FINANCING OF EARNEST MONEY DEPOSIT (EMD) HARYANA URBAN DEVELOPMENT AUTHORITY (HUDA) HISSAR SCHEME
We advise that HUDA has floated a Scheme for allotment of 2878 plots in sector-14 (Part-II) and sector 33 (4 marla to 1 kanal) at Hissar open for applications from 09.05.2013 to 08.07.2013. Our bank is one of the Bankers to the issue and authorised for sale and collection of applications as well as financing of Earnest Money Deposit (EMD) for the Scheme through our 23designated branches including 4 branches of Delhi circle. In terms of their authorization, allotment letters to successful and the refund amount for unsuccessful applicants financed by us will be routed through our Controlling branch viz. sector-10 Panchkula.
2. In this connection, EMD scheme has been approved by the competent authority. The upfront amount will be as under:-
i. Interest at 0.60% above base rate i.e 10.30% p.a ii. Processing fee Rs 200/- per application.
Interest will be charged for 6 months and if the scheme is delayed due to any reason interest beyond 6 months will be recovered from the applicants. Accordingly, we have drafted our Scheme for financing EMD (placed as Annexure- B) for launching at Branches.
3. Branches doing EMD financing will be given detailed operating instructions regarding the above scheme as under:
i) As per terms of the HUDA authorization, we are to route all the applications financed by us through the Controlling branch i.e Sector 10 Panchkula branch.
ii) Our branches authorized by HUDA for the Scheme are as under: a) Controlling Branch : Sector 10, Panchkula b) Collecting Branches : As per Annexure C
iii) All the Collecting Branches will furnish to the Controlling Branch the following: a) Data of applications as per HUDA specification will be advised by Controlling branch shortly by e-mail every week and on the day succeeding closing date of scheme. b) Amount collected is required to be remitted through CBS, separately for collected (non-financed) and financed applications. Amount in respect of collected applications will be remitted to Controlling Branch as will be advised by them. Specific a/c opened for this purpose will be advised by the Controlling branch. c) All applications received at the Collecting branches will be sent to controlling branch (after retaining photocopy) by special messenger, with in 2 days of closing the Scheme.
iv) Supply of Application Forms: The Controlling Branch will purchase application forms as per requirement from HUDA and supply the same by debiting the cost to collecting branches. The other branches interested in financing will buy the application forms from Collecting Branch at the centre, as per their requirement. The cost of application forms is to be recovered from the borrower.
v) Set of Documents: The documents for financing Earnest Money Deposit (EMD) will be got printed by Circle Stationery Department and supplied through the Controlling Branch/Circle stationery department.
vi) Back-up Register: Back-up record to be maintained by collecting branches as per particulars to be furnished to HUDA by the Controlling Branch.
4. Marketing:
i) Collecting branches will market the Scheme by displaying banners, distributing pamphlets and through Local Cable T.V.
5. Support to the Controlling/Collecting Branches:
i) The controllers will ensure availability of adequate staff support during the period of the schemes. ii) MPSTs/ CREs wherever available, will support the Collecting branches and execute successful implementation of the schemes personally. iii) Queries regarding the Scheme will be attended to by PBBU and operational issues will be taken care of by the Controllers/Controlling branch.
PBBU ANNEXURE B SCHEME FOR FINANCING EARNEST MONEY DEPOSIT FOR ALLOTMENT OF HUDA PLOTS HISSAR (09.05.2013 to 08.07.2013)
1 Eligibility All individuals above 18 years of age 2 Purpose Earnest money for booking of residential plots offered by HUDA 3 Type of facility Demand Loan 4 Loan Amount 100% of Earnest Money Deposit subject to maximum Rs10.00 lacs (including all previous EMD outstanding loans). 5 Concessions upto Closure of Scheme presently 08.07.2013 6 Rate of Interest 0.60% above base rate i.e. 10.3000% p.a. * 7 Security 2-PDCs: One for loan amount and other for interest, in case of delay in draw, for the period exceeding six months 8 Processing Fee Rs.200/- * 9 Repayment
- In case of unsuccessful applicants on receipt of refund from the HUDA - In case of successful applicants lump sum repayment of loan, which may also be repaid from the proceeds of Housing Loan if availed for purchase of plot allotted/house to be constructed. - No penalty for prepayment 10 Disbursement By credit to a special account to be opened in the name of HUDA,HISSAR 11 Papers - Application - KYC norms to be complied with 12 Security Documents
- Arrangement Letter - D.P. Note and D.P. note Delivery letter - Under taking to pay interest for the period the refund is delayed beyond 6 months. 13 Authorized Branches Identified branches as per Annexure C ' 14 Margin NIL 15 Branches to report progress at weekly interval to controlling branch (Sector -10 Panchkula), which in turn will advise it to Personal Banking Department. at LHO
* Lump sum amount equivalent to six months' interest plus processing fee to be taken upfront
(Upfront fee table enclosed as per annexure 'D') ANNEXURE C
HUDA SCHEME AT HISSAR
a) Controlling Branch: Sector 10, Panchkula
b) Other Collecting Branches:
Network I Network-2 New Delhi Circle 1. PBB Sec-17 Chd 1. Ambala City 1. Sonepat 2. Patiala 2. Jind 2.Gurgaon (M.R ) 3. Ludhiana 3. Kaithal 3. Faridabad 4. Jalandhar 4.Thanesar(Kurukshetra) 4. PBB New Delhi 5. Fatehabad 6. Hissar 7. Sirsa 8. Rewari 09. G.T.Rd.Panipat
Regional managers may permit other branches to do EMD financing as per potential available, but the applications will be routed by them only through authorised branches detailed above. ANNEXURE 'D'