1. Even eligible for purchase of a House/Flat on General Power of Attorney (GPA/POA).
  2. House/Flat should not have any other liability i.e. it should have been acquired on cash-down basis/completed all the instalments. No dues certificates from the allotment authority is required.
  3. Even before identifying a suitable house/flat the application can be submitted.
  4. All original documents/file is to be deposited with the Society and Society will keep the same in its safe custody till the clearance of all dues towards Society.
  5. Application should be accompanies with a payment of Rs. 500/- (non-refundable) as processing fee.
  6. On sanctioning of loan, one time service charges (administrative charges - non refundable) @ 3% of the amount sanctioned subject to a minimum of Rs. 2000/- is to be deposited by the loanee with the society.

Eligibility Conditions

  1. Applicant should be a member of the society and should have completed at least 3 years loan will be issued jointly to the husband and wife (if married).
  2. His/her payment habit should be excellent/very good.
  3. He/she must be in service or engaged in any profession or business with regular income.
  4. Maximum loan limit will be Rs. 8 lacs or 90% of the cost of the housing unit to be financed as per the agreement to sell or 36 months net salary (take home salary) whichever is less.
  5. The house/flat should be within the jurisdiction of the Delhi and NCR only.

Other Conditions

  1. Loan Application : An application for loan may be submitted to the Society office in the prescribed forms (available in the office) alongwith all supporting documents.
  2. Loan Repayment Periods : Repayment period normally is upto 15 years but not beyond the age of 65 years of the member. Repayment by way of EMI commences from the following months in which the last instalment of the loan is disbursed by the society.Until the loan is fully disbursed pre-EMI interest is payable only on the loan available as on the last day of every month. Loanee has to submitted sufficient number of post-dated cheques (PDCs). However for last payment 3% panel interest on loan outstanding will be charged till the overdues are closed.
  3. Security of Loan : Security of the loan is first mortage of the housing unit to be financed in addition two permanent Govt. Employees (members of the society) should stand as surety for the loan. Aspecial power of attorney is to be executed by the loanee in favour of the society.
  4. Disbursement of Loan : The loan will be disbursed after a full technical appraisal is made and on completion if all legal documentation and after investment of the applicant's own contribution in full. Own contribution is the total cost of the housing unit less the loan from the society. After execution of all the legal documents at the Registrar's office loan amount will be handed over to the seller on behalf of the loanee (purchaser) by way of Pay Order/Demand Draft. For construction, the loan will be disbursed in full or in suitable instalments taking into account the requirement of funds and progress of the construction inspection will be made by the Society staff or management from time to time to ensure proper utilization of the funds.
  5. LOSS (Against DEPOSITS (FDS & SRDS)) : Loan available against FDs/SRDs in the Society upto 90% of the amount deposits on interest @1%. It can be availed at any time without any notice.