SCHEME NO. : 7
|
1. |
Name
of the Scheme |
CREDIT SCHEME FOR BUILDERS/ COMMERCIAL/RESIDENTIAL
COMPLEXES |
|
2. |
Purpose
of Loan |
§
To provide
quick finance to builders to take up commercial/ residential complexes to
meet the land cost, civil works and utility equipment like lift, DG Set, etc. §
For purchase of
land from local authority/Govt. authority/RSHB/
RIICO and private parties. |
|
3. |
Eligibility
Criteria |
Assistance would be
available to promoters / units having : §
Clear, valid
and mortgageable land title. §
Approved
building plan from appropriate local authority. §
Satisfactory
credit reports and/or record of repayment with financial institutions/banks. |
|
4. |
Loan
Limit |
§
Not more than
1.5 times of actual promoters' contribution. §
Upto 80% of land value
(excluding registration charges) purchased from local authority/Govt. authority/RSHB/ RIICO (60% of cost of land or
valuation as per DLC rates, whichever is less, for land purchased form private
parties within municipal limits of Divisional Headquarters) |
|
5. |
Security
Margin |
Minimum 25% |
|
6. |
Promoters'
Contribution |
Minimum
40% |
|
7. |
Debt
Equity Ratio |
1.5 : 1 (after availing the
loan) |
|
8. |
Interest
Rate |
Prevailing interest rate
(Without benefit under the Incentive Scheme for Good Borrowers) |
|
9. |
Repayment
Period |
5 years in quarterly
installments with moratorium of 6-12 months. |
|
10. |
Mode
of Payment |
§
Repayment
through an escrow account* in which the sale proceeds/rental income of the
building/ area shall be deposited. NOC for transfer of title in favour of purchaser will be issued after deposition of
60% of sale proceeds as envisaged or actual, whichever is higher. §
No prepayment
premium shall be charged for prepayment out of sale proceeds of proposed
complex. |
|
11. |
Rebate
on Timely Payment |
As per prevailing policy. |
|
12. |
Revival
of Credit Facility |
After full or part
repayment of term loan, the borrower shall have option to request for revival
of credit facility to the extent of loan repayment. The Corporation shall
consider revival of such facility on payment of revival charges @ 1 % of the
loan amount. The loan revival shall be at the prevailing Interest rate. |
|
|
|
* Escrow account is opened
by the borrowers in its bank for deposition of designated sale proceeds. |