The Cooperative Banks in Haryana have been facing fierce competition from Commercial Banks which resulted decline in their market share during the last few years. The Coop. Banks due to several reasons including outdated loan policy and procedures, failed to diversify their loaning operations and crop loans continued to be their most important business. This affects their profitability as the margins for crop loan business have dropped substantially over the years. The solution for improving productivity and profitability of Cooperative Banks lie in diversification of their lending. Housing Finance has emerged as a key activity and fastest growing sector. Commercial Banks both in Private and Public Sector are chasing the prospective customers with their aggressive marketing strategies. Thus looking into the vast potential available in the area and to enable the Bank to utilize this opportunity for business expansion and diversification policy initiative to open the area of Housing Finance in the Bank has been formulated as follow:-
The loan under the scheme shall be available only on plots of HUDA / Housing Board Houses and flats and Housing colonies approved by Director Town & Country Planning only within the area of operation Ambala of the bank for the following purposes:-
1.1 For construction of house/ flat;
1.2 For purchase of built house/flat.
1.3 For purchase of under construction house/flat from Housing Boards/ Haryana Urban Development Authorities/ Co-operative Societies/ Approved Private Builders.
1.4 For carrying out Additions to the house/flat.
1.5 For carrying out repairs/ renovation/ alterations/ cost of furnishing to the house/flat.
1.6 For meeting cost escalation in the cases of under construction houses/flats to existing Housing Loan borrowers.
1.7 For purchase of land/plot for house building.
1.8 Payment of installment(s) of plots allotted by HUDA/Housing Board houses /Flats;
1.9 Payment of earnest money of HUDA plots/Housing Board houses /flats;
In no circumstances loan will be sanctioned on colonies which are not approved by Directorate of Town & Country Planning.
The Bank will not finance purchase/payment of installment of plots other than HUDA/Housing Board.
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