Section 163A in Maharashtra Housing and Area Development Act, 1976
163A. [ Assistance for obtaining loans from banks or finance institutions. - (1) In order to enable the Authority to carry out any of its proposals, plans, schemes or projects, the Authority may, on receipt of an application to that effect, assist co-operative housing societies or members thereof or individual allottees, as the case may be, in obtaining loans from a Co-operative Bank or a scheduled Bank or from a finance institution for the purposes of purchase of any land developed by the Authority, or of purchase of any building or a tenement therein constructed by the Authority or of construction of houses on land developed by the Authority or for improvement, renovation or carrying out any extension to any house or but constructed on any authority premises or provision of any common amenities or facilities to the members of co-operative societies.
(2)Assistance by the Authority to obtain a loan under sub-section (1) shall, in addition to the usual terms and conditions laid down by a Co-operative Bank or a Scheduled Bank or a finance institution in that behalf, also be subject to such additional terms and conditions as may be determined by regulations.(3)The terms and conditions of the grant of loan and of the mortgage deed to be executed by the borrower in favour of the creditor Bank or the finance institution for the purposes of loan shall be in consonance with the terms and conditions determined by regulations as provided under sub-section (2) and any terms and conditions inconsistent with the terms and conditions so determined shall be deemed to be void and inoperative.(4)For avoidance of doubt, it is hereby declared that nothing in this section shall preclude the creditor Bank or the finance institution to take any action available to it under the provisions of any other law for the time being in force for the recovery of its dues under this section and that the provisions of. this section in that respect shall be in addition to and not in derogation of such other provision of law.Explanation. - For the purposes of this section, the expressions-(a)"purchase of land" shall include obtaining land on lease on payment of any premium or any other consideration;(b)"Scheduled Bank" means a bank included in the Second Schedule to the Reserve Bank of India Act, 1934;(c)"finance institution" means any public finance institution, such as Housing and Urban Development Corporation, Housing Development Finance Corporation, Life -Insurance Corporation of India and General Insurance Corporation of India, which provide loans to any individual or any co-operative housing society.]
