Amendment status not verified — confirm the current text below against the official source.
Advance for purchase of construction of House. -(1) The Chief Executive of the Board shall on an application from a member, sanction from the amount standing S to his credit an advance of an amount not exceeding his twelve months wiges or his total contribution whichever is less for the purchase of a house out right or on hire purchase basis from the Government or from a co-operative society, local body, Hous- - - ing Finance Corporation or from a dwelling site or for the construction of a dwelling hczsse: 14 Provided that where the advance is in respect of a dwelling house it may be sanc- tioned in suchnumber of instalments as the Chief Executive may think fit: Provided further that the member shall produce such documents as the sanctioning authority considers necessary. No advance under sub-paragraph (1), shall be sanctioned unless a member has completed 3 years of membership in the fund and unless his own total contribution in - the fund standing to his credit at the time of application is Rs. 750 or more. S Where an advance is sanctioned as per sub-paragraph (1) the concession shall -* commence within six months of the withdrawal of the advance and a completion cer- tificate shall be submitted to the sanctioning authority within a period of one year from the date of the drawal of adsance.