The overall purpose of the EWF is to see to the welfare of the empoyees, in all feasible ways, while helping an assisting in the development and improvisation of the quality of indian life. After all, what better legacy to leave our children, than an integral piece of the last remaining natural resources available to man - Land.
Th EWF has embarked on this ambitious assignment of helping and assisting it's members to avail loan facilities fo procuring pieces of prime property with residential facilities in the city of the future, Bangalore. Post many detailed discussions with a prominent and upcoming Developer, EWF is proposing through this report to enable employees to easily access and procure for themselves, developed land in the city, while volunteering to work out all the legal and logistical details concerning the same.
All intricacies of the many financial transactions that are proposed to happen concerning the sale of lands to members via this project, between the developer and the individual members of the EWF have been discussed in detail with many revelant Banking Institutions. While many nationalised and scheduled Banks have come forward to sanction loans for the procurement of these sites, along with loans covering the construction of residences on these same site, if need be. But, we at EWF have considered HDFC Ltd. for financing of land purchase loans with a maximum tenure of 15 years.
The EWF has programmed a set of systems and procedures by which the process of issuance of applications, thereafter verification and acceptance of the application and allotment of sites to the eligible employees / members and also the registration of the sale deed to them can be effectively achieved.
The employee members who are desirous to apply for Residential sites, may collect the application from the office of the Employees Welfare Fund ( EWF ), on any working day of the HAL (when the application is called for).
The duly filled in Application form with the relevant documents enclosed, such as photo copy of the latest month salary slip and HAL ID may be submitted to the designated persons in the office of the EWF along with the initial payment as specified, depending upon the dimension of the site required for the purchase of the site.
The receipt of the completed application along with an initial amount of 20% of the Sale Consideration amount with the date and time – will be the basis on which the chronology of the Application will be decided.
EWF members who would like to avail loans from financial institutions / banks may submit the application form for the same issued by the concerned financial institutions / banks and submit the duly filled in the application form along with the relevant documents for verification and sanction of site purchase loan from the concerned financial institution / bank.
On the receipt of 30% amount of the Sale Consideration area from the successful applicant, the Developer will issue the Allotment letter to the applicant.
Sites will be registered to the EWF members / nominees through absolute sale deed on the receipt of the entire sale consideration amount.
On the registration of the site , the Developer will issue the Possession Certificate and No Objection Certificate, latest tax paid reciept and Khatha transferred to the EWF members / nominees for the site registration in his / her name.