CHB allows allottees to mortgage properties for availing loan, conditions apply

THE CHANDIGARH Housing Board has decided to allow allottees to mortgage their residential and commercial properties for obtaining loans from banks. Earlier, the allottees were not allowed to mortgage their properties.

CHB chairman Maninder Singh said that allottees of the dwelling units and commercial properties were facing extreme difficulty in raising loans — educational, medical and housing — against the properties allotted by the board despite having paid the full amount.

On the persistent demand of the general public, the CHB has decided to issue permissions for mortgage of residential and commercial properties subject to certain conditions.

Permission will be given in cases where the allottee/transferee has paid the full amount of the property and all other dues. The board shall have first and paramount charge of the said property for the unpaid portion of outstanding dues/penalty, if any.
No interest or any other benefit shall be granted if any amount is paid in advance to the Chandigarh Housing Board. The mortgagee bank/financial institution shall recover its loans from the allottee/transferee through its own means/procedures and the CHB shall not provide any assistance in the recovery of loans.
No tripartite agreement shall be executed by the CHB for the purpose of raising loans. In case of foreclosure of the mortgage/sale of the property, the mortgagee shall obtain prior permission of the CHB.

There are nearly 64,000 CHB dwelling units spread across 15 sectors in the city, including sectors 38 (West), 29, 41, 40, 44, 43, 45, 47 and Modern Housing Complex.

Credits Indian Express

Leave a Reply

Your email address will not be published. Required fields are marked *