Section 3 in The Regulations For Disbursement of Loans Under The Middle Income Group Housing Scheme, 1968
3. Application of the money.
- The amount so received shall be applied to(i)acquisition and development of land by the Parishad;(ii)construction of houses by the Parishad; and(iii)advancing loans to the following categories of persons/institutions on the conditions prescribed for each category:(a)for building and owning their house- Individuals with an annual income exceeding Rs. 7,200.00 but not exceeding Rs. 15,000 from all sources.(b)for construction of house by the following institutions for being let out on no profit no loss basis to their own whole time employees eligible as per sub-para (a) above:(i)Public institutions run on a no profit no loss basis;(ii)Non-governmental but recognised -(1)Health institutions and hospitals;(2)Educational Trusts including Universities; and(3)Charitable institutions.(iii)Statutory bodies.(c)Registered Co-operative Housing Societies for giving loans for construction of houses to their members eligible under the Scheme.(d)Registered Co-operative Tenancy Societies working on Principle of collective ownership rather than of individual ownership for construction of houses to be let out to the members of the society or, where any house or tenements remain vacant for any period, to non-members on rent to be calculated at no-profit no-loss basis.
