Section 3 in Regulations For The Disbursement of Loans Under The Low 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 houses. - Individuals with an annual income not exceeding Rs. 7,200.00 from all resources.(b)For the construction of houses to the following institutions for being let out on a no-profit no-loss basis to their own whole time employees eligible as per sub-para (a) above :(i)Public instructions run on a no-profit no-loss basis ;(ii)Non-governmental but recognized :(1)Health institutions and hospitals;(2)Educational Trusts including universities ; and(3)Charitable institutions.(iii)Statutory bodies, for construction of houses to be let out to their whole-time employees eligible under sub-para (a) of this rule.(c)Registered Co-operative Housing Societies for giving loans for construction of houses to their members eligible under the scheme.(d)Co-operative Tenancy Societies working on the principal of collective ownership rather than of individual ownership of construction of houses to be let out to the members of the society or, where any houses or tenements remain vacant for any period, to non-members on rent to be calculated at no-profit no- loss basis.-
