(f)[ a simple mortgage of immovable property in favour of- [Substituted by Act XIII of 1987.](i)Hindustan Machine Tools, Watch Factory, Zainakot, Srinagar ;(ii)Orient Insurance Company Limited, having an office for transacting the business in the State ;(iii)New India Assurance Company Limited having an office for transacting the business in the State ;(iv)National Insurance Company Limited having an office for transacting the business in the State ;(v)United India Insurance Company Limited having an office for transacting the business in the State ; or(vi)Indian Telephone Industries Limited, Hyderopora, Srinagar, by their employees respectively, who are permanent residents of the State, for obtaining loan for construction or purchase of residential accommodation in the State :
