{"id":110,"date":"2020-07-03T07:07:26","date_gmt":"2020-07-03T07:07:26","guid":{"rendered":"http:\/\/192.168.21.185\/sbfpfund\/?page_id=110"},"modified":"2020-10-16T06:57:16","modified_gmt":"2020-10-16T06:57:16","slug":"housing-loan","status":"publish","type":"page","link":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/?page_id=110","title":{"rendered":"Housing Loan"},"content":{"rendered":"<p>[vc_row][vc_column][vc_column_text]<\/p>\n<h2>Housing Loan<\/h2>\n<p>&nbsp;[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\nLoans may be offered to associates of the Fund at the rate of interest of 8% per annum for:\n\n<ul class=\"wp-block-list\">\n<li>Purchase of a plot of land<\/li>\n<li>Construction Purposes<\/li>\n<li>Completion\/Extension<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n\nKindly note that the Fund is insured against eventual loss mainly by:-\n\n<ol class=\"wp-block-list\">\n<li>A first rank mortgage inscription on the property of the associate.<\/li>\n<li>A life Insurance cover assigned in its favour.<\/li>\n<li>Monthly salary check-off.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n\n<p>Maximum amount of loan granted is Rs1 million.<\/p>\n\n<p>Period of loan varies from 5,10,15 or 20 years.<\/p>\n\n<p>The loan shall be secured by a first rank mortgage.<\/p>\n\n<p>A life Insurance Mortgage Protection Policy (single premium) should be submitted.<\/p>\n<p>&nbsp;<\/p>\n\n<p><strong>APPLICATION PROCEDURES FOR HOUSING LOAN<\/strong><\/p>\n\n<strong>CHECK LIST \/DOCUMENTS TO BE SUBMITTED<\/strong>\n\n<ol class=\"wp-block-list\">\n<li>Title deed<\/li>\n<li>Plans<\/li>\n<li>Site Plan<\/li>\n<li>Location Plan<\/li>\n<li>Building Permit<\/li>\n<li>Development Permit<\/li>\n<li>Last Salary Slips \u2013 Husband\/Wife<\/li>\n<li>Further certification if salary of spouse is from not-well established organisation to determine quantum of grantable loan.<\/li>\n<li>Civil status documents \u2013 Birth certificates, Marriage certificate.<\/li>\n<li>Details of completion works for assessment<\/li>\n<li>Certificate of Pari Passu authorisation where appropriate.<\/li>\n<li>Attestation that employee is not under report.<\/li>\n<li>Independent assessment by Engineer of work to be executed.<\/li>\n<li>Limitation of loan exercise: \u2013\n<ul>\n<li>70% of valuation of property and<\/li>\n<li>should not exceed \u00bc of joint salaries.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n<p>All these details to be satisfied before an application is submitted for Board\u2019s approval.<br \/>Work undertaken by Senior staff under responsibility of Manager.<\/p>\n<p>&nbsp;<\/p>\n\n<strong>PROCEDURES\u00a0<\/strong><strong>AFTER BOARD\u2019S APPROVAL<\/strong>\n\n<ol class=\"wp-block-list\">\n<li>Immediate release of letter of approval<\/li>\n<li>Request for a Life Insurance Policy \u2013 Registration of an Assignment deed in favour of the Fund.<\/li>\n<li>File sent to Notary for preparation of Notarial deed. Thereafter requires independent vetting by Legal adviser of the Fund.<\/li>\n<li>1st Instalment prepared when Notarial deed is ready \u2013 Payment effected by Notary personally.<\/li>\n<li>Remaining Instalments as and when engineer\u2019s reports are obtained.<\/li>\n<li>Last Instalment is released when work has progressed substantially or is near completion (again relying on engineer\u2019s report).<\/li>\n<li>To produce a Fire\/Cyclone Insurance on building upon release of last instalment.<\/li>\n<li>Forward Salary Declaration Authority to initiate mechanism for monthly repayments.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n\nKindly note that the Fund is insured against eventual loss mainly by:-\n\n<ol class=\"wp-block-list\">\n<li>A first rank mortgage inscription on the property of the associate.<\/li>\n<li>A life Insurance cover assigned in its favour.<\/li>\n<li>Monthly salary check-off.<\/li>\n<\/ol>\n<p>\u00a0<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text] Housing Loan &nbsp;[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text] Loans may be offered to associates of the Fund at the rate of interest of 8% per annum for: Purchase of a plot of land Construction Purposes Completion\/Extension &nbsp; Kindly note that the Fund is insured against eventual loss mainly by:- A first rank mortgage inscription on the property of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":71,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-110","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/pages\/110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=110"}],"version-history":[{"count":10,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/pages\/110\/revisions"}],"predecessor-version":[{"id":617,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/pages\/110\/revisions\/617"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/media\/71"}],"wp:attachment":[{"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}