*(i) An amount not exceeding 50% of the sanctioned loan or advance will be paid to an employee in the first instance for the purpose of purchasing a constructed house or flat not more than 15 years old as mentioned in Clause (iv) 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 house or flat together with other documents evidencing the title of the prospective vendor.Provided that before payment of the amount the Committee must be satisfied that the prospective vendor has got marketable title to the house of flat;Provided further that the Committee may inspect the house or flat, in order to be satisfied that the house is not more than 15 years old that the value of house or the flat is reasonable according to the market price.(ii)The employee shall on receipt of the 50% of the sanctioned loan or advance get the conveyance of the building or the flat completed as early as possible and shall file with in a month from the date of the conveyance a certified copy of the sale deed and shall undertake ,to file the Original sale deed as this is received from the office of the Sub-Registrar. He shall also within a fortnight of the date of conveyance whether executive in favour of the Council of title deed of the building or the flat as the case may be, as security for repayment of the loan of advance with interest.Provided that the Committee may require the employee to furnish a security for due repayment of the loan or advance.(iii)The balance amount of fifty per cent of the loan or advance shall be paid to the employee at the time of the execution of the mortgage deed or creation of the equitable mortgage. The sale deed in favour of the employee and the mortgage deed equitable mortgage to be executed by him in favour of the Council may be simultaneous as far as possible.(iv)In case any permission is required from the Government or any other Authority for mortgaging the property in favour of the Council, the same must be obtained by the employee concerned prior to the payment of the amount of loan/advance by the Council to him/her.
