Permission for Land Mortgage

A mortgage loan is a loan secured by real property through the use of a document which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. Prior to the Mortgage of plot Investor has to take permission to Mortgage from PICTCL. Permission is granted only to those plots where lease Deed/ Supplementary lease-Deed/ Conveyance deed has been executed and got registered.

There are two type of Mortgage:

• First Charge of Mortgage
• 2nd and 3rd Charge of Mortgage

First charge on the plot is allowed only if the plot is fully paid up. In this case a request and an undertaking from the concerned bank/financial institution to the effect that the Bank/Financial Institution shall return the original Lease Deed to the Corporation on liquidation of Credit Facilities availed at any time on demand by the Corporation should have been received.

Second and third charge is allowed if at least 30% of the cost of plot has been received. If allottee is seeking permission for mortgage as 2nd or 3rd charge then vacation of charge / NOC from the Financial Institution/Bank concerned should have been received.

Documents required for Land Mortgage
1st Charge Mortgage

• Allottee / GPA to ensure full payment including Principal, Interest, Penal Interest, Cost of Enhancement, Legal expenses, if any, restoration charges (if any), Lease Rent, Extension Fee (if applicable), transfer charges (if applicable) etc.
• Availing the credit facilities from concerned Financial Institution for setting up/running of unit on the allotted plot/shed in the name of allottee only.
• Request letter from concerned bank/financial institution addressed to PICTC requiring permission to mortgage as 1st Charge and sending of lease deed to their institution. The bank should give following undertaking 
  (a) Lease deed under no circumstances would be handed over by bank / financial Institution to the allottee /        GPA. 
  (b) Bank would directly return lease deed to PICTC on liquidation of credit facilities or at any time temporarily        as & when demanded by PICTC.
• If any permission for mortgage stands permitted earlier then a NOC shall be submitted from the concerned bank / financial institution.
• If the allottee/GPA has already obtained permission to mortgage as 2nd/3rd Charge(s) in favor of any Bank / Financial Institution, then allottee/GPA shall also submit a NOC/Vacation of charge from the bank / financial institution while applying for permission to mortgage as 1st charge.

2nd and 3rd charge Mortgage

• Allottee / GPA to ensure payment of 30% premium and subsequent due installments and other charges with applicable interest / penal interest thereon, extension fee, if any, i.e. all up-to-date payment has been made. In case of any pending payments, Allottee / GPA shall make the necessary payments and produce the receipts of same.
• Permission to mortgage is allowed in favor of allottee(s) of the Corporation for availing the credit facilities from concerned Financial Institution for setting up/running of unit on the allotted plot/shed in the name of allottee only.
• If the allottee/GPA has already obtained permission to mortgage as 1st/2nd/3rd Charge in favor of any Bank / Financial Institution, then allottee/GPA shall also submit a NOC/Vacation of charge from the bank /financial institution while applying for permission to mortgage as 2nd or 3rd charge.

Steps to be taken to get Permission for Land Mortgage

• Allottee/Transferee needs to submit the request for Permission for Land Mortgage duly filled in and signed along with requisite document as applicable as per Estate Management Manual.
• Submit the form along with the documents to PICTCL at the following address: 
  Punjab Information and Communication Technology Corporation Limited (Punjab Infotech)
  5^th   and 6^th Floor, Udyog Bhawan, 18 Himalaya Marg, Sector 17, Chandigarh
  Tel:+91-172-5256400,5256401,2702423(TeleFax) 
  E-mail: contact@punjabinfotech.in
  
  Allottee/Transferee is required to pay the processing fee for granting permission to mortgage as per rates mentioned hereunder plus applicable GST.

  Plot Size Category (Square yard)	Fees in Rupees (per Processing)
  500 sq. yd.	10,000
  1000 sq. yd.	10,000
  2500 sq. yd.	20,000
  1.0 acres	20,000
  2.0 acres	25,000
  More than 2.0 acres	25,000

• Allottee can make payment by way of Demand Draft drawn in favour of Punjab Information and Communication Technology Corporation Ltd, payable at Chandigarh.
  For more information, please refer to the Downloads Section

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