Total Disbursements: $ Construction Draw Request Form: Fill & Download for Free

What are the highlights of the Indian Union budget 2017-2018?An implicit question in this one is if it is a good budget overall or not. I feel that a better approach towards this year’s budget would be a comparative one. Let’s see how the budget highlights fare against what was done earlier. Let’s also try to uncover some of the stuff in the budget which have not been highlighted but which are, nevertheless, important.Agriculture:Long term irrigation corpus has been doubled from Rs. 20,000 crore to Rs. 40,000 crore.A micro-irrigation fund of Rs. 5000 crore is also to be setup. This is supposed to help in drought mitigation as only 40% of the total cultivated land in the country is irrigated. However, there are rising requests to streamline and efficiently implement the subsidy scheme that is already present for micro-irrigation. Normally, farmers want to set up the micro irrigation systems, after the monsoon season is over. However, the pre-sanction can take very long. Many a times, the subsidy disbursal is delayed by two to three years after the farmer submits his application. [1]A special fund for dairy processing and infrastructure development of Rs. 8000 crore will be created. This is a good step to bring sustainability to agriculture. Farmers have shown abilities to manage inclement weather and market vagaries by investing in dairy as an alternate source of income. The fund is supposedly enough to modernize India’s dairy processing infrastructure which is 30–40 years old and also create new milk processing cooperatives of the size of Amul. [2] [3]The govt. will set up mini labs in the Krishi Vigyan Kendras for soil testing.The farmer credit has been increased from Rs. 9 lakh crore in FY 2016–17 to Rs. 10 lakh crore in 2017–18. Increased focus will be given to Eastern states and Jammu and Kashmir since they have been under-served.Rural Population:Allocation for MGNREGA has been increased from Rs. 38,500 crore last year to Rs. 48,000 crore, the highest ever allocation. This comes in spite of the current govt. not being an advocate for the scheme. Two years of drought has forced the govt. to bailout the rural sector using the scheme which, though is a money guzzling monster, has wide reach and deep ground work in rural India. It’d be interesting to see how the govt. performs.The budget allocation for Pradhan Mantri Gram Sadak Yojana has remained the same at Rs. 19,000 crore. However, according to govt. reports, the rate of road construction has increased from 70–80 kms per between 2011–14 to 100 kms per day in 2014–16. Now it stands at 139 kms per day. [4][5]Targeting to complete 1 crore houses for the rural homeless, the allocation for the Pradhan Mantri Gram Awaas Yojana has been increased from Rs. 15,000 crore to Rs. 23,000 crore. [6]Mr. Jaitley has claimed that the country was well on its way to provide 100% rural electrification by March 2018. However “The Hindu”, has done some investigative journalism and has found that the earlier claims by the govt. regarding rural electrification to be grossly exaggerated. Hence we can take Mr. Jaitley’s claim with a pinch of salt. [7] [8]The govt. is planning to make 50,000 gram panchayats out of 2,50,000 total gram panchayats in India to be poverty free. The problem is the definition of the poverty line. Since the NITI Aayog has been formed, there hasn’t been any clear definition of the poverty line. There was a news report claiming that the Aayog supported the Tendulkar Poverty line of Rs. 33 a day. But later another news report claimed that the Aayog is likely to form another committee to cautiously determine the poverty line. [9] [10] [11]Poor and the under-privileged:Rs. 500 crore has been allocated for setting up Mahila Shakti Kendras in the 14 lakh Anganwadis across the country. It will be a one stop convergent service for empowering rural women with opportunities for skill development, employment, digital literacy, health and nutrition. But the problem is that Rs. 500 crore divided by 14 lakh anganwadis comes to Rs. 3,571 per anganwadi. I don’t know what can be achieved with this amount. Another problem is that the Anganwadis have been set up under the ICDS which has seen budget cuts to the tune of 50% (Rs. 8000 crore) in the past two years. [13] [14]The total outlay for the development of women and children across ministries is Rs. 1.84 lakh crore. This forms 8.57% of the total estimated budgetary expenditure of Rs. 21.47 lakh crore. It is also an increase of over 0.5% from last years budget where Rs. 1.56 lakh crore out of Rs. 19.78 lakh crore was budgeted to spent on women and children development schemes across ministries.The amount budgeted for Indira Gandhi Matritva Sahyog Yojana saw a four times jump with Rs. 2,700 crore being set aside this year as compared to Rs. 634 crore in 2016-17. Under this scheme, Rs. 6000 will be provided to all pregnant women who seek institutionalized delivery and vaccination. [14]The allocation for Scheduled Castes is Rs. 52,393 crore, an increase of 35% from the allocation previous year which stood at Rs. 38,833 crore. But we must take it with a pinch of salt. In 2014–15 the budgetary allocation was Rs. 50,548 crore. It was reduced by 40% the next year. Also, according the Jadhav committee recommendations, budgetary allocations for the SC’s should be 4.62% of the total expenditure, which comes out to around Rs. 97,000 crore in 2017–18 and Rs. 82,000 crore in 2014–15 when the actual allotment was Rs. 50,548 crore.Same goes for the allocation for Scheduled Tribes. It stands at Rs. 31,295 crore, a jump of 30% over the previous allocation of Rs. 24,005 crores. But the Jadhav committee recommends allocating Rs. 49,992 crores for 2017–18. Interestingly, here too, in 2014–15, against the committee recommendation of allocating Rs. 42,141 crores, the actual allocation was Rs. 32,387 crore, higher than the present allocation. [15] [16] [17]Aadhar based smart cards will be issued to senior citizens to monitor health.Railways and infrastructure:The budgetary allocation for infrastructure stands at a whopping Rs. 3.96 lakh crore. This is close to 80% increase from the previous budgetary allotment of Rs. 2.21 lakh crore.The budgetary allocation for railways has also been increased to Rs. 1.31 lakh crore from Rs. 1.21 lakh crore previous year.The budgetary allocation for highways too continued the upward trend. Rs. 64,000 crore was allocated as against Rs. 55,000 crore last year. It was Rs. 28,881 crore in 2014–15 and Rs. 42,913 crore in 2015–16.Finance:The allocation for lending under the Pradhan Mantri Mudra Yojana, a scheme for funding non corporate small businesses, has been increased from Rs. 1.80 lakh crore to Rs. 2.44 lakh crore.For big-time offences - including economic offenders fleeing India, the government will introduce legislative change or introduce law to confiscate the assets of these people within the country. This is especially important considering the Vijay Mallya episode.Digital India - BHIM app will unleash mobile phone revolution. The government will introduce two schemes to promote BHIM App - referral bonus for the users and cash back for the traders. This plan is consistent with the push to digitization. However, we are missing a huge point. For digitization, we need cellphones, which in turn need cellphone towers, which in their turn need electricity. Where is electricity? In an earlier point I mentioned about the lapses in the claims of the govt. regarding rural electrification. In my view, the push to digitization should continue, however, rural electrification and cellular infrastructure are a must if this is to succeed. [7] [8]Taxation:There is some cheer for the salaried class. The tax rate for income between Rs. 2.5 lakhs to Rs. 5 lakh has been slashed by half. And those earning higher will see a tax benefit of Rs. 12,500 per year.10% surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15% surcharge on individual income above Rs. 1 crore to remain.The Income Tax Act to be amended to ensure that no transaction above Rs 3 lakh is permitted in cash.Under the corporate tax, in order to make MSME companies more viable, there is a proposal to reduce tax for small companies with a turnover of up to Rs. 50 crore to 25%. As compared to bigger corporations, they don’t enjoy a lot of exemptions. Hence while a corporation earning a profit of Rs. 500 crore would effectively pay a tax rate of 24.67%, the MSME’s had to pay full 30% corporate tax. [18]Fiscal situation and miscellaneous:Total budgetary expenditure is Rs. 21.47 lakh crore.Fiscal deficit of 2017-18 pegged at 3.2% of the GDP. Will remain committed to achieving 3% in the next year.The defence sector gets an allocation of Rs. 2,74,114 crore, excluding pensions. It is a modest 6% increase which may not even be able to meet the impact of inflation, depreciation of the rupee and the imposition of customs duty on military imports from last year. [19] [20]Political parties and funding:The maximum cash donation that a political party can receive from a single source is reduced from Rs. 20,000 to Rs. 2,000. People are quoting it as a step towards greater political transparency. In reality however, it is a complete hogwash. As long as anonymous donations are allowed, black cash will keep flowing into the coffers of the political parties. Earlier they’d say donations worth Rs. 2,00,000 have come from 11 donors, all anonymous. Now they’d say the same amount has come from 101 donors, all anonymous. [21] [22]Where is the increased push towards education?Overall, this budget focuses a lot on agriculture, which has been neglected for a very long time. This is something which is really heartening. It also reflects the mood of the current govt. to keep up the boost towards infrastructure.However it does miss out or gloss over or simply carry on what was already there in important fields such as education, health care and defence.In terms of allocations towards SC/ST’s and political funding, this budget has been a colossal disappointment.Links:Budget 2017: Micro-irrigation industry demands better implementation of subsidiesUnion Budget 2017: Nabard hails higher fund allocation for irrigation, dairy sectorIndia to add ‘two Amuls’ milk capacity in 3 years - Times of IndiaRural roads' construction pace increases to 139km/day - The Economic TimesBudget 2017: Government aims to bring 1 crore households out of poverty by 2019Union Budget 2017: 53 per cent more funds for rural housesOn paper, electrified villages — in reality, darknessRural electrification: Centre’s claim exaggeratedNiti Aayog task force backs ‘Tendulkar poverty line’Niti Aayog to set up panel to draw up a new poverty line - Times of IndiaDefining a poverty line for IndiaWhat to expect from the budget's Mahila Shakti Kendras: Not much, say activistsMahila Shakti Kendras to boost skill development - Times of IndiaBudget 2017: Allocation to women and child development ministry up by 20%Union Budget 2017: Over 30 percent hike for SC-ST welfare in budget allocation‘Budget a major disappointment for SC/STs’The 2017 Budget Is Taking SC/ST Welfare BackwardsBudget 2017: Corporate tax for MSMEs with revenue under Rs 50 cr at 25%Budget 2017: Arun Jaitley raises defence budget by 10 per cent to Rs 2,74,000 croreDefence Budget 2017-18: Chugging AlongWhy Modi Government's Political Funding Reforms May Just Be a Smokescreen₹2,000 ceiling for cash donation to parties

What are your views on the Union Budget of India (2017–18)?An implicit question in this one is if it is a good budget overall or not. I feel that a better approach towards this year’s budget would be a comparative one. Let’s see how the budget highlights fare against what was done earlier. Let’s also try to uncover some of the stuff in the budget which have not been highlighted but which are, nevertheless, important.Agriculture:Long term irrigation corpus has been doubled from Rs. 20,000 crore to Rs. 40,000 crore.A micro-irrigation fund of Rs. 5000 crore is also to be setup. This is supposed to help in drought mitigation as only 40% of the total cultivated land in the country is irrigated. However, there are rising requests to streamline and efficiently implement the subsidy scheme that is already present for micro-irrigation. Normally, farmers want to set up the micro irrigation systems, after the monsoon season is over. However, the pre-sanction can take very long. Many a times, the subsidy disbursal is delayed by two to three years after the farmer submits his application. [1]A special fund for dairy processing and infrastructure development of Rs. 8000 crore will be created. This is a good step to bring sustainability to agriculture. Farmers have shown abilities to manage inclement weather and market vagaries by investing in dairy as an alternate source of income. The fund is supposedly enough to modernize India’s dairy processing infrastructure which is 30–40 years old and also create new milk processing cooperatives of the size of Amul. [2] [3]The govt. will set up mini labs in the Krishi Vigyan Kendras for soil testing.The farmer credit has been increased from Rs. 9 lakh crore in FY 2016–17 to Rs. 10 lakh crore in 2017–18. Increased focus will be given to Eastern states and Jammu and Kashmir since they have been under-served.Rural Population:Allocation for MGNREGA has been increased from Rs. 38,500 crore last year to Rs. 48,000 crore, the highest ever allocation. This comes in spite of the current govt. not being an advocate for the scheme. Two years of drought has forced the govt. to bailout the rural sector using the scheme which, though is a money guzzling monster, has wide reach and deep ground work in rural India. It’d be interesting to see how the govt. performs.The budget allocation for Pradhan Mantri Gram Sadak Yojana has remained the same at Rs. 19,000 crore. However, according to govt. reports, the rate of road construction has increased from 70–80 kms per between 2011–14 to 100 kms per day in 2014–16. Now it stands at 139 kms per day. [4][5]Targeting to complete 1 crore houses for the rural homeless, the allocation for the Pradhan Mantri Gram Awaas Yojana has been increased from Rs. 15,000 crore to Rs. 23,000 crore. [6]Mr. Jaitley has claimed that the country was well on its way to provide 100% rural electrification by March 2018. However “The Hindu”, has done some investigative journalism and has found that the earlier claims by the govt. regarding rural electrification to be grossly exaggerated. Hence we can take Mr. Jaitley’s claim with a pinch of salt. [7] [8]The govt. is planning to make 50,000 gram panchayats out of 2,50,000 total gram panchayats in India to be poverty free. The problem is the definition of the poverty line. Since the NITI Aayog has been formed, there hasn’t been any clear definition of the poverty line. There was a news report claiming that the Aayog supported the Tendulkar Poverty line of Rs. 33 a day. But later another news report claimed that the Aayog is likely to form another committee to cautiously determine the poverty line. [9] [10] [11]Poor and the under-privileged:Rs. 500 crore has been allocated for setting up Mahila Shakti Kendras in the 14 lakh Anganwadis across the country. It will be a one stop convergent service for empowering rural women with opportunities for skill development, employment, digital literacy, health and nutrition. But the problem is that Rs. 500 crore divided by 14 lakh anganwadis comes to Rs. 3,571 per anganwadi. I don’t know what can be achieved with this amount. Another problem is that the Anganwadis have been set up under the ICDS which has seen budget cuts to the tune of 50% (Rs. 8000 crore) in the past two years. [13] [14]The total outlay for the development of women and children across ministries is Rs. 1.84 lakh crore. This forms 8.57% of the total estimated budgetary expenditure of Rs. 21.47 lakh crore. It is also an increase of over 0.5% from last years budget where Rs. 1.56 lakh crore out of Rs. 19.78 lakh crore was budgeted to spent on women and children development schemes across ministries.The amount budgeted for Indira Gandhi Matritva Sahyog Yojana saw a four times jump with Rs. 2,700 crore being set aside this year as compared to Rs. 634 crore in 2016-17. Under this scheme, Rs. 6000 will be provided to all pregnant women who seek institutionalized delivery and vaccination. [14]The allocation for Scheduled Castes is Rs. 52,393 crore, an increase of 35% from the allocation previous year which stood at Rs. 38,833 crore. But we must take it with a pinch of salt. In 2014–15 the budgetary allocation was Rs. 50,548 crore. It was reduced by 40% the next year. Also, according the Jadhav committee recommendations, budgetary allocations for the SC’s should be 4.62% of the total expenditure, which comes out to around Rs. 97,000 crore in 2017–18 and Rs. 82,000 crore in 2014–15 when the actual allotment was Rs. 50,548 crore.Same goes for the allocation for Scheduled Tribes. It stands at Rs. 31,295 crore, a jump of 30% over the previous allocation of Rs. 24,005 crores. But the Jadhav committee recommends allocating Rs. 49,992 crores for 2017–18. Interestingly, here too, in 2014–15, against the committee recommendation of allocating Rs. 42,141 crores, the actual allocation was Rs. 32,387 crore, higher than the present allocation. [15] [16] [17]Aadhar based smart cards will be issued to senior citizens to monitor health.Railways and infrastructure:The budgetary allocation for infrastructure stands at a whopping Rs. 3.96 lakh crore. This is close to 80% increase from the previous budgetary allotment of Rs. 2.21 lakh crore.The budgetary allocation for railways has also been increased to Rs. 1.31 lakh crore from Rs. 1.21 lakh crore previous year.The budgetary allocation for highways too continued the upward trend. Rs. 64,000 crore was allocated as against Rs. 55,000 crore last year. It was Rs. 28,881 crore in 2014–15 and Rs. 42,913 crore in 2015–16.Finance:The allocation for lending under the Pradhan Mantri Mudra Yojana, a scheme for funding non corporate small businesses, has been increased from Rs. 1.80 lakh crore to Rs. 2.44 lakh crore.For big-time offences - including economic offenders fleeing India, the government will introduce legislative change or introduce law to confiscate the assets of these people within the country. This is especially important considering the Vijay Mallya episode.Digital India - BHIM app will unleash mobile phone revolution. The government will introduce two schemes to promote BHIM App - referral bonus for the users and cash back for the traders. This plan is consistent with the push to digitization. However, we are missing a huge point. For digitization, we need cellphones, which in turn need cellphone towers, which in their turn need electricity. Where is electricity? In an earlier point I mentioned about the lapses in the claims of the govt. regarding rural electrification. In my view, the push to digitization should continue, however, rural electrification and cellular infrastructure are a must if this is to succeed. [7] [8]Taxation:There is some cheer for the salaried class. The tax rate for income between Rs. 2.5 lakhs to Rs. 5 lakh has been slashed by half. And those earning higher will see a tax benefit of Rs. 12,500 per year.10% surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15% surcharge on individual income above Rs. 1 crore to remain.The Income Tax Act to be amended to ensure that no transaction above Rs 3 lakh is permitted in cash.Under the corporate tax, in order to make MSME companies more viable, there is a proposal to reduce tax for small companies with a turnover of up to Rs. 50 crore to 25%. As compared to bigger corporations, they don’t enjoy a lot of exemptions. Hence while a corporation earning a profit of Rs. 500 crore would effectively pay a tax rate of 24.67%, the MSME’s had to pay full 30% corporate tax. [18]Fiscal situation and miscellaneous:Total budgetary expenditure is Rs. 21.47 lakh crore.Fiscal deficit of 2017-18 pegged at 3.2% of the GDP. Will remain committed to achieving 3% in the next year.The defence sector gets an allocation of Rs. 2,74,114 crore, excluding pensions. It is a modest 6% increase which may not even be able to meet the impact of inflation, depreciation of the rupee and the imposition of customs duty on military imports from last year. [19] [20]Political parties and funding:The maximum cash donation that a political party can receive from a single source is reduced from Rs. 20,000 to Rs. 2,000. People are quoting it as a step towards greater political transparency. In reality however, it is a complete hogwash. As long as anonymous donations are allowed, black cash will keep flowing into the coffers of the political parties. Earlier they’d say donations worth Rs. 2,00,000 have come from 11 donors, all anonymous. Now they’d say the same amount has come from 101 donors, all anonymous. [21] [22]Where is the increased push towards education?Overall, this budget focuses a lot on agriculture, which has been neglected for a very long time. This is something which is really heartening. It also reflects the mood of the current govt. to keep up the boost towards infrastructure.However it does miss out or gloss over or simply carry on what was already there in important fields such as education, health care and defence.In terms of allocations towards SC/ST’s and political funding, this budget has been a colossal disappointment.Links:Budget 2017: Micro-irrigation industry demands better implementation of subsidiesUnion Budget 2017: Nabard hails higher fund allocation for irrigation, dairy sectorIndia to add ‘two Amuls’ milk capacity in 3 years - Times of IndiaRural roads' construction pace increases to 139km/day - The Economic TimesBudget 2017: Government aims to bring 1 crore households out of poverty by 2019Union Budget 2017: 53 per cent more funds for rural housesOn paper, electrified villages — in reality, darknessRural electrification: Centre’s claim exaggeratedNiti Aayog task force backs ‘Tendulkar poverty line’Niti Aayog to set up panel to draw up a new poverty line - Times of IndiaDefining a poverty line for IndiaWhat to expect from the budget's Mahila Shakti Kendras: Not much, say activistsMahila Shakti Kendras to boost skill development - Times of IndiaBudget 2017: Allocation to women and child development ministry up by 20%Union Budget 2017: Over 30 percent hike for SC-ST welfare in budget allocation‘Budget a major disappointment for SC/STs’The 2017 Budget Is Taking SC/ST Welfare BackwardsBudget 2017: Corporate tax for MSMEs with revenue under Rs 50 cr at 25%Budget 2017: Arun Jaitley raises defence budget by 10 per cent to Rs 2,74,000 croreDefence Budget 2017-18: Chugging AlongWhy Modi Government's Political Funding Reforms May Just Be a Smokescreen₹2,000 ceiling for cash donation to parties

List of papers/ documents applicable to all applicants:· Completed loan application on prescribed format· 3 Passport size photographs.· Proof of identity :Submission of copy of PAN Card as proof of identity will be mandatory in respect of all customers (excluding NRI/PIO) availing Home Loan or other mortgage loan of Rs. 5 lacs and above. However, in case of joint accounts, PAN will not be mandatory for non-earning co-borrowers. A copy of Aadhar card may also be obtained.In cases of loan below 5 lacs, any one of the following document is accepted as proof of identity:· Photo copies of Voters ID card/ Aadhar/Passport/ Driving license/PAN card.· Proof of residence/current address : Any one of the following documents:(photo copies of recent Telephone Bills/Electricity Bill/Water Bill/Piped GasBill/Property tax receipt/Passport/Voter ID card (only if contains the currentaddress)/Aadhar Card/Credit Card Statement/Income/Wealth Tax· Assessment Order/Copies of Registered leave & license agreement/Letter ofallotment of accommodation from employer issued by State or Central· Government Departments, PSUs, Statutory/Regulatory bodies CoomercialBanks and Listed Companies)· Proof of business address for non-salaried individuals· Statement of Bank Account/ Pass Book for last six months· Personal Assets and Liabilities statement on Bank’s standard format· Proof of Identity and Address and details of Bank Account of seller(s) in caseof resale property .For guarantor (wherever applicable):· Personal Assets and Liabilities Statement· 2 passport size photographs· Proof of identification as above· Proof of residence as above· Proof of business address as aboveAdditional documents required for salaried persons:· Current pay slip (Original Salary Certificate from employer when pay slip isnot available)· Copy of Form 16 or copy of IT Returns for last two financial years, dulyAcknowledged by IT Dept.· Where check-off is proposed:a. Irrevocable letter of authorityb. Letter from employersc. Irrevocable Letter of Authority where applicant himself is Drawingand Disbursing Officers.(A) Additional documents required for Professionals/self- employed/ other IT assesses : Acknowledged copies of three years I.T. returns or Assessment Orders.* Audited Balance Sheet will be obtained if gross receipt in one year exceedRs.50 lacs in case of customers carrying on profession. Photocopies of challans evidencing payment of Advance Income Tax.*(B)Additional documents required for Businessmen: Acknowledged copies of three years I.T. returns or Assessment Orders. Balance Sheets for last three years. Audited Balance will be obtained if total annual sales or turn over or gross receipts exceed Rs. 1 crore in case of customers engaged in business. Copy of Partnership Deed/Memorandum of Assosiation, as the case may be. Opinion report from the respective Bank, if firm/company has availed any credit facility from any Bank.Property documents:a) Sale Deed, Agreement of Sale, Original share certificate(s) issued by the society.b) Copy of approved plan (wherever applicable) *c) Permission for construction (wherever applicable)d) Estimate ( for new house)/Valuation Report (for ready built/second saleproperties) from approved valuers in respect of the property to be financed(wherever applicable)e) Land and Building tax paid receipts and possession certificate if applicablef) Letter of allotment from Housing Board/Society/Private Builderg) Original receipts of advance payments towards purchase of flath) Search report/Non encumbrance certificate for applicable period from Bank’s advocate.i) Original of land tax paid receipt and possession certificate issued by the revenue authorities.j) Original NOC under ULCR Act 1976k) Copy of the relative order in case of conversion of agricultural landl) Original No objection certificate [NOC] from Housing Society/Builderm) Letter from the builder/society/Housing Board intimating their a/c number and name of their bankers, for remittance of instalments.In case of takeovers:Request letters from borrower to his existing financier and to the Bank for repaying the existing loan. Letter from Bank to the borrower's existing financier to close the borrower's loan account. For takeover of residential units where construction of the underlying property is complete, possession is taken and mortgage process is complete, a letter of undertaking is to be taken.