FINANCE FOR HOUSING PROJECTS
While granting finance to specific housing/ development projects, banks are advised to stipulate as a part of the terms and conditions that:
- the builder / developer / company would disclose in the Pamphlets / Brochures etc., the name(s) of the bank(s) to which the property is mortgaged.
- the builder / developer / company would append the information relating to mortgage while publishing advertisement of a particular scheme in newspapers / magazines etc.
- the builder / developer / company would indicate in their pamphlets / brochures, that they would provide No Objection Certificate (NOC)/ permission of the mortgagee bank for sale of flats/ property, if required.
Banks are also advised to ensure compliance of the above terms and conditions and funds should not be released unless the builder/developer/company ful fils the above requirements.
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