Section 42 in Jammu and Kashmir Co-operative Societies Rules, 2001
42. Procedure for sanctioning loan
(a)All loan applications shall be in such form as may be prescribed by the Housefed and the Housing Society. The procedure for sanction of loan shall be regulated by the terms and conditions prescribed by the Housefed from time to time.(b)The Housefed and Housing Society shall make loan applications available to the borrowers on payment of the prescribed fee.(c)The intending borrower after completing all the formalities shall submit the application to the Housing Society, which will consider the same and forward the same to the Housefed for sanction of loan. The Housing Society shall forward each loan application to the Housefed within 30 days from the date of its receipt.(d)The Housefed shall consider each case for sanction of loan under its bye-laws. In case the loan application is rejected the applicant shall be informed within 30 days from the date of its receipt from the society.
