MUMBAI PORT TRUST
EMPLOYEES HOUSING LOAN REGULATIONS
Regulations for the grant of (i) advances to Mumbai Port Trust employees individually for the building or purchase of houses, and (ii) housing loans to Co-operative Housing Societies formed by Mumbai Port Trust employees.
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1.
Title These Regulations for the grant of (i) advances for the
building or purchase of houses by Mumbai Port Trust employees and (ii) housing
loans to Co-operative Housing Societies formed by them may be cited as the
Mumbai Port Trust Employees Housing Loans Regulations.
2.
Eligibility At the discretion of the Chairman, Mumbai Port
Trust
(1)
Advances for constructing or purchasing a house (hereinafter referred to
as Individual Advance) may be granted to
(a)
any permanent employee, who has rendered five years continuous
service, including temporary service, in the Port Trust; or
(b)
any employee not covered by sub-regulation (a) above (other than mazdoors
of B and C categories), who has rendered at least ten years
continuous service, provided the sanctioning authority is satisfied that he is
likely to continue in the service of the Port Trust at least till the house, for
which the advance is sanctioned, is built/acquired and/or mortgaged to the Port
Trust.
Explanation
: in cases where
both the husband and wife happen to be employees of the Mumbai Port Trust and
are eligible for the grant of an Individual Advance, it shall be admissible to
only one of them.
(2)
Housing Loan (hereinafter referred to as Society Loan) may be
granted to a Co-operative Housing Society registered under any law relating to
Co-operative Societies for the time being in force in India all the members of
which are Mumbai Port Trust employees.
Explanation
:
(1)
An employee shall be allowed to utilise either an individual Advance or a
Society Loan but not both.
(2)
For the purpose of this Regulation a Society in which one or more
member/s is/are retired employee/s of the Mumbai Port Trust will be eligible for
a Society Loan.
(3)
No Individual Advance will be granted to any individual or any member of
a Society who has stood surety as mentioned in Regulation 6(3) or Regulation 15
below, until such time as his liability as such surety has been fully
discharged.
3. Conditions to be fulfilled
(1)
An
applicant for the grant of an Individual Advance must satisfy the following
conditions :
(a)
The cost of the house to be built / purchased (excluding the cost of
the residential plot as mentioned in the Sale / Lease Deed of the land / house
should not exceed 200 times Basic Pay
+ NPA of the employee subject to a minimum of Rs. 7.50 lakhs and a maximum of
Rs. 18 lakhs.
(b)
Neither the applicant, nor the applicants wife/ husband / minor child
must be owner of any other house. However, this condition may be relaxed by the
Chairman, Mumbai Port Trust, in exceptional circumstances, for example, if the
applicant or the applicants wife / husband / minor child owns a house in a
village and the applicant desires to settle down in a town, or where an
applicant happens to own a house jointly with other relations, etc., and he
desires to build a separate house for his bonafide residential purposes.
(c)
The floor area of the house to be constructed or purchased must not be
less than 20 square metres.
(2)
An application from a Co-operative Housing Society for the grant of a
Housing Loan should satisfy the conditions laid down in Regulations 3(1) with
regard to the individual employees who are its members.
Explaination
: For the purposes of this
Regulation and other Regulations, Explanations, Notes , Forms of mortgage, etc.,
appended to these Regulations, the term house also includes a flat or an
apartment referred to in Regulation 13(5), unless excluded by the context.
4.
Purpose for which individual Advance or Society Loan may be granted -
Individual Advance or Society Loans may be granted for :
(a) Acquisition of land and construction of houses thereon, construction of houses on land already acquired or on land obtained on lease of not less than 30 years duration and acquisition of ready-built houses, either at the place of duty or at the place, where the Port Trust employees proposes or the Port Trust employees, who are members of the Society, propose to settle after retirement.
(b)
Enlarging a house already owned by the employee or the Society concerned,
provided that the total cost of the existing structure (excluding land) and of
the proposed additions and alterations does not exceed in the case of an
employee applying for an Individual Advance seventy-five times his monthly pay
(except when such total cost does not exceed Rs. 5,000 or Rs. 1,25,000 whichever
is less, and, in the case of a Society, seventy-five times the monthly pay
(except when such total cost does not exceed Rs. 75,000 of each Port Trust
employee member concerned or Rs.
1,25,000 for each such employee, whichever is less.
(c)
Repayment of a loan or an advance taken from another source, as
contemplated in Regulation 3(1)(a) of these Regulations Such advance will
only be available in the case of an individual employee and not a Society.
(d)
Purchase of a flat on ownership / tenant co-partnership basis in a
multi-storied building, which is readily available for occupation or which is
constructed or proposed to be constructed by or on behalf of a Co-operative
Housing Society. Such advance will be available only in the case of an
individual employee and not a Society.
(e)
Employees acquiring houses/ flats in Greater Bombay and at places upto
Dahisar on Western Railway, upto Vashi New Bombay and upto Thane will be
liable to vacate Port Trust Quarters, if any, allotted to them upon acquisition
of such house or flat. In cases of employees who have acquired houses or flats
under these Regulations prior to the date to this amendment in the extended
areas now covered by these Regulations, such employees will be required to
vacate and hand over to Mumbai Port Trust, the quarters occupied by them within
a period of six months from the date of amendment coming into force or at the
end of academic year.
Provided
that such employees shall have option to continue in the Mumbai Port Trust
quarters subject to the employee surrendering his house or flat acquired with
housing loan under these Regulations, to the Port Trust till such time and on
such terms and conditions as may be approved by the Board of Trustees from time
to time and within three months from the date of intimation in this regard from
the Mumbai Port Trust.
Further,
employees who have acquired a house or flat beyond the limits mentioned above
can also exercise similar option subject to same terms and conditions as
mentioned.
Explanation
: The Society
constructing the flat need not be in existence and the flat may have been
constructed or be under construction for a Society intended to be formed.
Provided
that the construction or acquisition of houses qualifying for the grant of
advance by the Port Trust shall in each case be for the bonafide and exclusive
personal use of the employee or the Port Trust employee member of the Society
concerned and his/her wife/husband and children, and those members of the family
other than wife / husband and children, who are substantially dependant upon the
employee. Employees acquiring houses or flats within Greater Bombay will be
liable to vacate Port Trust quarters, if any, allotted to them upon acquisition
of such house or flat.
5.
Amount of Individual Advance and/or Society Loan
(1)
In the
case of an individual employee
(a)
Amount of Individual Advance :
In
case of officers an applicant may be granted an Individual Advance not exceeding
50 months basic pay + NPA subject to a maximum of Rs. 7.5 lakhs or cost of
the house or repaying capacity whichever is the least in the cases covered by
Regulation 4(a), (c) and (d) above and 50 months basic pay + NPA or Rs. 1.80
lakhs or actual cost in the case falling under regulation 4(b) above.
In
case of class III and IV employees, the applicant may be granted an Individual
Advance not exceeding 50 months basic pay or the actual cost of construction or
repaying capacity whichever is the least in cases covered by Regulations 4(a),
(c) and (d) above and actual cost or maximum of Rs. 1.80 lakhs whichever is less
in cases falling under Regulation 4(b) above.
(b)
The actual amount of Individual Advance to be sanctioned will be
determined by the Chairman of the Port Trust on the basis of plans, detailed
specifications and estimates to be furnished by applicants justifying the amount
of Individual Advance applied for, and shall be restricted to the estimated cost
of construction within the ceiling prescribed above. The amount of individual
advance will further be restricted to the amount, which a Port Trust employee
can repay partly from (i) the Boards contribution and/or Special Contribution
to the Provident Fund or (ii) in the case of an employee governed by the Pension
Scheme, from his Gratuity / Death-cum-Retirement Gratuity and partly by
convenient monthly deductions from his pay before the date of his
superannuation, according to the service rules applicable to him.
(c)
No Individual Advance shall exceed 80% of the proportionate actual cost
of the land and of the house to be constructed or to be acquired or already
acquired or 80% of the proportionate cost of the enlargement of the house.
(d)
Not more than one Advance shall be sanctioned under these Regulations to
a Mumbai Port Trust employee during his/her entire service.
(2)
In the case of a Co-operative Society formed by the employees of the Port
Trust, a Society Loan may be granted to the extent of the sum total of the
Individual Advances that would have been admissible to the members in accordance
with Regulation 5(1) above, except for (i) the purpose of repayment of earlier
loan/s, if any, taken by any such member/s from another source as mentioned in
Regulation 3(1) and 4(c) above and (ii) the purchase of a flat as mentioned in
Regulation 4(d) above.
(3)
For the purpose of calculating the loan amount the repaying capacity of
the employee will be calculated in the following manner :
Length
of remaining service
Slab of repayment capacity
(a) Officials retiring after 20
years.
35% of basic pay.
(b) Officials retiring after 10 years 40% of basic pay, 65%
10 years but not later than DCRG may also be adjusted.
20 years.
(c) Officials retiring within 10 years. 50% of basic pay, 75% of
DCRG may also be adjusted.
6.
Disbursement and Security
(1)
Individual Advances / Society Loans shall be disbursed subject to the
approval of the Chairman, Mumbai Port Trust, in the following manner :-
(a)
In cases where an Individual Advance or a Society Loan is granted for the
construction of a house on land already owned or purchased or acquired on lease
by the employee or the Society :-
(i)
An amount equivalent to 30 per cent of the sanctioned Individual Advance
or Society Loan, or 80 per cent of the cost of land, whichever is more, will be
payable to the employee or Society on his/its mortgaging in favour of the Port
Trust the land along with the house to be constructed thereon. Provided,
however, that in cases where the ownership of the land does not vest in the
purchaser till the house is erected on the land, the employee or Society shall
execute an agreement in the prescribed Form No. I or II with the Port Trust to
mortgage the land together with the house to be built thereon as soon as the
construction of the house is complete and not to transfer or dispose of the land
and/or the house without the permission of the Chairman, Mumbai Port Trust.
(ii)
An amount equal to 40 per cent of the remaining amount will be payable
when the construction of the house reaches plinth level or the construction of
the flat commences.
(iii)
The balance of the sanctioned amount will be payable when the
construction of the house is complete, provided the Chairman, Mumbai Port Trust,
is satisfied that the development of the area, in which the house is built, is
complete in respect of the amenities, such as water supply, roads, drainage and sewerage or is
likely to be completed within a reasonable time.
(b)
In cases where an Individual Advance or a Society Loan in required partly
for the purchase of land and partly for the construction of a house :-
(i)
An amount not exceeding 80 per cent of the estimated cost of the land
will be payable to the employee or Society by the Port Trust for purchasing a
plot on which construction of the house can commence provided plans and
estimates regarding the cost of construction, etc., are furnished to the
satisfaction of the Chairman, Mumbai Port Trust, together with such proof or
evidence as is necessary to show that the acquisition of the plot would be
completed without delay or difficulty.
(ii)
In all cases, in which a part of the Individual Advance or the Society
Loan is given for purchase of land, the land must be purchased and the sale deed
in respect thereof, or a true copy thereof, produced to the Port Trust for
inspection within two months of the date on which the amount is paid, failing
which the employee or the Society concerned shall be liable to refund the entire
amount with interest thereon at the prescribed rate to the Port Trust, unless an
extension of time limit is granted by the Port Trust.
(iii)
An amount equivalent to 30 per cent of the balance of the sanctioned
Individual advance or Society Loan will be payable to the employee or Society as
the second instalment on his/its mortgaging
in favour of the Port Trust the land along with the house to be
constructed thereon. Provided, however, that in cases where the ownership of the
land does not vest in the purchasers till the house is erected on the land, the
employee or Society shall execute an agreement in the prescribed Form No. I or
II with the Port Trust, to mortgage the land together with the house to be built
thereon as soon as the construction of the house is complete and not to transfer
or dispose of the land and/or the house without the permission of the Chairman,
Mumbai Port Trust.
(iv)
An amount equivalent to 40 per cent of the remaining amount will be
payable when the construction of the house reaches the plinth level or the
construction of the flat commences.
(v)
The balance of the sanctioned amount will be payable when the
construction of the house is complete, provided the Chairman, Mumbai Port Trust,
is satisfied that the development of the area in which the house is built is
complete in respect of the amenities, such as water supply, roads, drainage and
sewerage or is likely to be complete within a reasonable time.
(c)
In cases where an Individual Advance or a Society Loan is required for
the purchaser of a ready-built house referred to in Regulation 4(a) or an
Individual Advance for the purchase of a flat of the type referred to in
Regulation 4(d) above :
(i)
The amount of the sanctioned Individual Advance or Society Loan may, at
the discretion of the Chairman, Mumbai Port Trust, be paid in installments or in
one lump sum, provided he is satisfied on the evidence supplied to him about the
clean and marketable title to the property and its proper valuation and on the
employee or the Society, as the case may be, executing an agreement in the
prescribed Form No. I or II to mortgage the house.
(ii)
The acquisition of the house must be completed and it should be mortgaged
to the Port Trust within two months of the receipt of the Individual Advance or
Society Loan failing which the outstanding Individual Advance or Society Loan
together with interest thereon, shall be refunded to the Port Trust forthwith,
unless an extension of the time limit is granted by the Port Trust.
Provided
that in case of an Individual Advance for purchase of a flat on ownership /
tenant co-partnership basis in accordance with Regulation 4(d) above, an
Equitable Mortgage by Deposit of Title Deeds in favour of the Board will have to
be created in the form prescribed.
(d)
In cases where an Individual Advance or a Society Loan is granted for
enlarging living accommodation in an existing house, the amount of the
sanctioned Individual Advance or Society Loan may, at the discretion of the
Chairman, Mumbai Port Trust, be paid in convenient instalments, or in one lump
sum, provided he is satisfied on the evidence supplied to him about the
estimates and the cost of enlarging the existing accommodation and (i) on the
employee / Society executing an agreement and/or mortgage deed in the prescribed
Form No. I or II or (ii) on the employee creating an Equitable Mortgage in
favour of the Board mentioned in Regulation 15 in cases of enlargements of flats
of the type referred to in regulation 4(d)
(e)
An Individual Advance required for repaying a loan taken by the employee
for constructing a house shall be paid as follows :-
The
Chairman, Mumbai Port Trust, may sanction the payment of the entire amount
required by, and admissible to, the applicant in one lump sum on the
applicants executing an agreement in the prescribed Form No.I for the
repayment of the Individual Advance. The acquisition of the house must be
completed and the house mortgaged to the Port Trust within two months of the
receipt of the Individual Advance, failing which the Advance, together with the
interest thereon, shall be refunded to the Port Trust forthwith, unless an
extension of the time limit is sanctioned by the Chairman. In case where such
loan or advance was taken for acquisition of a flat of the type referred to in
Regulation 4(d) above, the Individual Advance may be paid on the creation of the
Equitable Mortgage, mentioned in Regulation 15.
(2)
The Chairman, Mumbai Port Trust , shall be the sole judge as to the stage
of construction of the house that has been reached for the purpose of
determining whether any instalment of the sanctioned Individual Advance or
Society Loan, which is related to the progress of construction, is payable or
not, as well as the actual amount of such installment. He may also vary the time
of disbursement of the installments of Loans according to actual necessity on
submission of the relevant information, particulars and documents.
(3)(a)
In addition to their executing an agreement, referred to in sub-para(1)
above, the following three categories of applicants
shall be required to furnish the surety of two approved permanent Port Trust
employees in the prescribed Form before the sanctioned Individual Advance /
Society Loan or any part thereof is actually disbursed to them :
(i)
All applicants, who are not permanent Port Trust employees.
(ii)
All applicants, who are due to retire from Port Trust service within a
period of 18 months following the date of application for the grant of an
Individual Advance.
(iii)
All applicants, who are permanent Port Trust employees, but not covered
by sub-para (ii) above, if they require the Individual Advance for repayment of
earlier loan/s taken for constructing / purchasing a house.
(b)
The liability of the sureties will continue till the house built /
purchased is mortgaged to the Port Trust or till the Individual Advance,
together with the interest due thereon, is repaid to the Port Trust, whichever
happens earlier.
Note : (i) Utilisation of an Individual Advance or a Society Loan for any purpose other than that for which it is sanctioned shall render the employee concerned or the Port Trust employee members of the Society concerned liable to suitable disciplinary action under the Service Rules applicable to such employee/s. He/ They may also be called upon to refund to the Port Trust, forthwith, the entire Advance drawn by him/ the Society, together with interest accruing thereon, in accordance with Regulation 7.
(ii) The Chairman, Mumbai Port Trust, may from time to time prescribe or modify in general, and/or in individual cases, the procedure and instructions relating inter alia to the time and the mode of the disbursement of the Individual Advances and Society Loans, applications and other forms to be submitted by the employees or societies concerned, scrutiny of documents, mortgages, agreements or bonds regarding the properties, inspection and maintenance of the properties concerned and their insurance and other connected matters.
7.
Interest individual Advances / Society Loans granted under
these regulations shall carry simple interest from the date of payment of the
advance or loan, the amount of interest being calculated on the balances
outstanding on the last day of each month. The rate of interest shall be the
lower of the rate at which the Government of India is making similar advances to
its employees for house building or the rate at which Government lends money to
the Port Trust.
8.
Construction,
maintenance, etc.
(1)
The
construction of a house or addition to the living accommodation in an existing
house, as the case may be, shall be
(a)
Carried out exactly in accordance with the approved plans and
specifications on the basis of which the amount of the Individual Advance or the
Society Loan has been computed and sanctioned. The plans and specifications must
not be departed from without the prior written concurrence of the Chairman,
Mumbai Port Trust. The employee or the Society shall certify, when applying for
the first installment of Advances / Loans admissible, when the construction
reaches the plinth level, that the construction is being carried out strictly in
accordance with the plans and estimates furnished by the employee or the Society
to the Port Trust, that the construction has actually reached plinth level and
that the amount already drawn has actually been used on the construction of the
house. The Chairman, may, if necessary, arrange to have an inspection carried
out to verify the correctness of the certificates.
(b)
Completed within 18 months of the date on which the first installment of
the Individual Advance or the Society Loan is paid to the employee or the
Society concerned. Failure to do so will render the employee or the Society
liable to refund the entire amount advanced to him/it, together with interest
thereon calculated in accordance with Regulation 7 above, in one lump sum. An
extension of the time limit may allowed by the Chairman in those cases where the
work is delayed due to circumstances beyond the control of the employee or the
Society. The date of completion must be reported to the Chairman without delay.
(2)
Immediately on completion or purchase of the house, as the case may be,
the employee or the society concerned shall insure and keep insured the house at
his or its own cost with the Life Insurance Corporation of India or any other
Insurance Company approved by the Board, in the joint names of the Trustees and
such employee or Society against the risk of loss or damage by fire, flood and
lightning to the extent of the amount advanced or loaned to him or it and the
interest thereon and forward the Insurance Policy for the perusal of the
appropriate authority. In cases where the Society has insured the
9.
Repayment of the Individual Advance or Society Loan
(1)
The Individual Advance granted to an employee or to the Society as his
share under these Regulations, together with interest thereon, shall be repaid
in full by monthly installments within a period not exceeding 20 years. First,
the recovery of the Individual Advance / Society Loan shall be made in not more
than 180 monthly installments and thereafter the interest shall be recovered in
not more than 60 monthly installments.
(a)
The amount to be recovered monthly shall be fixed in whole Rupees, except
in the case of the last installment, when the remaining balance including any
fraction of a Rupee shall be recovered.
(b)
Recovery of Individual Advance / Society Loan granted for constructing a
new house or enlarging living accommodation in an existing house shall commence
from the month following the completion of construction / enlargement of a house
or from the 18th month after the month in which the first installment
of the Individual Advance / Society Loan is paid to the Port Trust employee or
the Society as his share, whichever is earlier. In the case of Individual
Advance / Society Loan taken for purchasing a ready-built house or for repaying
earlier loans taken for constructing a house, recovery shall commence from the
pay of the month following that in which the Individual Advance / Society Loan
is drawn.
(c)
It will be open to the employee concerned to repay the amount in a
shorter period, if he so desires. In any case, the entire Individual Advance /
Society Loan must be repaid in full (with interest thereon) before the date on
which he is due to retire from the Port Trust service.
(d)
In order to avoid hardship to an employee, who is due to retire within 20
years of the date of application for the grant of an Advance or his share of a
Society Loan and who under the service rules applicable to him is eligible for
the grant of Boards Contribution / Special Contribution to the Provident Fund
or Gratuity / Death-cum-Retirement Gratuity, the Chairman may permit him to
repay the Individual Advance or his share of the Society Loan, with interest, in
convenient monthly installments (the amount of which shall not be less than the
amount of monthly installments on the basis of repayment within a period of 20
years) during the remaining period of his service, provided he agrees to the
incorporation of a suitable clause in the prescribed Agreement and the Mortgage
Deed to the effect that the Port Trust shall be entitled to recover the balance
of the Individual Advance or his share of the Society Loan, with interest,
remaining unpaid at the time of his retirement, or death proceeding retirement,
from the whole or any specified part of the Boards Contribution / Special
Contribution to the Provident Fund or Gratuity / Death-cum-Retirement Gratuity
that may be sanctioned to him.
(e)
In case the employee concerned does not repay the balance of the
Individual Advance or his share of the Society Loan due to the Port Trust on or
before the date of his retirement, it shall be open to the Port Trust to enforce
the security of the mortgage at any time thereafter, and recover the balance of
the Individual Advance or his share of the Society Loan, together with interest
and cost of recovery by sale of the house or in such other manner as may be
permissible under the law.
(2)
Recovery of the Individual Advance or the Society Loan shall be effected
through the monthly pay / leave salary / subsistence allowance bills of the
employee concerned by the Head of the Department. The recoveries will not be
held up or postponed except with the prior concurrence of the Chairman, Mumbai
Port Trust. In the event of the subsistence allowance payable being reduced on
prolonged suspension of the employee concerned, the recoveries may be suitably
reduced by the Chairman, Mumbai Port Trust.
(3)
If any employee ceases to be in service for any reasons other than normal
retirement on the date of his superannuation or if he dies before the repayment
of the Individual Advance or his share of the Society Loan in full, the entire
outstanding amount shall become payable to the Port Trust forthwith. The
Chairman, Mumbai Port Trust may, however, in deserving cases, permit the
employee concerned or his heirs, as the case may be, or sureties in cases
covered by Regulation 6(3) above, if the house has not been completed and/or
mortgaged to the Port Trust by that time, to repay the outstanding amount
together with interest thereon calculated, as in Regulation 7, in suitable
installments. Failure on the par of the employee concerned or his heirs, as the
case may be, to repay the Individual Advance / his share of the Society Loan,
for any reason whatsoever, will entitle the Port Trust to enforce the mortgage
and take such other action to effect recovery of the outstanding amount as may
be permissible under the law.
(4)
The property mortgaged to the Port Trust shall be reconveyed to the
employee concerned or his heirs, as the case may be, after the Individual
Advance / his share of the Society loan together with the interest thereon, has
been repaid to the Port Trust in full.
(5)
Notwithstanding anything contained in any other law for the time being in
force the Board will be entitled to recover the whole or the balance of the
Individual Advance as the case may be with interest from the Pension, Gratuity,
Special Contribution to the Provident Fund, Boards Contribution to the
Provident Fund and interest thereon. Ex gratia payment or any other
remuneration or payment due to the employee.
10.
Application for Individual Advance An employee who desires an
Individual Advance shall apply to the Port Trust in Form No. III and shall,
together with such application, submit the following documents :
(a)
Such documents as are referred to in items (f) to (i) of Regulation 11
below.
(b)
If the loan is required for enlarging accommodation in an existing house,
the documents of the title to the property, establishing that the applicant
possesses clean and marketable title thereto, and that the property is free from
encumbrances and plans and estimates as to the cost of enlarging the
accommodation should be submitted.
(c)
A declaration to the effect that the house to be constructed or acquired
will not be utilised as a source of income or profit, except to such extent and
for such period as the Chairman, Mumbai Port Trust, may approve.
11.
Application for Society Loan The Society concerned shall apply
to the Port Trust in Form No. IV for a Society Loan and it shall submit, along
with the application, the following documents :-
(a)
True copies of Certificate of Registration of the Society and its
Bye-laws.
(b)
True copy of the resolution of the Society or its management, as the case
may be, for borrowing from the Port Trust for the purpose of acquisition or
construction of houses by or for the members thereof.
Explanation
:
The resolution should clearly state the provision in the Bye-Law under which it
is passed, the purpose of the borrowing, the extent of the Loan sought , the
Loan being applied for under the Regulations of the Port Trust in this behalf
and the authorities, who are authorised to correspond with the Port Trust and to
execute the necessary documents, etc.
(c)
Short note on the upto date financial position of the Society together
with certified copies of the latest audited balance sheet and audit report, if
any. If there has been no audit, or pending audit, a proforma balance sheet as
on the date of application for Loan, including an estimate of overdues and bad
and doubtful debts, should be attached to the loan application.
(d)
Loan Agreements, if any, entered into between the Society and the
members.
(e)
Applications of the members in respect of whom the Loan is sought. The
application of members shall be in Form No. V.
(f)
If land is already owned by the Society or members, the documents of
title to the land on which the building is proposed to be constructed. If land
or land and building is/are proposed to be acquired or constructed with the Loan
from the Port Trust, such documents as would show that the Society or its
members would without delay acquire title to the property concerned. If the land
is held on lease, the original lease-deed should be furnished for perusal and
return.
(g)
Such documents as would show that the members concerned have invested or
would be investing 20 per cent of the cost of acquisition or construction.
(h)
A comprehensive report on title to the property from a reputed lawyer or
solicitor showing that the title to the property is clear and marketable and
free from encumbrances.
(i)
Plans and estimate prepared by a qualified Architect or Engineer,
together with the sanction of the Municipality concerned, where necessary, for
the construction of the house. If the building is a ready-built one, the plans
thereof as sanctioned by the Municipal authority concerned and the valuation of
the building by a qualified person should be furnished; where possible, receipts
for municipal taxes paid should be produced.
12.
Scrutiny of documents If, on scrutiny of the documents
submitted by the individual employee or the Society, the Chairman, Mumbai Port
Trust, considers it necessary, he may call for such further information or
documents as may be specified. If the Chairman, Mumbai Port Trust, is satisfied
on the documents submitted about the eligibility for the loan, the Financial
Adviser & Chief Accounts Officer, Mumbai Port Trust, will give due
intimation to the employee or to the Society in writing regarding the
willingness or otherwise of the Port Trust to sanction the Advance / Loan
applied for. On receipt of such intimation from the Port Trust, the employee or
the Society shall execute an agreement with the Port Trust in Form No. I in the
case of Individual Advances and in Form No. II in the case of Society Loans if
the employee or the Society is agreeable to avail of the loan on the terms laid
down by the Port Trust. In the case of Society Loans, along with Form No. II an
agreement in Form No. VI by the members thereof should be executed. If so
required by the Port Trust, any such agreement shall be registered.
13.
Mortgage of the property in the case of Individual Advance
(1)
In the case of an Individual Advance, the employee concerned shall
mortgage the land and building (proposed to be acquired, constructed or
enlarged) in favour of the Port Trust in Form No. VII as hereinafter provided.
(2)
Where the Individual Advance is for construction of a building, including
initial acquisition of land
(a)
if the ownership of the land vests in the employee, the mortgage should
be executed as soon as the employee acquires such ownership or; as the case may
be, as soon as the disbursement of the first installment of the Individual
Advance is made;
(b)
if the land is leasehold land, the mortgage should be executed as soon as
the lease is completed, or if such leasehold rights are not taken into account
for the purchases of the Individual Advance is completed.
(3)
Where the Individual Advance is for the purchase of a ready-built house
(including land on which the building is constructed) or for enlargement of
existing accommodation, the, mortgage should be executed as soon as the employee
completes the purchase/enlargement or, as soon as disbursement of the Advance or
the first installment thereof is made, whichever shall be later.
(4)
Where the Individual Advance is for the purchase of a flat on ownership /
tenant co-partnership basis in a multi-storeyed building, in accordance with
Regulation 4(d) above an Equitable Mortgage in favour of the Board by deposit of
Title Deeds by the employee concerned (vide Regulation 15 post), will be
necessary.
(5)
In the case of apartments coming under the purview of the Maharashtra
Apartment Ownership Act, 1970, which can be mortgaged, or in the case of flats
or apartments constructed in States other than Maharashtra or those constructed
in Union Territories, where statutory provision exists for enabling sale or
mortgage or apartments, the apartments together with the undivided interest in
the common areas and facilities appurtenant to them shall be mortgaged in favour
of the Port Trust in such form as may be approved by the Port Trusts Legal
Adviser.
14.
Mortgage of the property in the case of Society Loans
(1)
In the case of Society Loans, the Society shall mortgage the land and
building(s) (proposed to be acquired or constructed) in favour of the Port Trust
as hereinafter provided.
(2)
If the loan is for construction of building(s), including initial
acquisition of land, and ownership of the said land and building (proposed to be
constructed or acquired) is vested in the Society, or its members, the Society/
members shall mortgage such land and building in favour of the Port Trust in
Form No. VII. The mortgage shall be executed as soon as the Society / members
acquire(s) title to the land or as soon as the disbursement of the first
installment of the loan is made, as the case may be.
(3)
If the loan is for purchase of ready-built building(s) [including land on
which the building(s) is/are constructed] the same procedure as under
sub-regulation (2) above will apply, except that the mortgage shall be executed
as soon as the Society or the individual members completes / complete the
purchase.
15.
Execution of Bonds in the case of purchases of ready-built flats
without mortgage
(1)
The employee seeking an Individual Advance for the purchase of a flat on
ownership / tenant co-partnership basis in multi-storeyed building which is
readily available for occupation or which is constructed or proposed to be
constructed by or though a Co-operative Housing Society shall be required to
create in favour of the Board an Equitable Mortgage by deposit of Title Deeds in
that regard namely (1) the agreement made between the Builder / Promoter / Owner
of the Building and the employee, (2) Receipt of payments made by the employee
to the said Builder / Promoter / owner, (3) Copy of receipt of possession of the
flat by the employee, (4) Share certificates issued in favour of the employee by
the Co-operative Society in respect of the said flat and for that purpose the
employee shall furnish to the Board the documents in Forms Nos. X, XII and XIV
to XVIII.
(2)
The employee who has already secured an Individual Advance for the
purchase of a flat on ownership/ tenant co-partnership basis in a multi-storeyed
building on execution of a personal bond and a surety bond may obtain release of
these bonds by creating in favour of the an
equitable mortgage by deposit of title deeds, as provided in (1) above.
(3)
Where any employee who has obtained individual advance and desires to
avail of additional housing loan from recognised financial institution to meet
the balance cost of house/flat to be constructed/purchase by creating second
mortgage in the shape of Equitable Mortgage in favour of such financial
institutions, approved by the Government of India may do so with prior
permission of the Chairman by application in the prescribed format as per Form
No.XIX and after obtaining an undertaking from the financial institution in the
prescribed format as per Form No.XX subject to the following conditions :
(i)
The second mortgage can be created only in respect of loans to be granted
for meeting the balance cost of the house/flat.
(ii)
The loan to be granted should be recongnised by the financial
institutions such as
(a)
Banking institutions, including Co-operative Bank;
(b)
Financial Corporations setup by the State Government which provides loans
for house construction;
(c)
Apex co-operative housing finance institutions such as Delhi Co-operative
Housing Finance Corporation Limited;
(d)
Public Companies formed and registered in India with the main object of
carrying on business of providing loan term finance for construction or purchase
of houses in India for residential purposes like the Housing Development,
Finance Corporation Limited.
The
list of Financial Institutions for raising additional funds to meet the balance
cost of construction/purchase of house/flat would be as specified by the Board
from time to time.
(iii) The total amount of House Building Advance granted by the Mumbai Port Trust and the loan raised from financial institutions taken together should not exceed the prescribed cost of ceiling limit applicable to the concerned employee.
16. Final valuation of the buildings After the construction of the house or houses, the individual employee / the Society concerned shall arrange for the final valuation of the house or houses by a qualified Engineer and submit the relative report to the Port Trust.
17.
Alienation, etc. of property mortgaged to the Port Trust No
employee or a member of the Society shall, except with the concurrence of the
Chairman, Mumbai Port Trust, transfer or otherwise alienate the house or houses
constructed or purchased with an Advance / Loan taken from the Port Trust or
otherwise part with possession or any other interest whatsoever in such house/s
until the Advance/Loan (with interest) has been repaid in full or until the
mortgage in favour of the Port Trust in respect of the property is redeemed.
(This, however, would not prejudice the right of the employee on his retirement
or of his heirs after his death to sell or transfer the property subject to the
Advance / Loan in respect of the employee being fully repaid before such sale or
transfer).
18.
Special conditions for Societies
(1)
Approval of the Bye-laws of the Society : The Bye-laws of the
Society shall require the approval of the Chairman, Mumbai Port Trust.
(2)
Alterations or amendments to the Bye-laws or Rules and Regulations of
the Society : During the continuance of the mortgage, the borrowing Society
shall not add to, alter or amend any of the Bye-laws, Rules and Regulations,
without the previous consent of the Chairman, Mumbai Port Trust, in writing.
(3)
Restriction on the borrowing powers of the Society : The Society
shall not borrow any money from any outside agency except with the written
approval of the Chairman, Mumbai Port Trust.
(4)
Certificates, etc., to be furnished by the Society : Every society
to which a Loan has been granted shall be required
(a)
to certify, at quarterly intervals, after disbursement of the Loan or any
part thereof till the completion of construction that the work is being carried
out strictly in accordance with the plans, estimates and specifications
submitted to the Port Trust by the Society;
(b)
to report on completion of construction, etc. the date thereof and to
certify that the amount of Loan has been utilized for the purpose for which it
was granted.
(c)
To certify, at the end of each financial year, after the execution of the
Mortgage Deed and before redemption of the loan, that the Society has the land
and house/s constructed thereon with the help of the Loan taken from the Port
Trust in its ownership, that such house/s is/are maintained in good and
tenantable repair and condition and that the Society has not parted with the
possession of the land and house/s constructed thereon by way of sale or
mortgage or gift or release or otherwise;
(d)
To certify every year that no member of the Society has sublet his
premises or has otherwise parted with possession thereof in contravention of the
objects of the Scheme except in such form as may be approved by the Port Trust;
(e)
To submit, at the end of each financial year, documentary evidence or
receipts for taxes, insurance and other out-going in respect of the property
covered by the mortgage executed in favour of the Port Trust to the effect that
they are paid regularly; and
(f)
To submit copies of its Balance Sheets and Revenue Accounts.
19.
Re-conveyance of Property The property mortgaged to the Port
Trust by the employee or the Society concerned shall be re-conveyed by the Port
Trust (vide Form No. X) after the entire amount of the Individual Advance or the
Society loan, as the case may be, has been fully repaid with interest.
20.
Incidental costs All costs of and incidental to the
investigation of title, deposit of the title deeds, execution and registration
of the mortgage deed or creating a charge or mortgage by deposit of title deeds
and execution of bonds / agreements, as the case may be, in favour of the Mumbai
Port Trust shall be borne and paid by the employee / Society. All costs in
respect of re-conveyance of the property to the employee / Society after the
Individual Advance/ Society Loan with interest thereon has been repaid in full
shall also be paid by the employee / Society.
21.
Miscellaneous
(1)
The Chairman, Mumbai Port Trust, may recall any Individual Advance /
Society Loan governed by these Regulations if he is satisfied that the
Individual Advance / Society Loan has not been properly obtained or utilised.
(2)
The borrowing employee or the Society concerned shall make all
arrangements for the registration of the mortgage in favour of the Port Trust.
(3)
If any question arises about the application or interpretation of these
Regulations, the decision of the Chairman, Mumbai Port Trust, thereon shall be
final and binding upon the employee / Society concerned.
22. Power to amend the Regulations The Port Trust reserves the right to amend these Regulations, from time to time, in such manner as it deems fit, provided that no such amendment will operate to affect the amount and the period of the Advance / Loan, the rate of interest and manner of recovery, with interest of any Advance / Loan, already agreed upon or given effect to.
MUMBAI
PORT TRUST
Agreement by the Port Trust employee to mortgage and to repay the Individual Advance through paysheet.
-------------------
Form No. I
[ Regulations Nos. 6(1)(a)(i), 6(1)(b)(iii) 6(1)(c)(i), 6(1)(d) and 6(1)(e) ]
------------------
AN
AGREEMENT made this _____________________ day of ______________ One Thousand
Nine Hundred and ___________________ Between ______________________
son/wife/daughter of _______________________________ aged _______________ an
employee of the Mumbai Port Trust, hereinafter referred to as the employee
(which expression shall unless excluded by or repugnant to the context be deemed
to include his/her heirs, executors, legal representatives and administrators)
of the ONE PART and the Trustees of the Port of Mumbai, incorporated under the
Bombay Port Trust Act (Bombay Act VI of 1879) hereinafter referred to as the
Trustees (which expression shall unless excluded by or repugnant to the
context be deemed to include their successors and assigns) of the OTHER PART.
WHEREAS
the employee
AND
WHEREAS the employee has approached the Trustees for an Individual Advance of
Rs. __________________ (Rupees ___________________________ only) for the said
purpose under and in accordance with the Mumbai Port Trust Employees Housing
Loan Regulations (hereinafter referred to as the Regulations).
AND
WHEREAS the employee has requested that the loan may be sanctioned on the faith
of the statements and representations made by him/her in his/her application and
other letters addressed by him/her from time to time.
AND
WHEREAS the Trustees have accordingly expressed their willingness to grant such
individual advance to the extent admissible to the employee and upon and subject
to the terms and conditions hereinafter expressed and contained.
NOW
it is hereby agreed by and between the parties hereto as follows :-
1.
The Trustees agree to grant an Advance to the employees of a sum of
Rs_____________________( Rupees ___________________________________
only). The Advance will bear interest at _____________ per annum calculated on
the balance outstanding on the last day of each month.
2.
The employee agrees and undertakes to repay the amount of Advance with
interest subject to the terms and conditions hereinafter contained. Out of the
principal amount of Rs. _______________ (Rupees ______________________ only) the
sum of Rs. ________________ (Rupees ____________________ only) will be repaid in
the first sixty equal monthly installments of Rs ______________ (Rupees
____________________________ only) each, and the balance principal amount of Rs.
________________ (Rupees ________________________ only) will be repaid in
subsequent one hundred twenty equal monthly installments of Rs. _____________
(Rupees _______________________ only) each. Thereafter, the interest calculated
as aforesaid and accrued on the whole of the Advance of Rs. _____________
(Rupees ___________________ only) will be paid in equal monthly installments of
Rs. ________________ (Rupees ____________________ ) each. The repayment of the
principal amount of the Advance with interest as aforesaid will be made by
deducting from the pay and allowances or leave salary of the employee if he/she
duly observes and performs the said terms and conditions. The first such
installments shall be recovered from the pay and allowances or leave salary of
the employee for the month following the month in which the building is
completed / purchased / enlarged or on the expiry of a period not exceeding
eighteen months from the date of disbursement of the first installment of the
Advance, whichever is earlier.
3.
The employee agrees that the grant and disbursement of the Advances to
the employee shall be in accordance with the Regulations.
4.
In respect of the disbursement of the Advance its repayments and all
other conditions, the provisions of the Regulations shall be read as part and
parcel of this agreement.
5.
If for any reason the construction/purchase/enlargement of the house
could not be proceeded with or if the amount of the Advance received from the
Trustees is in excess of the cost of the house (including land) / enlargement
the employee shall forthwith repay the amount of the Advance, or as the case may
be, the amount of the excess to the Trustees.
6.
The employee agrees and undertakes to execute a Deed of English Mortgage
in the form annexed to the Regulations mortgaging the Plot of land described in
the Schedule hereunder written and the house to be constructed thereon with
right of private sale and all other rights and privileges available under the
Transfer of Property Act, 1882, to or in favour of the Trustees. The employee
further undertakes to make out clear and marketable title to the land and the
house intended to be so mortgaged.
7.
The employee shall maintain the house constructed out of the Advance
received from the Trustees in good and tenantable repair and condition at
his/her own cost and shall pay all the Municipal rates, taxes and other
outgoings in respect of the property covered by the Mortgage executed in favour
of the Trustees, until the amount of the Advance has been repaid in full with
interest and also furnish to the Trustees annual certificates in that behalf.
8.
The house constructed / purchased / enlarged out of the Advance received
from the Trustees shall be insured by the employee with the Life Insurance
Corporation of India or any other approved Insurance Company previously approved
in writing by or on behalf of the Trustees in the joint names of the Trustees
and the employee for a sum not less than the amount of Advance sanctioned by the
Trustees and shall keep it so insured against loss or damage by fire, flood,
lightning and earthquake. The cost of such insurance shall be borne by the
employee.
9.
The employee shall until the entire amount of the Advance with interest
has been repaid or so long as the mortgage of the property in favour of the
Trustees subsists afford the Trustees full facility for carrying out inspection
after completion of the construction / purchase / enlargement and thereafter to
ensure that the house is maintained in good repair.
10.
If at any stage there is any depreciation in the value of the house
constructed, the Trustees shall be entitled to demand from the employee further
security to make up the deficiency with a period to be fixed by the Trustees. If
on such demand being made by the Trustees to the employee, the employee fails to
comply with the demand, the outstanding amount of this Advance (with interest)
will become immediately payable in full and the Trustees shall be entitled to
proceed to recover the same in any manner open to them.
11.
So long as any moneys are outstanding and payable to the Trustees in
respect of the Advance, the employee shall not be entitled to charge or transfer
by mortgage or otherwise or create any lien or other encumbrance over the
property mortgaged to the Trustees without the previous consent of the Trustees
being obtained in writing.
12.
If the Trustees are of the opinion that the progress of work of
construction of the said house is unsatisfactory, they shall be at liberty to
decline to make payment of any undisbursed installment of the said Advance or at
their discretion to postpone the payment therof until such time the Trustees are
satisfied that the cause or causes for their dissatisfaction with the progress
and quality of work has or have been removed and the Trustees shall incur no
liability or responsibility to the employee either in damages or otherwise for
declining to make payment or postponement of payment of any undisbursed
installments in the circumstances above mentioned.
13.
The employee authorizes the Trustees to deduct from his/her pay and
allowances or leave salary every month, the amount of installments as provided
in clause 2 hereof due and payable by him towards the aforesaid Advance and
interest.
14.
The employee agrees that in case he/she proceeds on leave for any period
without pay and allowances while the Advance, or any part thereof or interest
thereon is outstanding he/she will pay to the Trustees direct the amount of the
installment or installments which would otherwise have been recovered from
his/her pay and allowances had he/she not been on such leave.
15.
The employee agrees that where for any reason his/her pay and allowances
for any month be insufficient to meet the amount of installment payable to
him/her, the short-fall shall be paid by him/her direct to the Trustees.
16.
The employee agrees that in the event of default on his/her part to pay
any installment as provided for in the Regulations or in the event of his/her
death while in service or his/her ceasing to be an employee of the Trustees for
any reason, the Trustees shall be entitled to recover the amount then owing by
him/her to the Trustees together with the amount of interest from his Provident
Fund balance, amount of gratuity payable to or in respect of him/her or any
other amount payable by the Trustees to or in respect of him/her.
17.
The employee agrees in all respects to be bound by the provisions of the
Regulations and undertakes not to revoke this Agreement so long as the said
Advance or any part thereof or interest thereon is outstanding.
18.
AND it is hereby further agreed and declared that on any default in
complying with the Regulations and the terms and conditions of the Advance, the
outstanding amount of the Advance with interest will become immediately
repayable and the Trustees may proceed to recover it in any manner open to them.
THE
SCHEDULE OF THE PROPERTY REFERRED TO ABOVE
IN
WITNESS WHEREOF the employee has set his/her hand the Common Seal of the
Trustees has been hereunto affixed in the presence of the Chairman and two of
the Trustees who have hereunto set their respective hands on the day and year
first above written.
SIGNED AND DELIVERED BY
The within-named ______________________________
(Signature of the employee)
SIGNED SEALED AND DELIVERED
By Shri _____________________________________ Chairman
Chairman and by _____________________________
____________________________________________ Trustee
and by ______________________________________
two of the said Trustees in the Trustee
presence of
Secretary
Mumbai Port Trust
THE COMMON SEAL OF THE TRUSTEES OF
THE PORT OF MUMBAI affixed in the
Presence of
Secretary
Mumbai Port Trust
MUMBAI
PORT TRUST
Agreement
by the Co-operative Housing Society to mortgage and to repay the Society Loan.
--------
Form
No. II
[Regulations Nos. 6(1)(a)(i),6(1)(b)(iii), 6(1)(c)(i) and 6(1)(d)]
----------
AN
AGREEMENT made this ______________________________ day of
_________________________ One Thousand Nine Hundred and ___________________
BETWEEN the __________________________ SOCIETY LIMITED,
__________________________________m a Society registered under the Maharashtra
Co-operative Societies Act, 1960 (Maharashtra Act XXIV of 1961), and having its
registered address at ____________________________________________________
hereinafter referred to as the Society (which expression shall unless
excluded by or repugnant to the context be deemed to include its successors and
permitted assigns) of the ONE PART and the Trustees of the Port of Mumbai
incorporated under the Bombay Port Trust Act (Bombay Act VI of 1879) hereinafter
referred to as the Trustees (which expression shall unless excluded by or
repugnant to the context be deemed to include their successors and assigns) of
the OTHER PART.
WHEREAS
the Society has been formed by certain permanent employees of the Trustees
hereinafter referred to as the employees for the purpose inter alia
of acquiring through the Society residential accommodation for themselves and
their dependants.
AND
WHEREAS the following members of the Society, viz., ( hereinafter collectively
referred to as the employees), have requested the Society to provide
residential accommodation for themselves and for their dependants and have
agreed to be bound by and comply with the Mumbai Port Trust Employees Housing
Loans Regulations, hereinafter referred to as the Regulations.
AND
WHEREAS the Society has acquired / is desirous of acquiring.
AND
WHEREAS the Society has applied to the Trustees for a consolidated Society Loan
of Rs. ______________ (Rupees ________________________________
) for the said purpose/purposes under and in accordance with the Registered
Bye-laws of the Society and the Regulations and the Trustees have expressed
their willingness to grant a loan to the extent and upon and subject to the
terms and conditions hereinafter expressed and contained.
NOW
it is hereby agreed by and between the parties hereto as follows :
The
Trustees agreed to grant a Loan to the Society of a sum of
Rs. _______________ (Rupees ____________________________________). The
loan will bear interest at the rate of _____________ per annum calculated on the
balance outstanding on the last day of each month.
2. The Society agrees and undertakes to repay the amount of the said Loan with interest subject to the terms and conditions hereinafter contained. The repayment will be made in monthly installments of such amount as equals to the aggregate of the monthly installments payable by each of the employees as agreed upon and as hereinafter mentioned provided that such terms and conditions are duly observed and performed. The amount of Loan comprising the following amounts in relation to the respective employees will be repayable as aforesaid in monthly installments which will be recovered by the Trustees by deduction from the pay and allowances or leave salary of the employees from _______________________________________________________
____________________________________________________________________________________________________ or ________________________________
_____________________________________________________________________
whichever is earlier, as set out below :-
Sr. No. Name of the employee Amount of Loan Amount of monthly
Repayment
Instalment
Rs. Rs.
3.
It shall be a condition of this Agreement that the amount of the Loan
will be disbursed to the Society only on the employees executing Agreements with
the Trustees, individually agreeing inter alia to the deduction of the loan and
interest in respect thereof from their pay and allowances or leave salary and to
be bound by the Regulations.
4.
In respect of the disbursement of the Loan, its repayment and all other
conditions, the provisions of the Regulations shall be read as part and parcel
of this Agreement. The Society agrees that the grant and disbursement of the
Loan to the Society shall be in accordance with the Regulations and undertakes
not to revoke this Agreement so long as the said Loan or any part thereof or
interest thereon is outstanding.
5.
If for any reason the proposed
Cannot
be proceeded with or if the amount of the Loan received from the Trustees is in
excess of the cost of , the Society shall forthwith repay the amount of
the Loan, or as the case may be, the amount of the excess to the Trustees.
6.
The Society agrees and undertakes to execute a Deed of English Mortgage
in the form annexed to the Regulations mortgaging the plot of land described in
the Schedule hereunder written and the building to be constructed thereon with
the right of private sale and all other rights and privileges available under
the Transfer of Property Act, 1882 or in favour of the Trustees and shall
arrange to have the deed duly registered. The Society further undertake to make
out clear and marketable title to the land and the building intended to be so
mortgaged.
7.
The Society shall maintain the building purchased / constructed /
extended out of the Loan received from the Trustees in good and tenantable
repair and condition at its own cost and shall pay all the Municipal and other
outgoings or outstandings in respect of the property covered by the mortgage
executed in favour of the Trustees, until the entire amount of the Loan has been
repaid in full to the Trustees with interest and also furnish to the Trustees
annual declarations in that behalf.
8.
The Building shall be insured by the Society with the Life Insurance
Corporation of India or any other Insurance Company previously approved in
writing by or on behalf of the Trustees for a sum not less than the amount of
the Loan sanctioned by the Trustees and shall keep it so insured in the joint
names of the Society and the Trustees against loss or damage by fire, flood,
lighting and earthquake till such time the entire amount of the Loan received
from the Trustees is repaid to the Trustees in full with interest. The Society
shall deposit the policy of insurance with the Trustees and arrange to pay
regularly the premium in respect thereof and shall produce to the Trustees the
premium receipt for inspection when so required by them.
9.
The Society shall until the entire amount of the Loan (with interest) has
been repaid or so long as the Mortgage of the property in favour of the Trustees
subsists, afford the Trustees representatives full facility for carrying out
inspection of the building and thereafter to ensure that the building is
maintained in good repair.
10.
If at any stage there is any depreciation in the value of the land and/or
the building, the Trustees shall be entitled to demand
from the Society further security to make up the deficiency within a
period to be fixed by the Trustees. If on such demand being made by the Trustees
to the Society, the Society fails to comply with the demand, the outstanding
amount of the Loan (with interest) shall become immediately repayable in full to
the Trustees shall be entitled to proceed to recover the same in any manner open
to them.
11.
The Society shall not be entitled to transfer the ownership or any other
right, title or interest or create a charge in the land and the building thereon
without the prior approval in writing of the Trustees until the entire amount of
the Loan made by them together with interest thereon has been repaid in full.
12.
So long as any moneys are outstanding and payable to the Trustees in
respect of the Loan, the Society shall not charge, mortgage, hypothecate, pledge
or create any lien or other encumbrances over any of the assets and properties
wherever situated belonging to the Society nor permit the employees as members
of the Society to do so without the previous consent of the Trustees being
obtained in writing.
13.
If the Trustees are of the opinion that the progress of the work of
construction of the Building is unsatisfactory or that the manner in which the
affairs of the Society are being conducted is not in the interest of the
Trustees or of the members of the Society, the Trustees shall be at liberty do
decline to make payment of any undisbursed installment or installments of the
said Loan or at their discretion to postpone the payment thereof until such time
the Trustees are of the opinion that the cause or causes for dissatisfaction
with the progress and quality of the work or as the case may be the cause or
causes of the dissatisfaction with the manner in which the affairs of the
Society are being conducted has or have been removed and the Trustees shall
incur no liability or responsibility to the Society either in damages or
otherwise for declining to make payment or postponing payment of any undisbursed
installment/s in the circumstances above-mentioned.
14.
The Society agrees and further undertakes
15. AND it is hereby agreed and declared that in the event of any default in complying with the Regulations and the terms and conditions of the Loan, the outstanding amount of the Loan with interest will become immediately repayable and the Trustees shall proceed to recover the same in any manner open to them.
SCHEDULE
OF THE PROPERTY REFERRED TO ABOVE
IN
WITNESS WHEREOF _________________________________________ Co-operative Housing
Society Ltd. _______________________________________ has caused its seal to be
hereunto affixed and the Common Seal of the Trustees has been hereunto affixed
in the presence of the Chairman and two of the said Trustees who have hereunto
set their respective hands and seals the day and the year first above written.
The
Common Seal of the
CO-OPERATIVE HOUSING SOCIETY LTD.,
Was hereunto affixed in pursuance of the resolution of the Managing Committee of the Society passed at its meeting held on _____________________________________ in the presence of Shri _____________________ and Shri _____________________________________ two members of the Managing Committee and Shri ____________________________________ the Secretary, who have signed these presents for and on behalf of the Society. |
|
(Member of the Managing Committee Chairman) (Member of the Managing Committee) (Secretary) |
SIGNED, SEALED AND DELIVERED BY Shri __________________________________________ Chairman and by ___________________________ and by ____________________________________ two of the said Trustees in the presence of |
|
Chairman Trustee Trustee |
Secretary Mumbai Port Trust
THE COMMON SEAL OF THE TRUSTEES
OF THE PORT OF MUMBAI affixed in the
Presence of : -
SECRETARY
MUMBAI PORT TRUST
MUMBAI PORT TRUST
INDIVIDUAL
ADVANCE
Application
form to be submitted by the employee.
(Regulation
No.10)
------
1. a) |
Name of the employee |
: |
|
b) |
Provident Fund Index No. |
: |
|
c) |
Substantive appointment |
|
|
d) |
Present officiating appointment, if any. |
: |
|
e) |
Department/Office to which attached |
: |
|
f) |
Name of the nominees in respect of (i) Provident Fund (ii) Gratuity |
: |
|
g) |
Names of legal heirs (Should there be any change in the names of legal heirs the employee shall intimate such change to the Board from time to time |
: |
|
2. |
Date of birth and age in years and months |
: |
|
3. |
Fathers/Husbands name |
: |
|
4. |
Service particulars : |
|
|
|
a) Date of first appointment in continuous service |
: |
|
|
b) Date of confirmation |
: |
|
|
c) Date of retirement (attaining the age of 60 years) |
: |
|
|
d) Home-town as declared |
: |
|
5. |
Pay and Allowances |
: |
|
|
A. Pay |
|
|
|
i) Substantive pay |
: |
Rs. |
|
ii) Officiating pay |
: |
Rs. |
|
iii) Personal pay |
: |
Rs. |
|
iv) Special pay |
: |
Rs. |
|
v) Dearness pay |
: |
Rs. |
|
B. Allowances: |
|
|
|
i) Dearness Allowance |
: |
Rs. |
|
ii) House Rent Allowance |
: |
Rs. |
|
iii) Compensatory Allowance |
: |
Rs. |
|
iv) Other Allowance |
: |
Rs.______Rs.______ |
|
|
|
___________ |
|
Total |
: |
Rs._________ |
5A. |
Present residential address and the nature of the interest of the applicant therein |
: |
|
6. |
a) Does the applicant own any house site at any place in his own name? If so, give the cost of the same. From whom the site was purchased and when? Whether the site purchased is from the applicants own resources or otherwise? |
: |
|
|
b) If the plot is held by the applicant under lease-hold tenure give full particulars of the lease. |
: |
|
7. |
Whether the applicant has any house/flat at any place in his own name or in the name of any of his dependents and/or acquired by him through any Co-operative Housing Society? If so, give full particulars. |
: |
|
8. |
Is he a member of nay Co-operative Housing Society? |
: |
|
9. |
Has the applicant in the past joined any housing society and subsequently resigned? If so, state - |
|
|
|
a) Name of the Society |
: |
|
|
b) Location |
: |
|
|
c) Amount of loan sanctioned in respect of the applicant |
: |
|
|
d) Reasons for resignation |
: |
|
10. |
Has the applicant in the past availed of any Individual Advance for housing from the Port Trust? |
: |
|
11. |
Amount of Advance now required |
: |
|
12. |
A. If the advance is required for acquiring land and building a new house or constructing a house on land already acquired or obtained on lease, indicate- |
|
|
|
a) Approximate floor area of the house/flat proposed to be constructed |
: |
____________ Sq. metres. |
|
b) Estimated cost |
: |
|
|
i) Cost of land |
: |
Rs.________________ |
|
ii) Cost of building |
: |
Rs.________________ |
|
Total |
: |
Rs._______________ |
|
c) Rate of construction |
: |
Rs.________Sq.metres. |
|
B) If the Advance is required for enlarging living accommodation in an existing house, give full particulars |
: |
|
|
a) Existing number of rooms in the house (excluding lavatory, bathroom and kitchen) |
: |
|
|
b) Total floor area of the rooms |
: |
____________Sq. metres. |
|
c) If additional storey is proposed to be added is the foundation strong enough? |
: |
|
|
d) Particulars of additions desired |
: |
|
|
i) Number of rooms |
: |
|
|
ii) Floor area |
: |
_______________Sq.metres. |
|
iii) Estimated cost |
: |
Rs.______________ |
|
D) If the Advance is required for acquiring land with a ready-build house, please state - |
: |
|
|
a) Exact location |
: |
|
|
b) Floor area |
: |
_________Sq.metres |
|
c) Plinth area of the house |
: |
_________Sq.metres |
|
d) Name and address of the owner |
: |
|
|
e) Approximate price expected to be paid |
: |
Rs. |
|
f) Approximate age of the house |
: |
_________years |
|
g) Approximate period upto which the house is expected to last as certified by a qualified Engineer/Architect |
: |
_________years |
|
h) Have you satisfied yourself that the transaction would result in your acquiring an indisputable title to the house? |
: |
|
|
E) If the advance is required for purchasing a flat on ownership/tenant co-partnership basis in a multi-storeyed building, please state - |
|
|
|
a) Exact location |
: |
|
|
b) Floor area |
: |
_________Sq.metres |
|
c) Plinth area of the flat |
|
_________Sq.metres |
|
d) Name of the Co-operative Housing Society and address |
: |
|
|
e) Approximate price expected to be paid |
: |
Rs. |
|
f) Approximate age of the house |
: |
_________years |
|
g) Approximate period upto which the flat is expected to last as certified by a qualified Engineer/Architect |
: |
_________years |
|
F) If the advance is required for repayment of loan or advance taken from other source, please state - |
|
|
|
a) Amount of loan or advance taken |
: |
Rs. |
|
b) Amount of outstanding as on date of application |
: |
Rs. |
|
c) Particulars of the source |
: |
|
|
d) Cost of acquisition of house |
: |
|
|
e) Location |
: |
|
|
f) Area of the plot |
: |
__________Sq.metres. |
13. |
Agency to whom the construction of house is proposed to be entrusted |
: |
|
14. |
Schedule of property to be acquired or of the house site on which house is to be constructed |
: |
|
|
All that piece or parcel of land situated in the Registration Sub-District of ___________ within the Registration District of ______________ bearing S.No. ___________ Plot No. ______________ Hissa No.__________ |
||
|
Municipal Ward and Street Nos. |
|
(Any other relevant number necessary for registration or required or given by local authorities) |
|
And bound on the North by |
|
|
|
On the South by |
|
|
|
On the East by |
|
|
|
On the West by |
|
|
|
and containing by admeasuring (here give the area) __________Sq.metres |
|
|
15. |
Period and mode of repayment of principal and interest desired |
: |
|
16. |
Amount that can be allotted monthly towards repayment of Advance |
: |
Rs. |
17. |
Is the applicant member of a joint family or has become divided? If divided, give the date of partition |
: |
|
18. |
Particulars of applicants sons and daughters and other dependents, if any |
: |
|
|
a) Names of sons and daughters |
Age |
Occupation (if any) |
|
i) |
|
|
|
ii) |
|
|
|
iii) |
|
|
|
iv) |
|
|
|
v) |
|
|
|
b) Names of dependents other than sons and daughters |
Age |
Relationship |
|
i) |
|
|
|
ii) |
|
|
19. |
Value of immovable property possessed by the applicant (other than the house to be constructed/ acquired now). Give also the nature of the property and place where situated with full details and how they were acquired. |
: |
|
20. |
Amount of debt or liabilities due by the applicant, if any. Give details regarding names of creditors, original amounts and dates of the loans, nature of the loan, purpose, mode of repayment, amount outstanding on date, etc., along with documentary evidence. |
: |
|
21. |
a) Amount at the applicants credit in his Provident Fund Account as on date |
: |
Rs. |
|
b) Any advance or withdrawal availed of from the Provident Fund? If so, give the date of advance/of withdrawal and the purpose. Whether repaid monthly? If so, the amount so repaid. Amount outstanding as on date. |
: |
Rs. |
22. |
Any other information which the applicant desires to furnish |
: |
|
I hereby further declare that all the facts and figures mentioned in this application for Individual Advance are true and correct to the best of my knowledge.
Place :___________
Date :___________ Signature of the Applicant
Certified that
(i)
the particulars shown against item Nos. 1 to 4 of the application have
been verified and are correct;
(ii)
the employee is/is not officiating against a long term vacancy;
(iii)
the employee is eligible for a housing loan to the extent of Rs.______
under the Mumbai Port Trust Employees Housing Loans Regulations, subject to his
title to the property being found in order.
Place :___________
Date
:___________
Head of the Department
MUMBAI
PORT TRUST
SOCIETY
LOANS
Application for Loan from the Mumbai Port Trust
to be submitted by the borrowing Society
FORM
NO.IV
(Regulation
No.11)
From :
The ____________________ Place :___________
______________Society Ltd. Date :___________
_______________________
To
:
The Chairman,
Mumbai
Port Trust,
Mumbai 400 001.
Sir,
The following members of the Society are employees of the Port Trust :
|
Name |
Department/Office/Branch where Employed |
Number of years in Trustees service |
1. |
|
|
|
2. |
|
|
|
3. |
|
|
|
4. |
|
|
|
5. |
|
|
|
The above members are desirous of obtaining loans from the Society for the purpose of acquiring or constructing a suitable residential accommodation for themselves. They have requested the Society to approach the Mumbai Port Trust for a consolidated Loan to the Society, which in turn will lend suitable amounts to the members individually for the said purpose. This application is, therefore, made in accordance with the Mumbai Port Trust Employees Housing Loans Regulations. The applications made by the above members to the Society for loans are enclosed and the particulars of their requirements are set out therein. The total amount required by the Society from the Mumbai Port Trust is Rs.____________ (Rupees______________________ only). The Society/Managing Committee/ _________________________ have resolved under Bye-law _____________ of the Registered Bye-laws of the Society to borrow the sum of Rs._______________ (Rupees ______________________________ only) from the Mumbai Port Trust in terms of the above Regulations. The aforesaid members agreed to abide by the terms and conditions laid down by the said Regulations. The loan together with interest at the prescribed rate will be repaid in monthly instalments as fixed by the Mumbai Port Trust by recovery from the pay and allowances of the members concerned as employees of the Mumbai Port Trust. The particulars of the desired amount and number of instalments in respect of such members are set out below :
|
Name |
Amount of Loan |
Number of instalments (Rs.) |
1. |
|
|
|
2. |
|
|
|
3. |
|
|
|
4. |
|
|
|
5. |
|
|
|
2. Certified copy of the Resolution of the Society/Managing Committee/ ___________________________ referred to above and true copies of the certificate of registration of the Society and its Registered Bye-Laws are enclosed. All other documents and information as required by the aforesaid Regulations, are also enclosed as per details below :
1. |
________________________ |
___________________________ |
2. |
________________________ |
___________________________ |
3. |
________________________ |
___________________________ |
4. |
________________________ |
___________________________ |
5. |
________________________ |
___________________________ |
3. It is hereby certified that the plans and estimates of the house(s) (including land) to be constructed or acquired by the members referred to in the Societys application dated __________ have been scrutinized by the Society and that the amount of loan applied for by those members supplemented by their own resources will, in the opinion of the Managing Committee/_______________________ be sufficient to complete the construction or acquisition of the house(s) in accordance with the plans and estimates. It is further certified that the members have already contributed or taken effective steps to contribute their share of 20 percent towards the construction or acquisition of the house(s).
4. The financial particulars of the Society, as on the date of application, are given in the attached statement.
5. It is requested that the loan of Rs.___________(Rs._________________only) asked for may be sanctioned to the Society.
Yours faithfully,
For _____________________ Society Ltd.
SECRETARY
1. |
Number of members |
: |
_________________ |
2. |
Paid-up share capital |
: |
Rs.______________ |
3. |
Reserves, if any |
: |
Rs.______________ |
4. |
Deposits of members, if any |
: |
Rs.______________ |
5. |
Other borrowings, if any |
: |
Rs.______________ |
6. |
Borrowing limit of the Society |
: |
Rs.______________ |
7. |
Amount, if any, due from members |
: |
Rs.______________ |
8. |
Amount if any, paid for the acquisition of |
: |
Rs.______________ |
MUMBAI
PORT TRUST
CO-OPERATIVE
HOUSING SOCIETY LOAN
Application
for loan by the members of the Society
[Regulation
No.11(e)]
------
1. a) |
Name of the member (in full) |
: |
|
b) |
Provident Fund Index No. |
: |
|
c) |
Substantive appointment |
|
|
d) |
Present officiating appointment, if any. |
: |
|
e) |
Department/Office to which attached |
: |
|
2. |
Date of birth and age in years and months |
: |
|
3. |
Fathers/Husbands name |
: |
|
4. |
Service
particulars : |
|
|
|
a) Date of first appointment in continuous service |
: |
|
|
b) Date of confirmation |
: |
|
|
c) Date of retirement (attaining the age of 60 years) |
: |
|
|
d) Home-town as declared |
: |
|
|
e) Pay and Allowances |
: |
|
A. |
Pay |
|
|
|
i) Substantive pay |
: |
Rs. |
|
ii) Officiating pay |
: |
Rs. |
|
iii) Personal pay |
: |
Rs. |
|
iv) Special pay |
: |
Rs. |
|
v) Dearness pay |
: |
Rs. |
B. |
Allowances: |
|
|
|
i) Dearness Allowance |
: |
Rs. |
|
ii) House Rent Allowance |
: |
Rs. |
|
iii) Compensatory Allowance |
: |
Rs. |
|
iv) Other Allowance |
: |
Rs.______Rs.______ |
|
|
|
___________ |
|
|
|
Total Rs._________ |
5. |
Present residential address and the nature of the interest of the applicant therein |
: |
|
6. |
a) Does the applicant own any house site at any place in his own name? If so, give the cost of the same. From whom the site was purchased and when? Whether the site purchased is from the applicants own resources or otherwise? |
: |
|
|
b) If the plot is held by the applicant under lease-hold tenure give full particulars of the lease. |
: |
|
7. |
Whether the applicant has any house/flat at any place in his name or in the name of any of his dependents and/or acquired by him through any Co-operative Housing Society? If so, give full particulars. |
: |
|
8. |
Has the applicant in the past joined any housing society and subsequently resigned? If so, state - |
: |
|
|
a) Name of the Society |
|
|
|
b) Location |
: |
|
|
c) Amount of loan sanctioned in respect of the applicant |
: |
|
|
d) Reasons for resignation |
: |
|
9. |
Has the applicant availed of any Individual Advance for housing from the Mumbai Port Trust? |
: |
|
10. |
Number and value of shares of the Society already held |
: |
|
11. |
Amount of Loan for which the member is eligible under the Bye-Laws of the Society |
: |
|
12. |
Amount of Loan now required |
: |
Rs. |
13. |
Purpose for which Loan is required State whether the Loan is - |
|
|
|
i) for acquisition of land and construction of a house/flat thereon; |
: |
|
|
ii) for construction of a house/flat on land already acquired or obtained on lease; |
: |
|
|
iii) for acquisition of land with ready-built house/flat thereon |
: |
|
|
iv) for enlargement of a house or flat already owned. |
: |
|
14. |
Estimated value of land and/or house or flat proposed to be constructed/acquired/enlarged |
: |
Cost of land Rs.______________ Cost of Construction Rs.______________ Rs.______________ |
|
|
|
|
15. |
Schedule of property |
: |
|
|
All that piece or parcel of land situated in the Registration Sub-District of ___________ within the Registration District of ______________ bearing S.No. ___________ Plot No. ______________ Hissa No.__________ Municipal Ward No.___________ Street No.______________ |
||
|
(any other relevant number necessary for registration or required or given by local authorities) and bounded |
||
|
On the North by |
|
|
|
On the South by |
|
|
|
On the East by |
|
|
|
On the West by |
|
|
|
and containing by admeasuring (here give the area) __________Sq.metres |
||
16. |
Whether the proposed acquisition/ construction of house/flat (including land) will be in the name of the applicant; if the former, state how the Loan amount will be adjusted, that is, whether by contribution to share capital of the Society or by deposit with the Society, etc. |
: |
|
17. |
Whether applicant has contributed his share of the cost of acquisition and/or construction? |
: |
|
18. |
Agency to whom the construction of the house/flat is proposed to be entrusted. |
: |
|
19. |
Period and mode of repayment of principal and interest desired |
: |
|
20. |
Amount that can be allotted monthly towards repayment of Loan |
: |
Rs. |
21. |
Is the applicant a member of a joint family or has become divided? If divided, give the date of partition |
: |
|
22. |
Particulars of applicants sons and daughters and other dependents, if any |
: |
|
|
a) Names of sons and daughters |
: |
|
|
i) |
Age |
Occupation (if any) |
|
ii) |
|
|
|
iii) |
|
|
|
iv) |
|
|
|
v) |
|
|
|
b) Names of dependents other than sons and daughters |
|
|
|
i) |
Age |
Relationship |
|
ii) |
|
|
23. |
Value of immovable property possessed by the applicant (other than the house to be constructed/ acquired now). Give also the nature of the property and place where situated with full details and how they were acquired. |
|
|
24. |
Amount of debt or liabilities due by the applicant, if any. Give details regarding names of creditors, original date and amounts of the loans, nature of the loan, purpose, mode of repayment, amount outstanding on date, etc., along with documentary evidence. |
: |
|
25. |
a) Amount at the applicants credit in his Provident Fund Account as on date |
: |
Rs. |
|
b) Any advance or withdrawal availed of from the Provident Fund? If so, give the date of advance/withdrawal and the purpose. Whether repaid monthly? If so, the amount so repaid. Amount outstanding as on date. |
: |
|
26. |
Any other information which the applicant desires to furnish |
: |
|
DECLARATION
I
hereby declare that
(i)
I do not have any house or flat, either of my own or in which I have an
exclusive interest, other than the one proposed to be constructed/acquired with
the Mumbai Port Trust Loan, at the place of such construction/acquisition;
(ii)
my wife/husband is not an employee of the Mumbai Port Trust;
(iii)
my wife/husband who is an employee of the Mumbai Port Trust has not
applied for and or obtained an Advance/a Loan under the Regulations;
(iv)
in case the loan is sanctioned, I shall agree to be bound by the
Regulations prescribed in this behalf by the Society and the Mumbai Port Trust
Employees Housing Loans Regulations and the amendments thereto, if any, and
to execute the necessary documents;
(v) _________________________________________________________
(here mention the name of the place)
the
place of my duty/the place where I intend to settle after my retirement.
(vi)
the total cost of the house/flat proposed to be acquired through the
Society (including the proportionate cost of the land) will not exceed
Rs.1,00,000 (Rupees one lakh only);
(vii)
the site/house/flat to be constructed/acquired/enlarged with the help of
the loan availed from the Mumbai Port Trust will not be utilized as a source of
income or profit except to such extent and for such period as the Mumbai Port
Trust may permit and that my other resources together with the amount of the
loan applied for as detailed below will be sufficient to complete the
construction/acquisition of the proposed site/house/flat/enlargement of the
present accommodation:
(i) |
Amount of Housing Loan as per this application |
: |
Rs. |
(ii) |
Amount of withdrawal from Provident Fund balance applied for/sanctioned |
: |
Rs. |
(iii) |
Amount of Loan availed of/to be availed of from Co-operative Credit Society |
: |
Rs. |
(iv) |
Personal savings |
: |
Rs. |
(v) |
Other resources |
: |
Rs. ------------------------- |
|
Total |
: |
Rs. =============== |
Total estimated cost of acquiring/ constructing/enlarging the house/flat/site |
|
Rs.______________ |
I hereby further declare that all the facts and figures mentioned in this
application for Loan are true and correct to the best of my knowledge.
Place :___________
Date :___________ Signature of the Applicant
Certified that
(i)
the particulars shown against item Nos. 1 to 4 of the application have
been verified and are correct;
(ii)
the employee is/is not officiating against a long term vacancy;
(iii)
the employee is eligible for a housing loan to the extent of Rs.______
under the Mumbai Port Trust Employees Housing Loans Regulations, subject to
his title to the being found in order.
Place :___________
Date :___________ Head of the Department
AGREEMENT BY THE PORT TRUST EMPLOYEE
MEMBERS OF THE SOCIETY AUTHOTISING
DEDUCTIONS THROUGH PAYSHEETS.
------
Form
No.VI
(Regulation
No.12)
AN AGREEMENT MADE this
_____________ day of ________ of __________ One thousand Nine Hundred and
____________ BETWEEN Shri/Smt./Kum.____________________________________,
son/wife/daughter of Shri ________________________________ herein after referred
to as the member (which expression shall unless excluded by or repugnant
to the context be deemed to include his/her heirs, executors, administrators,
legal representatives and permitted assigns) of the ONE PART and the Trustees of
the Port of Mumbai incorporated under the Bombay Port Trust Act, (Bombay Act VI
of 1979) hereinafter referred to as the Trustees (which expression shall
unless excluded by or repugnant to the context be deemed to include their
successors and assigns) of the OTHER PART.
WHEREAS the said Shri/Smt./Kum._____________________ is a member of
_______________ Co-operative Housing Society Ltd., ________________ a Society
registered under the Maharashtra Co-operative Societies Act, 1960 (Maharashtra
Act XXIV of 1961), hereinafter referred to as the Society and is a
permanent employee of the Trustees.
AND WHEREAS the member is
desirous through the Society residential accommodation for himself/herself and
his/her dependants.
AND WHEREAS the Society has agreed to provide the member with suitable
accommodation in the building proposed to be purchased/constructed by it
________ and has for that purpose applied to the Trustees for a consolidated
loan of Rs.___________ (Rupees ______________________________ only) under and in
accordance with the Mumbai Port Trust Employees Housing Loans Regulations,
hereinafter referred to as the Regulations, which expression shall where
the context so admits include any amendment thereof or additions thereto for the
time being in force.
AND WHEREAS the Trustees have expressed their willingness to grant a Loan
of Rs.________________ (Rupees _______________________ only) upon and subject to
the terms and conditions set out in the Agreement dated the ___________ day of
____________ one thousand Nine Hundred and _______________ executed between the
Society (hereinafter called the said Agreement), of which the sum of
Rs._____________ (Rupees______________________________ only) is in respect of
the manner.
AND WHEREAS one of the conditions of the said Agreement dated the
_______________ is that the member shall execute an agreement with the Trustees
agreeing inter alia to the
deduction of the Loan and interest in respect of the member from his/her pay and
allowances or leave salary in accordance with the Regulations.
NOW in consideration thereof it is hereby agreed by and between the
parties hereto as follows :
1. The member hereby
authorities the Trustees to deduct in the first instance from his/her pay and
allowances or leave salary every month the amount of Rs.____________ (Rupees
___________________________ only) as the monthly instalment due and payable in
respect of the member towards repayment of the sum of Rs.______________
(Rupees_______________________ only) out of the said principal Loan amount of
Rs.____________ (Rupees___________________ only) till the said sum of
Rs.__________ (Rupees_______________________ only) is fully repaid to the
Trustees; thereafter to deduct from his/her pay and allowances or leave salary
every month the sum of Rs._________ (Rupees___________________ only) towards
repayment of the balance principal Loan amount of Rs._________
(Rupees_____________________ only) till the said sum of Rs._________
(Rupees____________________ only) is fully repaid to the Trustees and thereafter
to deduct from his/her pay and allowance or leave salary every month the sum of
Rs.__________ (Rupees________________________ only) towards repayment of the
proportionate amount of interest accrued on his/her share of Rs._________
(Rupees_________________________ only) till the entire amount of the accrued
interest is paid to the Trustees in full. The first of such instalments shall be
recovered from the pay and allowances or leave salary of the member for the
month following the month in which the construction/enlargement of the building
is completed or on the expiry of a period not exceeding eighteen months from the
date of disbursement of the first instalment of the Loan, whichever is earlier.
2. The member agrees
that in case he/she proceeds on leave for any period without pay and allowances
while the Loan or any part thereof or interest thereon is outstanding, he/she
will pay the Trustees direct the amount of instalment or instalments which would
otherwise have been recovered from his/her pay and allowances had he/she not
been on such leave.
3. The member agrees
that where for any reason his/her pay and allowances or leave salary for any
month be insufficient to meet the amount of instalment payable by him/her, the
shortfall shall be paid by him/her direct to the Trustees.
4. The member agrees
that in the event of any default on his/her part to pay any instalment or
instalments as provided in the Regulations or in the event of his/her death
while in service or of his/her ceasing to be an employee of the Trustees for any
reason or of his/her ceasing to be a member of the Society, the Trustees shall
be entitled to recover the amount then owing by him/her to the Society together
with the amount of interest from his/her Provident Fund balance, amount of
Gratuity payable by the Trustees to or in respect of him/her and for this
purpose the said amount or amounts shall be deemed to be a debt or liability due
by him/her to the Trustees.
5. The member agrees to
accept the demand from the Financial Adviser & Chief Accounts Officer of the
Trustees or of the Society as correct and sufficient evidence of his/her
liability.
6. The member agrees in
all respects to be bound by the provisions of the Regulations.
7. The member agrees to
be bound by all the terms and conditions which bind the Society in respect of
the said loan granted by the Bank to the Society and undertakes not to revoke
this Agreement so long as the said Loan or any part thereof or interest thereon
is outstanding.
IN WITNESS WHEREOF the member has set his/her hand and the Common Seal of
the Trustees has been hereunto affixed in the presence of the Chairman and two
of the said Trustees who have hereunto set their respective hands on the day and
year first above written.
SIGNED AND DELIVERED BY _______________________
The within named (Signature of the employee)
SIGNED SEALED AND DELIVERED
By Shri__________________________
Chairman and by___________________ Chairman
_________________________________ Trustee
and by ___________________________ Trustee
two of the said Trustees in the presence of
Secretary
MUMBAI PORT TRUST
THE COMMON SEAL OF THE TRUSTEES OF
THE PORT OF MUMABI affixed in the presence of
In the presence of
Secretary
MUMBAI PORT TRUST
Mortgage of property by employee/Society
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FORM
NO.VII
(Regulation
Nos.13 and 14)
THIS INDENTURE made this __________________ day of ______________ One
Thousand Nine Hundred and _______________ BETWEEN _________________________
son/wife/daughter of _________________________ at present employed as
__________________________ at present employed as
__________________________________________ in the office of ______________ at
_________________________________________________________________ hereinafter
referred to as the Mortgager (which expression shall unless excluded by or
repugnant to the context be deemed to include his/her heirs, executors,
administrators, legal representatives and assigns) of the ONE PART and the
Trustees of the Port of Mumbai incorporated under the Bombay Port Trust Act
(Bombay Act VI of 1979), hereinafter referred to as the Mortgagees (which
expression shall unless excluded by or repugnant to the context be deemed to
include their successors and assigns) of the OTHER PART.
WHEREAS the Mortgager has applied to the Mortgagees for an Advance/ a Loan of Rs.___________ (Rs.____________________________ only) for the purpose, inter alia of enabling the Mortgager to
AND WHEREAS the Mortgagees have agreed to advance to the Mortgager the
sum of Rs.____________ (Rupees________________________ only) on the terms and
conditions set out in the Agreement dated the ______________ executed between
the Mortgager and the Mortgagee [and the various Agreements dated __________
executed between the Mortgagees and the respective employees (hereinafter
referred to as the said Agreement/s]
AND WHEREAS one of the conditions for the aforesaid Advance/Loan of
Rs._______________ (Rupees______________________________ only) is that the
Mortgagees should secure the repayment of the said Advance/Loan and interest and
due observance, by the Mortgager/Employees of all the terms and conditions
contained in the Mumbai Port Trust Employees Housing Regulations
(hereinafter referred to as the said Regulations, which expression shall
where the context so admits include any amendment thereof or additions thereto
for the time being in force) and the said Agreement/s by a registered Mortgage
of the property described in the Schedule hereunder written including all
erections and buildings erected and built or to be erected and built thereon.
AND WHEREAS the Mortagees have sanctioned to the Mortgager and Advance/a
Loan of Rs._____________ (Rupees_________________________ only) to be paid in
the manner provided in said Regulations upon the repayment of the Advance/Loan
with interest and due observance of the terms and conditions contained in the
said Regulations and the Agreement/s being secured in the manner hereinafter
appearing.
AND WHEREAS the Mortgagees have paid to the Mortgager a sum of
Rs.______________ (Rupees_______________________ only) being the first
instalment of the said Advance/Loan on the ______________________________ (the
payment and receipt whereof the Mortgager both hereby admit and acknowledge).
AND WHEREAS the Mortgager is to receive from the Mortgagees the balance
amount of the said Advance/Loan of Rs.__________ (Rupees_________________ only)
in instalments as provided in the said Regulations.
AND WHEREAS the Mortgager has utilized the aforesaid sum of
Rs.________________ (Rupees _______________________________ only) received from
the Mortgagees on the ___________________ for the purpose of
more
particularly described in the Schedule hereunder written and for greater
clearness delineated on the plan annexed hereto and thereon shown with
boundaries thereof colored __________________ and expressed to be hereby
granted, conveyed, transferred, assigned and assured (hereinafter referred to as
the said land)
Now this indenture witnesseth as follows :
1. In pursuance of the
said Regulations and in consideration of the said Advance/Loan of
Rs._____________ (Rupees_______________________ only) sanctioned and the
instalments thereof paid or to be paid by the Mortgagees to the Mortgager
pursuant to the provisions contained in the said Regulations and the said
Agreement/s the Mortgager shall always duly observe and perform all the terms
and conditions of the said Regulations and the said Agreement/s and shall repay
to the Mortgagees the said Advance/Loan of Rs._________
(Rupees___________________ only) with interest in monthly instalments of [such
amount as is equal to the aggregate of the monthly repayment instalments due in
respect of each of the employee as agreed under and as specified in the said
Agreements] out of the said Advance/Loan of Rs._____________ (Rupees
_________________________ only) will be repaid in 180 equal instalments of
Rs.________ (Rs.________________________ only) each and thereafter the interest
at the rate of ________ per annum calculated on the balance outstanding on the
last day of each month and accrued on the whole of the said Advance/Loan of
Rs.___________ (Rupees____________________________ only) each. The first of the
instalments as aforesaid will be paid on the _____________ day of the month
following the month in which the construction of the building is completed or on
the expiry of a period not exceeding eighteen months from ____________ whichever
is earlier and the subsequent instalments of repayment on the _________ day of
each succeeding month till the whole of the said Advance/Loan and interest
thereon is fully repaid to the Mortgagees [provided that the Mortgager shall
repay the entire Advance of Rs._______ (Rupees______________________ only) with
interest in full before the date on which the Mortgagees shall be entitled to
enforce this indenture at any time thereafter and recover the balance of the
said Advance/Loan then due together with interest and costs of recovery by sale
of the said land including all erections and building erected and built thereon
or in such other manner as may be permissible under the Transfer of Property
Act. It will, however, be open to the Mortgager to repay the said Advance/Loan
in a shorter period.
2. If the Mortgager
shall utilise the said Advance/Loan for a purpose other than that for which the
Advance/Loan is sanctioned, or if the Mortgager shall fail to observe or perform
any of the terms, conditions and stipulations specified in the said Regulations
and/or the said Agreements and on its part to be observed and performed, then
and in any such case, the whole of the principal amount of the Advance/Loan of
Rs._____________ (Rupees ___________________________ only) or so much thereof as
shall then remain due and unpaid, shall become payable forthwith to the
Mortgagees with interest thereon at ____________ percent per annum calculated
from the date of the payment by the Mortgagees of the first instalment of the
said Advance/Loan.
3. In the further
pursuance of the said Regulations and for the consideration aforesaid and to
secure repayment of the aforesaid Advance/Loan and interest as shall at any time
or times hereinafter be due to the Mortgagees under the terms of these presents
the Mortgager doth hereby grant, convey, transfer, assign and assure unto the
Mortgagees All and Singular the said land more particularly described in the
Schedule hereunder written together with all structures and buildings erected or
to be erected by the Mortgager on the said land, and materials for the time
being thereon with all rights, easements and appurtenances whatsoever to the
said land or any of them belonging (all of which are hereinafter collectively
referred to as the Mortgaged Premises) TO Hold the Mortgaged Premises unto
and to the use of the Mortgagees absolutely and for ever free all encumbrances
SUBJECT NEVERTHELESS to the proviso for redemption hereinafter contained
provided always and it is hereby agreed and declared by and between the parties
hereto that if the Mortgager shall duly pay to the Mortgager shall duly pay to
the Mortgagees the said principal sum and interest hereby secured in the manner
herein provided and also the other moneys (if any) determined to be payable by
the Mortgager to the Mortgagees under the terms and conditions of the said
Regulations, then the Mortgager, reconvey, retransfer and reassure the Mortgaged
Premises unto and to the use of the Mortgager or as the Mortgager may direct.
4. And it is hereby
expressly agreed and declared that if there shall be any breach by the Mortgager
of the covenants on his/her/its part herein contained or if the said
Advance/Loan or any part thereof becomes payable forthwith under these presents
or otherwise then and in any such case it shall be lawful for the Mortgagees to
sell the Mortgaged Premises or any part or parts thereof either together or in
parcels and either by public auction or by private treaty with power to buy in
or rescind any contract for sale and to resell without being responsible for any
loss which may be occasioned thereby and to do and execute all such acts and
assurances for effectuating any such sale as the Mortgagees shall think fit and
it is hereby declared that the receipt of the Mortgagees for the purchase money
of the Mortgaged Premises sold or any part thereof shall effectually discharge
the purchaser or purchasers therefrom and it is hereby declared that the
Mortgagees shall hold the money to arise from any sale in pursuance of the
aforesaid powers upon trust in the first place thereout to pay all the expenses
incurred on such sale and then to pay moneys in or towards satisfaction of the
moneys for the time being owing on the security of these presents and the
balance, if any, to be paid to the Mortgager.
The MORTGAGER, hereby covenants with the MORTGAGEES as follows :-
(a)
That the Mortgager now hath in itself good right, full title and lawful
authority to grant, convey, transfer, assign and assure the Mortgaged Premises
unto and to the use of the Mortgagees in the manner aforesaid.
(b)
That the Mortgager shall carry out the construction/extension of the
building on the said land exactly in accordance with the approved plans and
specifications on the basis of which the above Advance/Loan has been computed
and sanctioned unless a departure therefrom is permitted by the Mortgagees in
writing. The Mortgager shall certify, when applying for instalments of
Advance/Loan admissible at the plinth or roof level, that the construction of
the building is being carried out strictly in accordance with the plans and
estimates furnished by the Mortgager to the Mortgagees, that the construction of
the building has reached plinth or roof level and that the amount actually been
used on the construction of the building. The Mortgager shall allow the
Mortgagees to carry out through their representatives an inspection to verify
the correctness of the aforesaid certificates. If a false certificate is
furnished by the Mortgager, the Mortgager will be liable to pay the Mortgagees
forthwith the entire Advance/Loan received by the Mortgager and interest
thereon.
(c)
That the Mortgager shall complete the construction of the building as
early as possible but not later than eighteen months from __________ unless an
extension of time is allowed in writing by the Mortgagees. In case of default
the Mortgager shall be liable to repay forthwith the entire amount advanced to
it together with interest calculated under the said Regulations, in one lump
sum. The Mortgager shall report to the Mortgagees the date of completion of the
building and furnish a certificate to the Mortgagees that the full amount of
Advance/Loan has been utilized for the purpose for which it was sanctioned.
(d)
That the Mortgager shall immediately insure the Mortgaged Premises at its
own cost in the joint names of the Mortgager and the Mortgagees with the Life
Insurance Corporation of India or any other Insurance Company previously
approved in writing by or on behalf of the Mortgagees for a sum not less than
Rs._________ (Rupees_________________________
only) and shall keep the same so insured against loss or damage by fire,
flood, lighting and earthquake as provided in the said Regulations till the said
Advance/Loan of Rs._________ (Rupees___________________ only) is fully repaid to
the Mortgagees with interest and deposit the policy of insurance with the
Mortgagees. The Mortgager shall pay regularly from time to time and will when
required produce to the Mortgagees the premium receipts for inspection. In the
event of failure on the part of the Mortgager to effect the insurance against
fire, flood, lighting and earthquake it shall be lawful for but not obligatory
upon the Mortgagees to insure the Mortgaged Premises at the cost of the
Mortgager and add the amount of the premium to the outstanding amount of the
Advance/Loan and the Mortgager shall thereupon be liable to pay interest thereon
as if the amount of the premium had been advanced to the Mortgager as part of
the aforesaid Advance/Loan till the amount is repaid to the Mortgagees or is
recovered as if is were an amount covered by the security of these presents. The
Mortgager shall give a letter to the Mortgagees as often as required addressed
to Insurer with which the Mortgaged premises are insured with a view to enable
the Mortgagees to notify to the Insurer the fact that the Mortgagees are
interested in the insurance policy secured.
(e)
That the Mortgager shall maintain or cause to be maintained the Mortgaged
Premises in good and tenantable repair and condition at his/her/its own cost or
at the cost of its members and shall regularly pay or cause to be paid all the
Municipal and other Local rates, taxes and all other outgoings in respect of the
Mortgaged Premises until the said Advance/Loan of Rs._____________
(Rupees________________ only) has been repaid to the Mortgagees in full with
interest. The Mortgager shall also furnish to the Mortgagees annual certificates
to the above effect.
(f)
That the Mortgager shall afford or cause to be afforded full facility to
the Mortgagees, their officers and servants for carrying out inspections after
completion of the construction/purchase/enlargement of the building to ensure
that the Mortgaged Premises are maintained in good and tenantable repair and
conditions until the said Advance/Loan of Rs._________
(Rupees_______________________ only) has been repaid in full with interest.
(g)
That the Morgagor shall refund to the Mortgagees any amount together with
interest, if any, due thereon drawn on account of the Advance/Loan in excess of
the expenditure incurred for which the loan was sanctioned.
(h)
That the Mortgager shall not, during the continuance of these presents,
charge, encumber, alienate or otherwise dispose of the Mortgaged Premises or
parts thereof.
(i)
That the stamp duty and registration charges in respect of this indenture
shall be borne by the Mortgager alone.
THE
SCHEDULE OF THE PROPERTY REFERRED TO ABOVE.
IN WITNESS whereof ________________________________ the employee has set
his hand/Co-operative Housing Society Ltd., ___________________________ has
caused its common seal to be hereto affixed/and the Common Seal of the Trustees
has been hereunto affixed in the presence of the Chairman and two if the said
Trustees who have hereunto set their respective hand on the day and year
hereinabove written.
SIGNED AND DELIVERED BY
The within-named ______________________
(Signature of the employee)
The Common Seal of ___________________________ Co-operative Housing Society Ltd., ______________________, was in pursuance of the resolution of the Managing Committee of the Society passed on ______________________ hereunto affixed in the presence of (1)_________________________ (2)_________________________ two members of the Managing Committee and (3)_________________________ the Secretary who have signed and attested these presents for and on behalf of the Mortgager. |
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_________________________ (Member of the Managing Committee) ________________________ (Secretary) |
In the presence of |
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1st Witness : ______________________ |
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Address : ______________________ |
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______________________ |
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Occupation : ______________________ |
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2nd Witness : ______________________ |
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Address : ______________________ |
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______________________ |
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Occupation : ______________________ |
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SIGNED SEALED AND DELIVERED BY
Shri_____________________________
(Name)
______________________________
(Designation)
SIGNED SEALED AND DELIVERED
by Shri_____________________________
Chairman and by___________________ Chairman
_________________________________ Trustee
and by ___________________________ Trustee
two of the said Trustees in the presence of
Secretary,
MUMBAI PORT TRUST
THE COMMON SEAL OF THE TRUSTEES
OF THE PORT OF MUMABI affixed
in the presence of
Secretary,
INDIVIDUAL ADVANCES
SECURITY
BOND
FORM NO.VIII
[Regulation Nos.6(3) and 15]
We (1)___________________________ of __________________________ (2)
_______________________________ of ________________________ (Department, etc.)
do hereby ourselves sureties for ____________________________
__________________________________ (hereinafter referred to as the
Borrower) and do hereby guarantee that the Borrower shall do and perform all
that he has undertaken to do and perform under the Bond dated the
_____________________ day of ________________________ 19______ executed by him
in favour of the Trustees of the Port of Mumbai and do hereby jointly and
severally hold and firmly bind ourselves, our respective heirs, executors,
administrators and legal representatives upto the said Trustees (hereinafter
referred to as the Trustees) in the sum of Rs.___________
(Rupees_______________________________ only) together with interest thereon
being the amount due and payable by the Borrower under the said Bond or such sum
as the Trustees may have sustained by reason of default or on the part of the
Borrower, and we do hereby further agree that any forbearance in enforcement of
the said Bond or any other indulgence granted to the Borrower or any variation
of the terms of the said Bond or any time given to the Borrower with or without
our consent or even knowledge or any other conditions or circumstances under
which, in law a surety would be discharged will not discharge us from our
liability to pay the said sum and for the purpose of enforcement of this Bond
our liability under this Bond will be as principal debtors and joint several
with that of the Borrower.
Dated this _______________________ day of _______________ 19
Signed by the above-named
Shri _____________________
and
Shri _____________________
the sureties above-named
in the presence of
MUMBAI
PORT TRUST
INDIVIDUAL
ADVANCES/SOCIETY LOANS
FORM
OF RECONVEYANCE BY THE TRUSTEES
FORM
NO.IX
(Regulation
No.19)
THIS DEED OF RECONVEYANCE MADE THE ___________________ day of
____________________ 19 BETWEEN THE Trustees of the Port of Mumbai,
incorporated under the Bombay Port Trust Act (Bombay Act VI of 1879) hereinafter
called the Mortgagees (which expression shall, unless repugnant to the
context or meaning thereof, include their successors and assigns) of the one
part and _____________________ of ______________________ (hereinafter called the
Mortgager which expression shall, unless repugnant to the context or the
meaning thereof, include its successors and assigns his/her heirs, executors,
administrators and assigns) of the other part.
WHEREAS by an Indenture of mortgage, dated the __________ day of
_______________ of __________ 19 ________ and made BETWEEN the Mortgager of one
part and the Mortgagees of the other part and registered in the books of
Sub-Registrar of Assurance at Mumbai on the __________ day of ________ 19 _____
under Serial No.________ (hereinafter called the PRINCIPAL INDENTURE), the
Mortgager granted, assigned and conveyed the property at _________________ and
more particularly described in the Schedule hereunder written (hereinafter
referred to as the said mortgaged property) unto the Mortgagees to secure
an Advance/a Loan of Rs.__________ made by the Mortgagees to the Mortgager,
subject nevertheless of the said sum of Rs.________________ and interest.
AND WHEREAS all monies due
and owing on the security of the PRINCIPAL INDENTURE have been fully paid and
satisfied and the Mortgager is now desirous of having such reconveyance of the
said mortgaged property as is hereinafter contained.
NOW THIS INDENTURE WITNESSETH that in consideration of the said money due
and owing under the PRINCIPAL INDENTURE being paid and satisfied the Mortgagees
do hereby grant, assign, reconvey and release unto the Mortgager, ALL THAT piece
of land, hereditaments and premises comprised in and granted or otherwise
assured by the said PRINCIPAL INDENTURE and more particularly described in the
Schedule hereunder written with all rights, easements and appurtenances as in
the PRINCIPAL INDENTURE expressed and all the estates, rights, title, interest,
property claim and demand whatsoever of the Mortgagees into, out of or upon the
said land hereditaments and premises by virtue of the PRINCIPAL INDENTURE to
have and to hold the said land, hereditaments and premises hereby granted,
assigned, released and reconveyed unto and to the use of the Mortgager for ever
freed and discharged from all monies secured and intended to be secured by the
said PRINCIPAL INDENTURE and from all actions, suits, accounts, claims and
demands for, or, in respect of, the said monies or any part thereof, or, for or
in respect of, the PRINCIPAL INDENTURE or of anything relating to the premises
AND THE Mortgagees hereby covenant with the Mortgager that the Mortgagees have
not done or knowing suffered or been granting and reconveying the said land,
hereditaments and premises or any part thereof, are/is or can be impeached,
incumbered or affected in title estate or otherwise howsoever.
IN WITNESS WHEREOF the Common Seal of the Trustees has been hereunto
affixed in the presence of the Chairman and two of the said trustees have
hereunto set their respective hands and seals the day and year first above
written.
SIGNED SEALED AND DELIVERED BY
Shri__________________________ Chairman
and by________________________ Trustee
_____________________________
and by ________________________ Trustee
__________________ two of the said
Trustees in the presence of
Secretary
MUMBAI PORT TRUST
THE COMMON SEAL OF THE TRUSTEES OF THE
PORT OF MUMABI affixed in the
in the presence of
Secretary
MUMBAI
PORT TRUST
To be submitted by an employee who has
purchased the flat with the Boards loan.
This is depositing sale agreement for creation
of equitable mortgage prior to formation
of Co-operative Housing Society of that building.
------
The Board of Trustees of the
Port of Mumbai,
Mumbai.
Dear Sirs,
In consideration for your having granted to me a loan of Rs.__________
for the purchase of an ownership flat No._______ on _______ floor admeasuring
__________sq.ft. corresponding to sq.ft. in the building called
__________________ I have deposited with you title deeds in respect of the said
flat, namely, (i) Agreement dated _____________ between Builders and myself,
(ii) receipt of the payment made by me to the Builder, (iii) Copy of Receipt of
the possession of the flat with a view to create an equitable mortgage of the
said flat in your favour to secure the aforesaid loan of Rs.__________ and
thereby equitable mortgage is hereby created and that you will have all rights
an equitable mortgage has in respect of the said flat until the full payment of
the said loan by me to you.
I have sent for information and record a copy of this letter to the
aforesaid Builders.
I further undertake that as soon as a Co-operative Housing Society of
above said building is formed and a share certificate of my flat is issued, I
shall deposit the same with you as a further document for the said equitable
mortgage.
Yours faithfully,
Signature of the employee
Code No.______
FORM
NO.XI
From
The Financial Adviser &
Chief Accounts Officer,
Mumbai
Port Trust.
To
Dear
Sir,
Creation of equitable mortgage in respect
of flat No.______ in the building purchased by
Shri/Smt.____________________________
with aid of loan from the Board of
Trustees of the Port of Mumbai.
------
This is to inform you that Shri/Smt.________________________ staying in
flat No._________ in above building has deposited title deeds i.e.(i) Agreement
dated _____________ with the Builders (ii) Receipt of the payment made by
him/her to the Builders (iii) Copy of receipt of the possession of the flat with
a view to create an equitable mortgage in our favour, of the flat No.______
which he/she has purchased with aid of loan from the Board.
It may be mentioned here that as soon as the Co-operative Housing Society
is formed and all the title deed of your building are transferred in favour of
the Society, the Share Certificate towards the flat mentioned above, issued by
the Society to Shri/Smt.___________________ will have to be deposited as an
additional document of the said equitable mortgage.
Please note that any transfer/sale/mortgage of above should not be
permitted without the prior written permission of the Board.
In the meantime please acknowledge the receipt.
Yours faithfully,
FORM
NO.XII
To be submitted by the employee for creation of
Equitable Mortgage by depositing a Share Certificate
issued by the Society when Society is formed.
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The Board of Trustees of the Port of Mumbai.
Mumbai.
Dear Sirs,
In consideration for your having granted to me a loan of Rs.___________
for the purchase of an ownership flat No._________ on __________ floor
admeasuring __________sq.ft. in the building called
______________________________ in the Society called _______________________ on
__________________ I have deposited my title deeds in respect of the said flat,
namely, Share Certificates issued in my favour by the aforesaid Society for
___________ shares of Rs.__________ each fully paid up with a view to create an
equitable loan of Rs.______________ and that you will have all rights an
equitable mortgage has in respect of the said flat until the full repayment of
the said loan by me to you.
I have sent for information and record a copy of this letter to the
aforesaid Society.
Yours faithfully,
Signature of the employee
taking the loan
FORM
NO.XIII
From
The Financial Adviser &
Chief Accounts Officer,
Mumbai
Port Trust.
To :
Dear Sir,
Creation of equitable mortgage in respect
of Flat No.______ in your Society purchased
by Shri/Smt.____________________________
with aid of loan from the Board of
Trustees of the Port of Mumbai.
------
We would like to inform you that Shri/Smt.________________________
staying in flat No._________ in your Society has deposited title deeds i.e.
Share Certificate No._______ with the Board of Trustees of the Port of Mumbai
for flat which he/she has purchased with aid of loan from the Board.
Please note that any transfer/sale/mortgage of above flat or dealing with
the said flat in any manner should not be permitted without the prior written
permission from the Board.
In the meantime please acknowledge the receipt.
Yours faithfully,
FORM
NO.XIV
Irrevocable Power of Attorney to be
executed by our employee in favour of
the Board of trustees of the Port of
Mumbai for converting Equitable Mortgage into
English Mortgage whenever occasion so demands.
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KNOW ALL MEN BY THESE PRESENTS that I,
_____________________________________ an employee of the Board of Trustees of
the Port of Mumbai (hereinafter referred to as the Employee) SEND
GREETINGS :
WHEREAS the Board of Trustees of the Port of Mumbai (hereinafter referred
to as the Board) has granted to me a Housing Loan of Rs.__________
(Rupees___________________________ only) for purchase of a flat/plot of land and
more particularly described in the Schedule hereunder written;
or
AND WHEREAS the Board has granted me a Housing Loan of Rs._____________
(Rupees _____________________________ only) in order to enable me to purchase a
flat/put up a building on the plot of land situated at
_________________________________ and more particularly described in the
Schedule hereunder written.
AND WHEREAS at my request the Board has secured the said loan by way of
Equitable Mortgage instead of an English Mortgage so as to save the stamp duty,
registration charges and other expenses.
AND WHEREAS I have agreed with the Board that at any time as the Board
may deem fit it may convert the said Equitable Mortgage of the flat/building on
a plot of land into English Mortgage.
NOW KNOW YE AND THESE PRESENTS WITNESS that I, the employee do hereby
irrevocably nominate, constitute and appoint THE BOARD OF TRUSTEES OF THE PORT
OF MUMBAI (hereinafter referred to as the Board) to be my true and lawful
Attorney in fact and in law for me and in my name and on my behalf to do all or
nay of the following acts, deeds and things:-
1. To sign, seal,
execute, complete, perfect and deliver the Mortgage Deed/Deeds and all such
documents, instruments, covenants, writings and assurances in the Boards name
and on the Boards behalf and at my entire costs including the costs of
registration charges, stamp duty and legal fees, on such terms and conditions
and with such covenants and provisions as may be necessary by the said Board.
2. To appear before any
Registrar on Sub-Registrar of Assurances or any other officer or officers or any
appropriate registering authority and to present and lodge for registration
and/or to admit execution for and on behalf of the Board any such mortgage deed,
and all such documents, instruments, covenants, writings and assurances executed
by the Board or by the Attorneys on behalf of the Board and to do all other
acts, deed, matters and things in relation thereto which may be requisite or
necessary and to receive them back duly registered and to sign and deliver a
proper receipt thereof.
3. To appoint Attorney
or Attorneys and to delegate to him or them all or any of the powers and
authorities hereby granted as the said Board may deem fit and proper.
AND GENERALLY TO execute do and perform all such acts, deed and things as the said Board shall deem necessary and expedient for the purposes aforesaid and I do hereby ratify and confirm and agree to ratify and confirm all and whatsoever my said Attorneys and/or any Attorney or Attorneys appointed by the said Board shall or may lawfully do or cause to be done in or about the premises by virtue of these presents.
IN WITNESS WHEREOF, I _____________________________ have hereunto set my hand and seal this ____________ day of _______________ One Thousand Nine Hundred and ____________________.
SIGNED AND DELIVERED by the )
said __________________________)
in the presence of )
Undertaking to be given by an employee for
Submission of Income Tax Clearance Certificate.
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I _______________________________________________ of Mumbai Indian Inhabitant residing at ___________________________________________________
__________________________________________________________________
do solemnly affirm and say as follows:
1.
I am an employee of the Board if Trustees of the Port of Mumbai. The
Board was kind enough to grant me a loan of
Rs.______________(Rupees________________only) for the purpose of buying a flat
or putting up construction on my land situated at
_______________________________.
2.
At my request the Board did not insist for execution of the English
Mortgage in respect of the said flat/building, but satisfied with the creation
of an Equitable Mortgage in its favour.
3.
However, I make this solemn declaration that as and when demanded by the
Board. I will produce the Income Tax Clearance Certificate under Section 230-A
of the Income Tax Act.
4.
I will also send a notice to the Co-operative housing Society informing
about the creation of an Equitable Mortgage by me in favour of the Board.
5.
I also undertake to deposit the Share Certificate as and when received
from the Society by me with the Board as an additional document towards the said
Equitable Mortgage.
6. I make this Declaration solemnly, sincerely and conscientiously asserting that I will carry out the aforesaid undertaking and upon the faith thereof, the Board has agreed to give me the loan of Rs.________________ (Rupees ____________________________only) and also get satisfied with the Equitable Mortgage instead of an English Mortage.
IN WITNESS WHEREOF I,
have hereunto set my hand at
this day of 19
________________________
Ins. By TR No. 228 of 1978
(effective from 31.10.1979)
To be addressed by the employee
to the Co-operative Housing
Society / Builders giving notice
of certain of Equitable Mortgage
in favour of the Board of trustees
of the Port of Mumbai.
-------
Dear Sir,
Re : Purchase of Flat No. ____________
in above Society
I
hereby inform you that I have purchased flat No. ________ in above Society with
the aid of housing loan from the Board of Trustees of the Port of Mumbai. I have
deposited title deeds of my flat i.e. Share Certificate / Agreement with the
Builders for the creation of Equitable Mortgage. It may be added here that the
above flat shall remain mortgaged till the entire dues of the Board are paid by
me.
Yours faithfully,
(Revenue Stamp of Forty Paise to be
affixed when executed in Maharashtra)
----------
Mumbai __________________
Rs._________________________
On
demand, we Shri___________________________________________ (employees) and
_______________________________________________________ (Nominees for P.F.,
Special Contribution to the Provident fund and Gratuity) and legal heirs promise
to pay to the Board of Trustees of the port of Mumbai or order, sum of
Rupees________________________________________ together with interest on such
sum from this date at the rate per annum as may be decided by the Board for
value received.
(To be signed by the employee, his Nominees for the Provident Fund and Gratuity, if any, and legal heirs*)
* Should there may be any change
in the names of the legal heirs the
employee shall intimate such
change to the Board from time
to time
(To be executed on a stamp paper
of
Rs. 5 when executed in Maharashtra)
Date :
Mumbai:
The Financial Adviser &
Chief Accounts Officer,
Mumbai Port Trust
Mumbai.
Dear
Sir,
I
am an employee of the Board of Trustees of Port of Mumbai at Mumbai.
(2)
The Board has, at my request, granted me a loan of
Rs. __________________ (Rupees _______________________________________
only) for acquisition of an ownership flat, No. _____________________________ in
building named _____________________________ at ________________________ in
accordance with the provisions of the Mumbai Port Trust Employees Housing
Loans Regulations. The said loan is repayable by me on demand with interest as
may be decided by the Board. You have, for my convenience and without prejudice
to demand nature of the loan, granted me a facility to repay the said loan by
monthly installments of Rs.________________ (Rupees _________________________
only) each. I agree in all respects to be bound by and to observe and perform
the provisions of the Mumbai Port Trust Employees Housing Loan Regulations.
(3)
In consideration of the grant of the said loan and continuance of the
said facility for such time as the Board may deem fit, I do hereby irrevocably
agree and undertake with you so as to bind myself, my heirs, executors,
administrators, estates and effects as follows, viz.:
(a)
You shall be entitled to deduct (and I hereby irrevocably authorise you
to deduct) every month from the salary, allowances and any other remuneration or
monies payable to me, the said installments of Rs. ___________ and to
appropriate the same in repayment of the said loan and after completion of the
repayment of the principal amount of the loan, interest on the said loan. If for
any reason my pay and allowances or leave salary for any month be insufficient
to meet the amount of monthly installment payable by me the shortfall shall be
paid by me direct to the Board.
(b)
You shall also be entitled to deduct (and I hereby irrevocably authorise
you to deduct) the said monthly installment of Rs.___________ or any of them or
any part thereof, which may be in arrears and also the amount interest payable
by me on the said loan or any part thereof which may be in arrears and unpaid
from any other payment (whether ex-gratia or otherwise) which may be
payable to me by the Board.
(c)
In the event of my ceasing to be in service of the Board whether by
retirement, death or operation of law or due to any other reason or cause
whatsoever, you shall be entitled to appropriate and set off and I hereby
irrevocably authorise you appropriate and set off (i) Pension (ii) Special
Contribution to the Provident Fund / Gratuity and (iii) Boards contribution
to the Provident Fund and interest thereon which may be payable to me or to my
nominees, heirs or legal representatives towards the repayment of the entire
balance amount of the said loan that may be then remaining due and payable by me
with interest at the agreed rate up to the date of such repayment, and to pay
only the surplus, if any, to me or my nominees, heirs, or legal representatives
as the case may be. Any such appropriation made by you shall be binding on me
and my nominees, heirs and legal representatives. I shall not create any
mortgage or charge on such pension. Special contribution to the Provident Fund
and interest thereon nor allow the same to be attached by any creditor.
(d)
You will have a lien on my salary, allowance and other remuneration and
on the Pension, Special Contribution to the Provident Fund / Gratuity, Boards
contribution to the Provident Fund and interest thereon and any other amount or
monies (whether ex-gratia or otherwise) whatsoever that may be payable to
me, for the recovery of the said loan of Rs.__________________ or the balance
thereof for the time being due and owing by me to you and interest as aforesaid.
(e)
I will not sell, assign, mortgage, charge or in any way encumber or
alienate the said flat or any part thereof so long as I am indebted to you in
respect of the said loan and interest thereon.
(f)
I will utilise the said flat only for the residential use and occupation
of myself, my wife/husband and children, and other family members wholly and
exclusively dependent upon me.
(g)
I will not let or sub-let the said flat or any part thereof or give it on
leave and license basis or otherwise part with possession thereof to any other
person so long as I am indebted to you as aforesaid except as may be approved by
the Board.
(h)
I will maintain the said flat in good tenantable repairs and condition
and will regularly pay all Municipal or other taxes, rates and levies concerning
the flat.
(i)
In the event of my committing any default in complying with the Mumbai
Port Trust Employees Loans Regulations and the terms and conditions of the
loan, the outstanding amount of the loan with interest will become immediately
repayable and the Board may proceed to recover it in any manner open to it.
(j)
I agree to accept the demand from the financial Adviser & Chief
Account Officer of the Board as correct and sufficient evidence of my liability
thereon.
(4)
The undertakings, authority and agreements herein contained shall be
irrevocable so long as I continue to be liable to the Board in respect of the
said loan and interest thereon.
(5) The legal heirs and nominees in respect of my Gratuity and Provident Fund are hereby joining me as co-borrowers in respect of the said loan of Rs.__________________________ and interest thereon and the said legal heirs and nominees are also joining me as co-signatories to the irrevocable undertakings, authority and agreements herein.
Yours faithfully,
(Signature of the Employee)
We
the legal heirs and nominees in respect of the Gratuity and Provident Fund of
Shri/Smt. ____________________________ hereby join him/her as co-borrowers and
co-signatories as aforesaid.
(Signature of all legal heirs and nominees).
DRAFT OF LETTER TO BE WRITTEN TO THE CHAIRMAN, MUMBAI PORT TRUST LOANEE EMPLOYEE
Subject : Obtain housing loan from
.. by creating
second mortgage in the favour in
the shape of Equitable Mortgage
Sir,
I have been sanctioned House Building Advance amounting to
Rs
vide your letter No
. dated
.. I have
since executed the Equitable Mortgage in favour of the Board of Trustees
of the Port of Mumbai by depositing the title deeds of the property as per terms
of the House Building Advance Regulations.
M/s.
.whom I had approached for an additional
housing loan by creation of second mortgage have consented to advance loan
amounting to Rs
.. (Rupees
) to me and have also agreed to give
its consent in the format prescribed in Form No.XX.
I hereby convey my consent to agree and undertake to abide by the
following conditions in this regard : -
(i)
the documents of title shall be transferred to
M/s.
.. by the
Board the Mortgagee, on my behalf and that shall be held and retained by the
financial institution only as a second mortgage subject and subordinate to the
rights of the Board as first Mortgagee;
(ii)
M/s
.. shall not at any
time or for any reason part with such title deeds without written consent of the
Board first had and obtained and on such conditions as may be imposed by the
Mumbai Port Trust at its discretion;
(iii)
after at any time, the financial institution ceases to be Second
Mortgagee of the premises, the financial institution shall be obliged to return
the title deeds to the Board, the first Mortgagee only, on my behalf whether or
not any demand in this behalf is made by the Board;
(iv)
the financial institution shall produce or cause to be produced the title
deeds as and when required by the Board for any reason whatsoever regardless of
whether the proposed second mortgage due to be in existence or otherwise
discharged; on the understanding that as soon as the purpose is served the same
shall be returned by the Board to the financial institution to be dispensed,
subject to these conditions;
(v)
nothing in these provisions shall be construed to create any financial or
other obligations or liabilities in the Board vis-ΰ-vis, the said
financial institution or shall in nay manner alter, abridge or abrogate the
rights of Board who shall always be and continue to be the paramount Mortgagee.
I
now request you to please grant me permission to raise loan by creating second
mortgage in favour of
M/s
and to transmit the
deeds of title to M/s
.. on my
behalf under intimation to me, so as to unable them to release the loan of
Rs
( Rupees
.) to me by creation of
an Equitable Mortgage.
Yours faithfully,
Signature ..
Name in full
(Block Letters)
Complete address (Office) .
.
.
(Residence) .
.
.
DRAFT OF LETTER TO BE WRITTEN BY THE FINANCIAL INSTITUTION TO THE CHAIRMAN, MUMBAI PORT TRUST
Subject : Request of Shri
for sanction of additional hosing loan by
creating a second mortgage in our favour
in the shape of Equitable Mortgage and
depositing
title deeds.
Whereas Shri/Smt
,
employed in the office of
. has
intimated vide his Letter No
, dated
, that
he had been sanctioned Housing Building Advance amounting to
Rs
. by Mumbai Port Trust, vide letter
No
.., dated
.., by creating Equitable Mortgage in
favour of the Board of Trustees of Mumbai Port Trust and
Whereas he has approached this organization for sanctioning of an
additional loan amounting to Rs
, for the same purpose as the
said House Building Advance was sanctioned to him, by creating a second charge
on the Equitable Mortgage in favour of the Board.
Whereas this organization has agreed to advance a housing loan amounting
to Rs
. to Shri/Smt
. on aforementioned
request on his creating a second mortgage in favour of this organization by
means of an Equitable Mortgage by depositing the title deeds with us.
This organization now hereby agrees and gives its consent and undertake
to abide by the conditions mentioned below
(i)
The documents of title shall be held and retained by us only as an
Equitable Mortgage which shall be a second mortgage subject and
subordinate to the rights of the first Mortgagee, viz., Board of Trustees of the
Port of Mumbai.
(ii)
We shall not at any time or for any reason part with such title deeds
without written consent of the Board, the first Mortgagee, first had an obtained
and on such conditions as may be imposed by the Board of Trustees at its
discretion.
(iii)
We shall, at any time cease to be Second Mortgagee of the premises, we
obliged to written the title deeds to the Board, the first Mortgagee only,
whether or not any demand in this behalf is made by the said Board.
(iv)
We shall produce or cause to be produced by the title deeds as and when
required by the Board, the first Mortgagee for any reason whatsoever regardless
of whether the proposed second mortgage due to be in existence or otherwise
discharge. Thus will be on the understanding that as soon as the purpose is
served, the same shall be returned by the Board to us.
(v)
Nothing in this provisions shall be construed to create any financial or
other obligations or liabilities in the Board, the first Mortgagee, vis-ΰ-vis,
ourselves or shall in any manner alter, abridge or abrogate the rights of the
Board, the first Mortgagee, who shall always be and continue to be the paramount
Mortgagee.
You are now, therefore, requested to transmit the deeds of title
pertaining to the Flat No
admeasuring
. Sq.ft. situated at
of
Shri
on his behalf for creation
of an Equitable Mortgage and for safe custody in this organization, in
terms of the above mentioned conditions.
Yours faithfully,
Date : (Name of the Financial Institution and
Signature of the authorized person alongwith seal)
To,
Shri .
[F.No.PR-12016/10/2002-PE-1]
R.K. JAIN, Jt. Secy.
Foot Note : 1. The principal Regulations of MbPT Hosing Loan Regulations sanctioned by Government under letter No.PIL-12016/23/PE.I dated 24.10.1996 and published vide G.S.R.No.598(E) dated 31.12.1996.
2 Governments letter No.PR-12016/7/2001/PE-I dated 23.7.2001 vide G.S.R. No.547(E) dated 23.7.2001.