Section 8(2) in The Regulations For Disbursement of Loans Under The Middle Income Group Housing Scheme, 1968
(2)Where an advance for purchase of land for constructing a house or for purchase of a house is sanctioned under sub-rule (2) or sub-rule (1) of Rule 7 to any person, he shall, in addition to the securities mentioned in sub-rule (1) furnish any of the following securities of the value of such loan:(i)Hypothecation of Government securities.(ii)Assignment in favour of the Parishad of an Insurance Policy or Fixed Deposit Receipt of a Bank or any other form of guarantee. The Insurance Policy shall be kept and for the full amount by the borrower or at his expense by the Parishad.(iii)Simple mortgage of immovable property.(iv)Any other property to the satisfaction of the Parishad.(v)Two personal, sureties of solvent persons who guarantee due observance and performance of various terms and conditions of the agreement which is to be executed by the borrower at the time of sanctioning the advance, till such time as the borrower has purchased the plot of land or the house, as the case may be, and has executed the prescribed mortgage deed in favour of the Parishad.
