Security for the loan
is the first mortgage of the housing unit to be financed normally by way of deposit of
title deeds and/or such other collateral security as may be necessary. In some cases,
interim security may be required. In all cases, the applicant will be required to provide
guarantee of one individual acceptable to "HUDCO NIWAS". The condition of
providing guarantee maybe waived in cases where the applicant is willing to provide liquid
security to the extent of loan amount. This liquid security can be fixed deposits of
banks/Public Sector Companies, National Saving Certificates, UTI units, bonds issued by
the Government/ Public Sector Undertakings & other similar assets. In case of other
applicants, who have already availed house building advance from their employers ,
"HUDCO NIWAS" may accept second mortgage of the housing unit subject to (a)
central & state govt. employees assignment of benefits under central govt. /state
govt. Group Insurance Scheme, (b) For Public Sector Undertaking employees - loan is repaid
by employer through salary deduction & repayment of loan is completed before
superannuation of the employee.
In respect of house or flat purchased on Power of Attorney, HUDCO NIWAS may extend the
loan provided alternate tangible security of adequate value is made available to HUDCO.
Alternate security can be third party mortgage, mortgage of other property owned by
applicant/co-applicant, pledge of UTI units, National Saving Certificates, LIC policies
etc. |
