Section 17 in The Regulations For Disbursement of Loans Under The Middle Income Group Housing Scheme, 1968
17. Full repayment before 23-1/2 years.
- (i) The loan shall be repayable within 23-1/2 years from the date on which the first instalment is advanced in the manner prescribed in the sub-rule (2) of Rule 10. However, it shall be open to a borrower to deposit the entire amount outstanding against him together with interest due at any time during the term of repayment.(ii)In case of loan for purchase of land and construction of house thereon, the intending borrower shall not be required to submit the plan showing the details of land proposed to be purchased and a (construction) building plan duly sanctioned by the Prescribed Authority/Municipal Board or other competent authority concerned, which the borrower proposes to construct on the plot and the same shall be submitted by the applicant within a period of one month from the date of purchase of the land and he shall follow the specification submitted by him.
