*(i) An amount not exceeding 50% of the sanctioned loan or advance will be paid to the employee, in the first instance, for the purpose of acquisition of land, as mentioned in Clause (i) of Regulation 13 of this part, on his executing an agreement in favour of the Council and on his furnishing the agreement for sale of the land together with other document evidencing the title of the prospective vendor.Provided that before payment of the amount the Committee must be satisfied that the prospective Vendor has market able title to the proposed to be sold to the employee.(ii)In case of the loan or advance for the purpose of acquisition of the land for construction of house thereon, as laid down in Regulation 13(i) the employee shall get the conveyance of the land completed as early as possible and shall file within a month of conveyance a certified copy of the sale deed of conveyance and shall undertake to produce the original deed of conveyance as soon as the same is received from the office of the Sub-Registrar. He shall also within a fortnight of the date of the conveyance either execute in favour of the Council a mortgage deed or create an equitable mortgage by deposit of title deed the land and the building to be constructed thereon as security for repayment of the loan or advance with interest.(iii)After the execution of the mortgage deed of the creation of equitable mortgage the balance amount of 50% of the land or advance shall be paid to the employee instalments which shall depend upon the progress of the construction of the house."Provided that the Committee may require the employee to furnish one surety for the performance of the agreement."
