NGIF Rules for House Building Loan by ashrafp

VIEWS: 1,580 PAGES: 21

									                         Rules for Housing Building Loan

Introduction
1.    The proposal for introducing a House Building Loan Scheme financed by the Naval
Group Insurance Fund and its broad parameters has been approved vide MOD letter
AD/0133/CGHQ/1518/CG/D(N-II) dated 30 Nov 07. However, the NGIF has agreed
to disburse the HBA loans from July 10.

2.   The rules   have   therefore,   been   framed   to   regulate   the   House   Building
Loan Scheme.

Admissibility of loan (Purposes)

3.      The House Building Loan would be admissible to all members for all members for
the following purposes:-

     (a) For purchase of a house/flat from Air Force Naval Housing Board(AFNHB)
     and Army Welfare Housing Organization(AWHO), on outright purchase basis or on
     installment basis under the Self Financing Scheme.

     (b) For purchase of a house/flat under the Self Financing Scheme floated by the
     Central/State Government Housing Board.

     (c)   For construction of a house.

     (d) For purchase of a house/flat from Registered Co-operative Group Housing
     Societies /approved Private Colonisers/Builders.

     (e)   For alteration/modification for houses owned by member.

     (f)   Unmarried sailors having rendered 5 years of service would be considered
     for HBL.

     (f)   Purchase of old/new houses/flat.

Note: Loan would however not be admissible for purchase of a plot of land or
registration/earnest money deposits.

                                      Eligibility

General

4.    All regular Naval/Coast Guard serving personnel who are members of Naval Group
Insurance Scheme (General) 1985 and have rendered minimum 3 years of service. The
re-employed Naval/Coast Guard personnel are not eligible.
5.   Unmarried sailors can be considered for House Building Loan Scheme, who has
rendered minimum 5 years of service.

6.    The member must establish/satisfy that he would be in a position to meet the full
cost of the house/flat (taking into consideration the escalation in the cost) after availing
the loan sanctioned by the Govt. / NGIF and he would get a clear unencumbered title to
the house/flat.

7.    The property is to be mortgaged to the NGIF, as a first charge or second charge to
Govt. and Banks/ approved Financial Institutions only (Equitable Mortgage).

8.    Loan for Construction of a House

      (a) The land may be owned by the member or jointly with the member’s spouse,
      with member being the First Executor.

      (b) The title to the land should be clear and it should be free from
      encumbrances.

      (c) The house must be constructed as per the approved plan and no deviation
      whatsoever from the original plan would be permissible.

      (d) Loan is not admissible for construction on Lal Dora land, or land which is not
      registered. Further, in case construction of house is being done on agricultural
      land, a change of land use certificate should be obtained from the competent
      revenue authority.

      (e) Loans is not admissible for the construction on Lal Dora land, or land which
      is not registered. Further, in case construction of house is being done on
      agriculture land, a change of land use certificate should be obtained from the
      competent revenue authority.

9.    Loan for Addition / alteration Registration           of a house is   mandatory
requirement. It is a legal proof of ownership/free hold of a house. Loan for addition /
alteration is not admissible for a house that is not registered.

10.   Loan for Purchase of Ready Built House/ Flat

      (a) It is to be acquired on outright purchase basis or on installment basis under
      Financing Scheme and not on hire purchase basis.

      (b) The member gets the right to mortgage the house/flat to the Naval Group
      Insurance Fund.
Quantum of Loan

11. Advance may be granted up to 90% of the cost of house/flat limited to following
maximum amount:-

      (a)   Officers     -     Rs.   25,00,000/-
      (b)   Sailors      -     Rs.   12,00,000/-
      (c)   Officers     -     Rs.   6,00,000/- (for alteration/addition/modification)
      (d)   Sailors      -     Rs.   3,00,000/- (for alteration/addition/modification)

12. The quantum of loan would however, depend on the repaying capacity of the
individual member.

13.   The   repaying    capacity    of   a   member     would   be   ascertained   as   under:-

      Repaying Capacity = 60% of Total Emoluments minus total deductions:
      Where the spouse is employed in a regular service, his/her income will be
      added to emoluments to obtain more loan.

      Note:-

      (a)   Total      Emoluments        consist   of   –   Basic    Pay    +      Grade   Pay

      (b) Total deductions consist of – GPF {(Comp. Subscription), [6% of (a)]} +
      NGIF/INBA/INAF subscription + Income Tax + Income Tax Cess + Govt.
      HBA/other loans + License Fee.

14.    Where lesser period of service is left (generally below 10 years), attachment of
NGIF survival benefit/ DCRG can be considered for sanctioning higher quantum of loan.
The quantum of loan sanctioned against attachment of DCRG/survival benefit, will be
recovered at the time of retirement/release. The interest on this attached amount along
with recovery of Equated Monthly Installments would continue till retirement/release of
a member.

Second Loan

15. NGIF will give housing loan once only in the career of a naval personnel. Second
housing loan is admissible after refund of earlier loan except for addition/alteration.

Interest on Loan

16. The interest on the loan would be charged @ 9% per annum on monthly reducing
balance with one time processing/ admin charges of 0.5% of the loan sanctioned. The
rate of interest is liable to change from time to time.
Insurance of HBA Loan

17. The total loan sanctioned will be insured by NGIS and premium recovered at the
time of release of 1st installment.

Competent Authority to Sanction Loan

18. The Managing Committee of the Naval Group Insurance Fund is the competent
authority to sanction housing loans.

Disbursement of Loan

19. The loan amount would be disbursed in one lump sum or in installment depending
upon the circumstances of each case/type of dwelling unit/payment schedule. The
amount would be disbursed as follows:-

     (a) The loan amount for outright purchase of a ready built house will be paid to
     the Organisation in lump sum as soon as the applicant executes an agreement and
     submits other requisite documents as called for. The member should ensure that
     the house/flat is purchased and mortgaged to the Naval Group Insurance Fund
     within three months of drawal of the amount after registering the house/flat and
     forward to same to NGIF.

     (b) In the case of loan for construction of house, the amount would be paid to
     the member in convenient installments (not more than five) at the discretion of
     the Naval Group Insurance Fund on mortgage of the land and submission of the
     requisite agreement(S) and scheme of construction and completion of each stage
     of construction.\

     (c)   The loan amount for purchase of a house/flat through the Air Force Naval
     Housing Board (AFNHB)/Army Welfare Housing Board (AWHB) and Central/State
     Govt. Housing Boards under Self Financing Scheme would be paid directly to such
     Boards in installments (not more than five) as per payment schedule on
     submission of the requisite documents. The number of installments can be
     increased depending upon the schedule of particular scheme.



     (d) In the case of a loan to acquire a house through membership of
     a Co-operative Group Housing societies / Private Coloniser, under Self Financing
     Scheme, the amount would also be paid in instilments as per the payment
     schedule.

     (e) For alteration/addition/modification, housing loan will be paid directly
     to the member.
Enhancement of Loan

20. Enhancement of already granted and fully disbursed loan will be considered only
if it fulfills the following conditions and acceptability to the member.

     (a)   Escalation in basic cost of house/flat.

     (b)   Increase in repayment capacity of the member.

     (c)   No concurrent housing loan running.

     (d)   Enhanced amount to be within repayment capacity.

     (e) The latest prevailing rate of interest will be charged on balance outstanding
     loan.

     (f)   The enhanced loan amount will be disbursed in one single amount to
     builder/society/self (on case to case basis)

Recovery of Loan and Interest

21. The amount of loan and interest would be recovered monthly through the
member’s IPA.

22. The principle amount and interest would be recovered in maximum of 240 Equated
Monthly Installments.

23. When the loan is disbursed in one lump sum, the recovery of the loan and interest
would commence from the pay for the month following the date of the drawing of the
loan.

24. When the loan is disbursed I installments. The recovery of loan and interest in EMI
would commence from the pay of the following month from the date of disbursement of
full amount, with a maximum moratorium period of 24 months. The recovery of interest
on the amount of installments paid would however, commence from the pay of following
month from date of disbursement of the first installment.

25. The Equated Monthly Installments (EMI) for repayment of the principal and
interest on loan once fixed will not normally be altered.

26. In case of the individual members posted abroad/on deputation, in which case
IPA’s are not maintained by the Naval Pay Office, the individual member would be
required to remit the requisite installments through account payee bank drafts in favour
of the naval Group Insurance Fund, Integrated Headquarters, Ministry of Defence
(Navy), New Delhi so as to reach by 7th of the following month of the due date. In case
of default, the member would be liable to pay a penal rate of interest @ 1% p.a. over
and above the interest at which he/she is repaying the amount, on the entire amount of
installments for the first default and for second and subsequent defaults the penal rate
of interest would be enhanced to 2% p.a. over and above the interest rate of housing
loan.

27. In the event of invalidment/pre-mature retirement/release/dismissal or
unfortunate death of the member before repayment of the principal amount of the loan
and interest in full, the outstanding amount would be recoverable from the amount of
DCRG, Encashment of leave and balance in IPA (after adjustment of Govt. dues, if any)
and the benefits that may become payable from the naval Group Insurance Fund viz.
disability / survival / death benefits etc.

Refund of Housing Loan

28. Members are permitted to make part payment of outstanding Housing Loan
subject to minimum of Rs. 01 Lac or 25% of outstanding Principal amount which ever
is lowest.

Issue of EMI Chart

29. EMI Chart will be issued on receipt of the following documents for claiming
of IT relief.

     (a)     Completion certificate from competent authority
     (b)     Possession certificate
     (c)     Deed of registration of house/flat.
     (For   claim of Income Tax rebate Photo copies of EMI Chart be utilised)

General

30. If any time, it is found that the member has obtained a loan from the Fund by
misrepresentation, misstatement or fraud or if he commits any breach of the terms and
conditions of the lease/sub lease rules/ instructions issued from time to time by the
Housing Boards/Naval Group Insurance Fund, he shall without prejudice to any other
action against him, become liable to repay, in one lump sum, the entire amount of the
loan balance of outstanding loan together with interest to the Fund without any demur.
Creation of Mortgage

31. Members granted loan from NGIF on creation of first charge on the property would
be required to create the mortgage by depositing the title deeds duly registered in
original with the NGIF.

Insurance of the Property

32. Immediately on completion of construction/purchase of the house/flat, the
member shall insure the house/ flat at his own cost against damage by fire, flood,
lightning and rioting to the tune of the loan amount. The insurance policy shall be
renewed every year till the loan is completely repaid. The insurance policy/ cover note
incorporating the interest of the NGIF is to be forwarded to the NGIF regularly every
year unless the first mortgagee is the President of India. In such case only a certificate
rendered by the member and countersigned by the Commanding Officer/ Head of the
Department is to be forwarded.

Maintenance

33. The house/flat must be maintained in good repair by the member. He shall keep it
free from all encumbrances. All Municipal and other local taxes/ charges shall be paid by
the member regularly. A certificate to this effect shall be furnished by the member
annually to the NGIF.

Creation of Second Charge

34. The members who avail the Govt. HBA should apply to the Govt. Integ HQ MOD
(N)/DPA through proper channel for creation of second charge of the property in favour
of the Naval Group Insurance Fund while applying for a Housing Loan from the Fund.

35. Members who have availed housing loan from bank/Financial Institutions should
obtain requisite permission of the concerned Bank/Financial Institution for raising
additional housing loan from NGIF on Pari Passu Charge (equitable mortgage) of the
property. Such member should forward with the application a certificate cum
undertaking from the Bank/Financial Institutions to the effect that they are agreeable to
create Pari Passu Charge (equitable mortgage) on the property in favour of NGIF and
they undertake to pass on the title deed on liquidation of loan sanctioned by them to
NGIF without reconveyance.

Interpretation of Rules etc.

36. If any dispute or difference of opinion arises regarding interpretation of the
wordings of these rules in the agreements made there-under or any decisions taken in
accordance with these rules or agreements, the Chairman, Managing committee of the
Fund shall take a decision and such decision shall be final and binding on the member
without any demur.

Jurisdiction of Courts

37. In the event of any dispute arising with regard to the rules, agreements and deeds
executed there under, the same shall be subject to the jurisdiction of Delhi Courts only.

Amendments of the Rules

38. The General Committee of the Naval Group Insurance Fund may amend, alter and
modify these rules from time to time.

Assignment of Insurance Benefits to Bank/Financial Institution for availing
HBA

39. In some cases, members may be keen to avail housing loan from Bank
or a Financial Institution as the particular scheme may be suitable to them on account of
less service left for retirement or other reasons. For such members, facility to assign
their NGIS policy to raise such loan has been provided as follows:-

      A member of Naval Group Insurance Scheme will be permitted to assign
      his survival benefits to recognized financial institution / bank for
      obtaining a loan for construction /purchase of a house/flat subject to the
      condition that the total amount of the House Building Advance sanctioned
      by the Government and the loan raised by him from the financial
      institution / Bank taken together shall not exceed the cost ceiling limits
      as applicable under the instruction issued by the Ministry of Works and
      Housing regarding grant of House Building Advance from time to time.

Attachment of Terminal Benefits to HBA

40. To enable members with less than 10 years of service left, to avail a higher
quantum of loan amount restricted due to limited repaying capacity the members can
attach the terminal/ survival benefits with NGIF.

Recovery of Housing Loan on Death

41. In case of unfortunate death of NGIF member who had availed HBL, the
outstanding loan amount principle will be adjusted from the House Loan Insurance Policy
and nil recovery will be from insurance benefit paid to NOK. This facility is only available
to members who have availed HBL from NGIF after 01 Jan 05.
Admissibility of loans

42. Members who have not availed Govt. HBA loan (HBA First Change of Property
in favour of NGIF).

      (a)   For purchase of House/Flat under Self Financing Scheme of Housing Boards/
      Statutory Bodies.

      (b)   For purchase of House/Flat from Co-operative Housing Societies under Self
      Financing Scheme.

      (c)   For   outright    purchase    from    Housing    Boards/Statutory    Bodies.

      (d)   For purchase of House/Flat from Private Colonizer/Builder under Self
      Financing Scheme or on outright purchase basis.

      (e)   For construction of House under own arrangements.

43.   Members who have availed government HBA.

      (a)   For purchase of House/Flat Under Self Financing Scheme of Housing
      Statutory Bodies.

      (b)   For purchase of House/Flat from Co-operative Housing Societies under Self
      Financing Scheme.

      (c)   For   outright   purchase     from    Housing    Boards/Statutory    Bodies.

      (d)   For purchase of House/Flat from Private Colonizer/Builder under Self
      Financing Scheme or on outright purchase basis.

      (e)   For Construction of House.

44. Members who have availed housing loan from Banks/Financial Institutions and
want to avail additional loan from NGIF.

45.   For Alteration/Addition/Modification of House.

46. Members currently availing NGIF housing loan and require concurrent loan for
alteration/addition/modification/enhancement of housing loan.

47. Before filling up the application for loan please check your eligibility for the same
(Rules 2 to 10).
48. To be eligible for a loan from NGIF, a member must have completed 3 years of
service and paid 10% of cost of the house/flat. Proof regarding payment of 10% cost
should be submitted with the application. In case of construction of house, a member
has to spend 10% of cost of construction from own resources, before applying for loan.

49. Details of other documents which are required to be submitted are indicated
separately.

50. All columns of the application as applicable are to be filled neatly and Date of
retirement in the present rank should be mentioned.

52. While filling up agreement/bond/mortgage deed and other documents, scoring,
overtyping should be avoided. If such things occur, the same should be duly endorsed
by a signature by the applicant/surety in the margin. These documents should be
submitted on non-judicial stamp paper. The matter is to be typed only on the front side
of the stamp paper.

53. The applicant should append his/her signature on each page of all documents
executed by him/her.

54. Once the loan is sanctioned, the original copies of all the legal documents are
required to be in custody of the NGIF. It is, therefore, suggested that applicant should
always keep true copy/photocopy of all such documents for personal reference and
records. Under no circumstances, the original documents, held in custody by
NGIF would be made available till the entire loan together with the interest is repaid by
the applicant.

55. Completed application with the requisite documents is to be sent by registered
post to the Secretary, Naval Group Insurance Fund, Integrated Headquarters, Ministry of
Defence(Navy), New Delhi.

56. The Documents mentioned are not exhaustive. Additional documents may be
called for, depending on nature of specific cases.

57. The sub- officer and enrolled personnel applying for HBA are in addition to the
documents indicated herein, should also submit a certificate from the Commanding
Officer indicating the date of expiry of current engagement and particulars of
nominee/nominee(s) for NGIS Benefits.
58. While corresponding, a member must quote NGIF file reference number mentioned
in loan sanction letter and the housing scheme viz AFNHB, DDA, Govt. Housing, co-op
Society, Private Builder, Self Construction.

59.     Member of NGIF who wishes to avail Housing Loan from NGIF can download the
application form Coast Guard Website and use the same.

DETAILS OF DOCUMENTS TO BE SUBMITTED WITH APPLICATION FOR LOAN

60. Members who have not availed Govt. (HBA First Change of Property in favour
of NGIF)

     (a) For purchase of House/Flat under Self Financing Scheme of Housing
     Boards/Statutory Bodies:

           (i)   Allotment letter in original.

           (ii)   Receipts/Proof in support of payment of 10% of cost from own source,
           in original.

           (iii) Original   non-encumbrance      certificate  from     the   Housing
           Boards/Statutory Bodies (Generally this is endorsed on allotment letter, in
           the absence of the same, this certificate must be obtained from the
           Boards/Statutory Bodies and submitted).

           (iv) Attested copy of the latest statement of entitlement issued by Naval
           Pay Office, Mumbai.

           (v)   Application Form for grant of House Building loan on form HBL/NGIF/1.

           (vi) Agreement on non-judicial stamp paper of appropriate value in
           form HBL/NGIF/2.

           (vii) Letter of authoriastion in form HBL/NGIF/3.

           (viii) Affidavit of nominee(s) on form HBL/NGIF/5 with passport size
           photograph of nominee(s) duly attested by Commanding Officer/
           Officer in-Charge.

           (ix) Pre-receipt in form HBL/NGIF/7 duly signed on Re. 1/- revenue stamp
           as per no. of installments.
(b) For purchase of House/Flat from Co-operative Housing Societies under Self
Financing Scheme:

      (i)    Sale agreement in original.

      (ii)   Receipts/Proof in support of payment of 10% of cost from own source,
      in original.

      (iii) Draft Sale/ lease deed duly authenticated by the Society.

      (iv)   By laws of Society duly authenticated.

      (v)    Share certificate(s) in original, if any.

      (vi)   Letter of registration of the Society duly authenticated.

      (vii) Letter of consideration from the allotting agency in respect of the land
      in favour of the Society.

      (viii) Original non-encumbrance certificate from Govt. Pleader/ Registrar
      after search for 13 years, in original.

      (ix) Attested copy of the latest statement of entitlement issued by Naval
      Pay Office, Mumbai.

      (x)    Application Form for grant of House Building loan on form HBL/NGIF/1.

      (xi) Agreement on non-judicial stamp paper of appropriate value in form
      HBL/NGIF/2.

      (xii) Letter of authoriastion in form HBL/NGIF/3.

      (xiii) Affidavit of nominee(s) on form HBL/NGIF/5 with passport size
      photograph of nominee(s) duly attested by Commanding Officer/
      Officer in-Charge.

      (xiv) Pre-receipt in form HBL/NGIF/7 duly signed on Re. 1/- revenue stamp
      as per no. of installments.

(c)   For outright purchase from Housing Boards/Statutory Bodies:

      (i)   Letter in original from the Housing Board/Statutory Body in favour of
      the applicant offering for sale/possession of ready built clearly
     distinguishable new house/flat on outright purchase basis indicating cost and
     accommodation available.

     (ii)  Proof in support of payment of 10% of cost from own source, in
     original.

     (iii) Original non-encumbrance certificate from Govt. Pleader/ Registrar
     after search for 13 years, in original.

      (iv) Attested copy of the latest statement of entitlement issued by Naval
     Pay Office, Mumbai.

     (v)   Application Form for grant of House Building loan on form HBL/NGIF/1.

     (vi) Agreement on non-judicial stamp paper of appropriate value in
     form HBL/NGIF/2.

     (vii) Letter of authoriastion in form HBL/NGIF/3.

     (viii) Affidavit of nominee(s) on form HBL/NGIF/5 with passport size
     photograph of nominee(s) duly attested by Commanding Officer/
     Officer in-Charge.

     (ix) Pre-receipt in form HBL/NGIF/7 duly signed on Re. 1/- revenue stamp
     as per no. of installments.

(d) For purchase of House/Flat from Private Coloniser/Builder under Self
Financing Scheme or on outright purchase basis:

     (i)   Sale agreement indicating cost, mode of payment and accommodation
     available, in original.

     (ii)   Proof in support of payment of 10% of cost from own source,
     in original.

     (iii) Original non-encumbrance certificate from Govt. Pleader/ Registrar
     after search for 13 years, in original.

     (iv) A certificate from the Competent Authority to the effect that the
     Coloniser Builder is a registered/recognised Colonizer/Builder.

     (v)  Copy of permission of the Competent Authority for building the
     house/flat, in original or duly authenticated.
      (vi) Attested copy of the latest statement of entitlement issued by Naval
      Pay Office, Mumbai.

      (vii) Application Form for grant of House Building loan on form HBL/NGIF/1.

      (viii) Agreement on      non-judicial   stamp   paper   of   appropriate   value
      in form HBL/NGIF/2.

      (ix)   Letter of authoriastion in form HBL/NGIF/3.

      (x)  Affidavit of nominee(s) on form HBL/NGIF/5 with passport size
      photograph of nominee(s) duly attested by Commanding Officer/Officer in-
      Charge.

      (xi) Pre-receipt in form HBL/NGIF/7 duly signed on Re. 1/- revenue stamp
      as per no. of installments.

      (xii) In case the private builder has taken loan from bank, for mortgaging
      his land, on which the construction is taking place, the details of the same
      be intimated to this office for consideration of loan. Further, the details of
      saving bank account of the private builder with the said bank are to be
      furnished for remittance of the Loan.

             (aa) Details of builder

             (ab) Loan amount

             (ac) Name of the bank to whom land mortgaged

             (ad) Bank account no.

             (ae) Bank IFS Code

      (xiii) The date of completion of construction & handing over of the flat be
      specified & intimated to NGIF. In case of any delay in completion the
      liquidity damages towards late completion of work, be also intimated.

      (xiv) Copy of sanctioned building and site plan

(e)   For construction of House under own arrangements:

      (i)    Original sanctioned building and site plans.
           (ii)  Original & sale deed/lease deed or the proof regarding applicant's title
           to the land.

           (iii) Affidavit from the spouse of the member, if the land is jointly owned
           by the member and spouse indicating his/her willingness for mortgage of
           his/her property jointly as security for the loan, by the applicant member on
           non-judicial stamp paper of appropriate value duly executed .before 1st
           Class Magistrate/Notary Public.

           (iv) Non encumbrance certificate in original form Sub Registrar/Govt
           Pleader after search of 13 years records.

           (v)    Copy of latest statement of entitlement issued by NPO, Mumbai.

           (vi)   Application Form for grant of House Building loan on form HBL/NGIF/1.

           (vii) Affidavit of nominee(s) on form HBL/NGIF/5 with passport size
           photograph of nominee(s) duly attested by Commanding Officer/Officer in-
           Charge.

           (viii) Agreement on non-judicial stamp paper of appropriate value in form
           HBL/NGIF/2.

           (ix)   Letter of authoriastion in form HBL/NGIF/3.

           (x)   Pre-receipt in form HBL/NGIF/7 (three in No. duly signed on
           Rs 1/- revenue stamp).

           (xi) Copy of receipt/proof in original in support of expenditure on 10% of
           construction cost from own source, in original.

           (xii) Copy of permission from Municipal Corporation / any other competent
           authority for the construction of flat/house.

61.   Members who have availed Govt. loan.

      (a) For purchase of House/Flat Under Self Financing Scheme of Housing
      Statutory Bodies:

           (i)    Copy of Allotment letter duly authenticated.

           (ii) Original Receipts/Proof in support of payment of 10% of cost from
           own source.
     (iii) Attested copy      of   the    latest   Statement    of   Entitlement   issued
     by NPO, Mumbai.

     (iv)   Application Form for grant of House Building loan on form HBL/NGIF/1.

     (v)   Affidavit of nominee(s) on form HBL/NGIF/5 with passport size
     photograph of nominee(s) duly attested by Commanding Officer/
     Officer in-Charge.

     (vi) Copy    of   non-encumbrance        certificate  from   the     Housing
     Board/Statutory Bodies (Generally this is endorsed on allotment letter, in the
     absence of the same, this certificate must be obtained from the
     Boards/Statutory Bodies and submitted).

     (vii) Letter addressed to CNS as per form HBL/NGIF/4 on plain paper.

     (viii) Agreement on      non-judicial     stamp   paper    of   appropriate    value
     in form HBL/NGIF/2.

     (ix)   Letter of authoriastion in form HBL/NGIF/3.

     (x)   Pre-receipt in form           HBL/NGIF/7    (three   in   No.   duly    signed
     on Rs 1/- revenue stamp).

(b) For purchase of House/Flat from Co-operative Housing Societies under Self
Financing Scheme:

     (i)    Copy of Sale agreement duly authenticated.

     (ii)   Draft/Sale/lease deed duly authenticated by the Society.

     (iii) Letter of consideration from the allotting agency in respect of the land
     in favour of the Society duly authenticated.

     (iv)   Bye Laws of Society duly authenticated.

     (v)    Copies of Share certificate (s) if any.

     (vi)   Letter of registration of the Society duly authenticated.

     (vii) Affidavit of nominee(s) on form HBL/NGIF/5 with passport size
     photograph of nominee(s) duly attested by Commanding Officer/
     Officer in-Charge.
      (viii) Attested copy     of     latest   statement       of        entitlement     issued
      by NPO, Mumbai.

      (ix) Copy of Non-encumbrance certificate from Govt. Pleader/Sub Registrar
      after search for 13 years record duly authenticated.

      (x)    Letter addressed to CNS in form HBL/NGIF/4 on plain paper.

      (xi)   Letter of authoriastion in form HBL/NGIF/3.

      (xii) Agreement on      non-judicial     stamp   paper        of    appropriate    value
      in form HBL/NGIF/2.

      (xiii) Pre-receipt in form HBL/NGIF/7 (three in No. duly signed on
      Rs. 1/- revenue stamp).

      (xiv) Copies of receipt in support of payment of 10% of cost from own
      source, in original.

      (xv) Application Form for grant of House Building loan on form HBL/NGIF/1.

(c)   For outright purchase from Housing Boards/Statutory Bodies:

      (i)   Copy of letter from the Housing Board/Statutory Body in favour of the
      applicant offering for sale vacant possession of ready built clearly
      distinguishable new house/flat on outright purchase basis indicating cost and
      accommodation available, duly authenticated.

      (ii) Copy of Non-encumbrance certificate             issued          by   the    Housing
      Board/Statutory Body duly authenticated.

      (iii) Attested copy     of    the   latest   statement    of       entitlements,    used
      by NPO, Mumbai.

      (iv) Affidavit of nominee(s) on form HBL/NGIF/5 with passport size
      photograph of nominee(s)duly attested by Commanding Officer/
      Officer in-Charge.

      (v)    Letter addressed to CNS on form HBL/NGIF/4 on plain paper.

      (vi) Agreement on       non-judicial     stamp   paper        of    appropriate    value
      in form HBL/NGIF/2.

      (vii) Letter of authoriastion in form HBL/NGIF/3.
     (viii) Pre-receipt in form         HBL/NGIF/7   (three   in   No.   duly    signed
     on Rs. 1/- revenue stamp.

     (ix) Copies of receipt in support of payment of 10% of cost from
     own source, in original.

     (x)    Application Form for grant of House Building loan on form HBL/NGIF/1.

(d) For purchase of House/Flat from Private Colonizer/Builder under Self
Financing Scheme or on outright purchase basis:

     (i)  Copy of Allotment letter/Agreement indicating cost, mode of payment
     and accommodation available duly authenticated.

     (ii) Copy of permission of the competent Authority for building the
     house/flat duly authenticated.

     (iii) Copy of certificate from the Competent Authority to the effect that the
     Colonizer/    Builder    is   a    registered/recognized   Colonizer/Builder
     duly authenticated.

     (iv) Attested copy      of   the    latest   statement   of   entitlement   issued
     by the NPO, Mumbai.

     (v)   Affidavit of nominee(s) on form HBL/NGIF/5 with passport size
     photograph of nominee(s) duly attested by Commanding Officer/
     Officer-in-Charge.

     (vi) Copy of non encumbrance certificate from Sub Registrar/Govt. Pleader
     after search of records for 13 years duly attested.

     (vii) Letter addressed to CNS in form HBL/NGIF/4 on plain paper.

     (viii) Agreement on Non-judicial stamp paper of appropriate value in form
     HBL/NGIF/2

     (ix)   Letter of authoriastion in form HBL/NGIF/3.

     (x)  Pre-receipt in form HBL/NGIF/7 (three in Nos. duly signed on Rs. 1/-
     revenue stamp).

     (xi) Copies of receipt in support of payment of 10% of cost from own
     source, in original.

     (x)    Application Form for grant of House Building loan on form HBL/NGIF/1.
      (e)   For Construction of House under own arrangement:

            (i)   Copy of sanctioned       building   and     site   plans      duly     attested,
            by sanctioning Authority.

            (ii)  Copy of sale deed/lease deed and the proof regarding applicant's title
            to the land duly authenticated.

            (iii) Affidavit from the spouse of the member, if the land is jointly owned
            by the member and spouse indicating his/her willingness for mortgaged of
            his/her property jointly as security for the 10 by the applicant member on
            non-judicial stamp paper of appropriate value duly executed before
            1st -Class Magistrate/Notary Public.

            (iv) Copy of Non-encumbrance certificate from Sub Registrar/Govt. Pleader
            after search for 13 year records duly authenticated.

            (v)   Copy of latest statement of entitlement issued by NPO, Mumbai
            duly attested.

            (vi) Affidavit of nominee(s) on form HBL/NGIF/5 with passport
            size photograph of nominee(s) duly attested by Commanding Officer/
            Officer in-Charge.

            (vii) Letter addressed to CNS in form HBL/NGIF/4 on plain paper.

            (viii) Agreement on    non-judicial   stamp     paper    of   appropriate       value
            in form HBL/NGIF/2.

            (ix) Copies of receipt/proof in support of           expenditure      of     10%    of
            construction cost from own source in original.

            (x)   Letter of authoriastion in form HBL/NGIF/3.

            (xi) Pre-receipt in form       HBL/NGIF/7       (three   in   No.     duly     signed
            on Rs. 1/- revenue stamp).

            (x)   Application Form for grant of House Building loan on form HBL/NGIF/1.

62.   Members who have availed housing loan from Banks/Financial Institutions.

      (a) The members who have availed housing loan                   from      Banks/Financial
      Institutions and want to avail additional loan from NGIF:-

            (i)   A certificate cum undertaking from the Bank/Financial Institution to
            the effect that, the Bank/Financial Institution has no objection to create 2nd
            charge on the property (equitable mortgage) in favour of NGIF and they
            undertake to pass on the title deed and other documents the NGIF on
            liquidation of loan sanctioned by them without reconvening to the
            member, original.

            (ii) All the documents required to be submitted by members for different
            schemes i.e. self construction/self financing schemes etc.

            (iii)   Approved   plan   for   house   extension   from   competent   authority.

            (iv) Approved estimate cost for house extension from architect/civil
            engineer or contractor/self certificate along with estimate.

             (v) NOC from Bank to create IInd (equitable) Mortgage in favour of NGIF in
            form HBL/NGIF/8.

            (vi)    Application Form for grant of House Building loan on form HBL/NGIF/1.

      (b)   For Alteration/Addition/Modification of House:-

            (i)   Documentary proof showing the ownership of house/flat (original)/
            Registration deed of Flat/House.

            (ii)  Documentary proof of the age of the house. The house should not be
            more than 25 years of age in case of RCC construction and 20 years in case
            of other type of construction with bricks an cement.

            (iii) Approved plan for house extension from competent authority/Muncipal
            corporation.

            (iv) Approved estimate cost for house extension from architect/civil
            engineer or contractor/self certificate along with estimate.

            (v)  The applicable documents as listed in NGIF housing loan booklet
            and website.

            (vi)    Letter of authoriastion in form HBL/NGIF/3.

            (vii) Application Form for grant of House Building loan on form HBL/NGIF/1.




63.   Members currently availing NGIF housing loan.
(a) Then members who are currently availing NGIF housing loan and require
concurrent loan for alteration/addition/modification/enhancement of housing
loan:-

     (i)    Letter of authoriastion in form HBL/NGIF/3.

     (ii)  Agreement on       non-judicial   stamp   paper    of   appropriate    value
     in form HBL/NGIF/2.

     (ii)  Copy of latest statement of entitlement issued by NPO, Mumbai
     duly attested.

     (iii) Possession Letter of flat/Completion Certificate of House/Registration
     Deed of Flat/house.

     (iv) Pre-receipt in form        HBL/NGIF/7      (three   in   No.   duly    signed
     on Rs. 1/- revenue stamp).

     (v)    Application Form for grant of House Building loan on form S.

     (vi)   Details of addition/alteration duly authenticated.

     (vii) Bank details i.e. A/c No., Banker’s address, MICR Code, IFS Code.

     (Viii) Registration deed of Flat/House (if not held by NGIF).

								
To top