Section 17(4) in Regulations For The Disbursement of Loans Under The Low Income Group Housing Scheme, 1968
(4)Sub-paras (1), (2) and (3) above indicate the stages in which the loan will be advanced to individuals. In case of loan to institutions the loan will be advanced in three stages, i.e., 20 per cent. of the loan will be payable on the applicant's executing agreement in the prescribed form with the Parishad in case the institution intends to purchase land or in case it is already possessed of land and can undertake construction immediately; 50 per cent. on its executing a mortgage of the land and building to be erected thereon and when the construction reaches plinth level stage; the last instalment of loan will be paid only when the construction reaches the roof level stage and the essential services like water-supply, street lighting, drainage, sewage and laying of roads, etc., in the area/colony have been reasonably provided.
