*(i) In case of a loan or advance sanctioned to an employee for construction of a new house or for enlargement at present accommodation owned by any of the spouse as mentioned in Clause (ii) and (iii) of Regulation 13 of this part, the employee shall enter into agreement with the Council and shall either execute a mortgage deed and or create an equitable mortgage by deposit of the title deed placing the land over with the new house is proposed to be constructed or the existing house, the enlargement of which is intended stands together with the house to be constructed or the house to be enlarged as the case may be security for repayment of the loan or advance with interest.Provided that in case the land or the existing house belongs to the spouse of the employee, the employees spouse shall also join the mortgage deed as a co-mortgagor or create an equitable mortgage.Provided further that the committee may required the employee to furnish one surety for the performance of the agreement.(ii)The amount not exceeding 50% of the sanctioned loan/advance will be paid to the employee in the first instance on his executing the mortgage deed or the creation of an equitable mortgage referred to in Clause (i) above and the balance amount of 50% shall be paid to the employee in instalments which shall be depended upon the progress of the construction of the house or the work of enlargement of the existing house.
