accordance with the Rules, less
handling charges of 1% and Application Fee.
- The CGEWHO is only
providing a service. It can in no way be held responsible for any claims
of damages which may arise due to any reason whatsoever, including any
commission or ommission, by the CGEWHO or its employees.
AMENDMENTS TO THE RULES OF THE ORGANISATION
The General Body is empowered to amend, alter or delete any of the Rules, as well as the Memorandum of Association.
ACCEPTANCE OF APPLICATION
The
Chief Executive Officer, CGEWHO has the right of final acceptance of an
application, its registration, booking and allotment of the dwelling
unit and garages/stilts.
ARBITRATION
- All
matters of disputes relating to CGEWHO Rules, which are likely to
affect the rights of the beneficiaries, vis-a-vis, the CGEWHO, may be
referred to the President of the Governing Council. The President shall
appoint Arbitrator to adjudicate in the matter, whose decision shall be
final and binding on the beneficiary and the CGEWHO. Request for
arbitration of a dispute will be entertained only if it is made within
two months of the cause of the action and prior to taking possession of
the house. Possession will not be given till the arbitration proceedings
are complete.
- Appointment of an Arbitrator will not be objected
to on the ground that he/she is a person subordinate to the President,
is a member of the Governing Council or the Executive Committee, is
associated with the functioning of the CGEWHO, or is a beneficiary of a
Scheme.
- President of the Governing Council shall have the
privilege and authority to appoint a new successor to the Arbitrator
after his demitting the office of Arbitrator on account of the transfer,
resignation, retirement, death or any such eventuality, whereby the
adjudicating Arbitrator is incapacitated to adjudicate the dispute
between the parties.
- All suits and legal proceedings of any kind
against CGEWHO shall be instituted only in the appropriate courts in
Delhi, notwithstanding the location of the property, which may be
subject matter of the dispute. All the arbitration proceedings/hearings
shall be held in Delhi only.
MISREPRESENTATION OR SUPPRESSION OF FACTS
If
it is found, at any time that an applicant has given false information
or suppressed certain material facts, or has transferred the rights of
the dwelling unit in any manner whatsoever, his/ her application will be
rejected, and the registration/booking of dwelling unit will be
cancelled without making any reference to the applicant. He/ she will
also be debarred from participating in future schemes. In such cases,
allottees will pay penalty as prescribed under the heading "Cancellation
Charges".
OTHER SALIENT FEATURES REGARDING LOANS FROM FINANCIAL INSTITUTIONS
- The period of loan varies from 5 to 20 years. Repayment will, generally not extend beyond retirement.
- Co-borrowers:
Earning members of a family like wife, son, daughter, father and mother
can join as co- borrowers for increasing the amount of loan.
- The admissibility of loan is dependent on the repaying capacity of the borrowers and the co-borrowers opted by the beneficiary.
- Loan is generally disbursed only after applicant has invested his own share in full.
