All the Indian citizens, who can apply in GDA Indirapuram MIG multistoried residential flats scheme 820, 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.
Bank Finance Eligibility Conditions for GDA Indirapuram MIG Multistory Residential Flats Scheme 820
Ghaziabad (Uttar Pradesh, India), October 25, 2015
The Ghaziabad Development Authority (GDA) had launched a residential scheme of 36 MIG multistoried residential flats (GDA Scheme Code 820) in Gyankhand-IV, Indirapuram in Ghaziabad.
Registration or booking for the GDA Indirapuram MIG multistory residential flats scheme 820 was open for the eligible applicants from November 20, 2012 to December 31, 2012.
GDA Indirapuram MIG Multistory Flats Scheme 820: Bank Finance Eligibility Conditions
The public and private sector banks were financing the Earnest Money Deposit or Application Money for the GDA Indirapuram MIG multistoried flats scheme 820 on the following terms and conditions.
1. Purpose of Loan:
Loan for depositing Registration Money or Earnest Money Deposit (EMD) with the Ghaziabad Development Authority for allotment of a residential MIG flat in Gyankhand-IV, Indirapuram (Ghaziabad).
2. Loan Eligibility:
All the Indian citizens, who can apply in the GDA Indirapuram MIG multistoried residential flats scheme 820, 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 GDA Indirapuram MIG multistory residential flats scheme 820. 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. 225,050 for a reserved category applicant and Rs. 450,050 for a general category applicant applying for a 79.92 square meters or 86.87 square meters built-up MIG 3-Storey flat.
4. Disbursement:
The Bank will disburse the entire Registration Money or Earnest Money Deposit by issuing Banker’s Cheque or Demand Draft favouring ‘Vice-Chairman, G.D.A., Ghaziabad’ and payable at Ghaziabad or Delhi.
5. Repayment of Loan:
On Non-Allotment of a GDA Indirapuram MIG 3-Storey Flat: The loan amount will be adjusted out of the proceeds of the refund order of earnest money deposit issued by the Ghaziabad Development Authority from the applicant’s bank account in the event of non-allotment of a GDA 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 GDA Indirapuram MIG 3-Storey Flat: In the event of allotment of a flat by the Ghaziabad 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 Ghaziabad 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 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 Ghaziabad Development Authority, 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 GDA Indirapuram multistory MIG flats scheme 820. 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 10.00% to 12.00% per annum for GDA Indirapuram MIG 3-Storey residential flats scheme 820
GDA Indirapuram MIG Multistoried Residential Flats Scheme 820
Ghaziabad Development Authority – Indirapuram MIG 3-Storey Residential Flats Scheme 820
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