HINDU TEMPLE LOAN PROGRAM
Be a part of this “H T Loan” program and support this great cause
SHTCC proposes to borrow much needed money from the membership and community at large.
Loan Program Details:
- Loan amount in units of $5000
5 year term loan with 1% interest
- Interest payable annually
- Principal to be repaid in 6th year
- Authorized members of SHTCC Board will sign the promissory note on behalf of the organization
- HT Loan is a good faith unsecured loan
- Any willing member can issue a check or bank draft to SHTCC to participate in the
“HT Loan” program. Interest accrual will begin from the date of issuance of the “HT Loan” promissory note and interest will be paid on the anniversary
dates
- SHTCC reserves the right to limit such borrowings at any time and phase the borrowings in multiple ensuing months from members
SHTCC reserves the right to retire the loan at any time prior to the 5 year term by fully paying the outstanding principal and interest, without any
penalties
- Progress of the loan program will be updated in SHTCC website
- Finally, “HT Loan” is strictly a loan and SHTCC board is committed to full repayment of all the money borrowed through this program
This project will preserve the rich heritage of Hindu religion and culture and benefit generations of Saratogans and Bay area residents not only the current generation but also future generations to come.
Loan Program Details:
- Loan amount in units of $5000
5 year term loan with 1% interest
- Interest payable annually
- Principal to be repaid in 6th year
- Authorized members of SHTCC Board will sign the promissory note on behalf of the organization
- HT Loan is a good faith unsecured loan
- Any willing member can issue a check or bank draft to SHTCC to participate in the
“HT Loan” program. Interest accrual will begin from the date of issuance of the “HT Loan” promissory note and interest will be paid on the anniversary
dates
- SHTCC reserves the right to limit such borrowings at any time and phase the borrowings in multiple ensuing months from members
SHTCC reserves the right to retire the loan at any time prior to the 5 year term by fully paying the outstanding principal and interest, without any
penalties
- Progress of the loan program will be updated in SHTCC website
- Finally, “HT Loan” is strictly a loan and SHTCC board is committed to full repayment of all the money borrowed through this program
This project will preserve the rich heritage of Hindu religion and culture and benefit generations of Saratogans and Bay area residents not only the current generation but also future generations to come.
FREQUENTLY ASKED QUESTIONS
Q. Why is SHTCC announcing this "HT Loan" program now?
A. Since the formation of this organization in 2012, the SHTCC Committee has been diligently working towards the goal of a Saratoga Hindu Temple in Saratoga. SHTCC organization has explored many financing options for the past one year. Due to unique market conditions, the traditional financing options ( banks, Bond issue etc) are turning out to be quite expensive. When we talked to various temple organizations in North America, we discovered that debt financing from the community is a very viable option and there are numerous examples of very successful community debt financing for churches and temples in North America. The support from our local community for Saratoga Hindu Temple is quite overwhelming. This is what is motivating the SHTCC organization to quickly launch this program and we believe HT Loan is a great way to accelerate our SHTCC Temple project.
Q. Will my money be safe?
A. The SHTCC organization is fully committed to repaying all money borrowed from members and community at large through the HT Loan program. We are
optimistic about our ability to repay all loans much earlier than the 5 year time horizon we have initially specified, just to be on the conservative side.
However, it must be understood by every lender that this HT Loan is fundamentally a good faith unsecured loan. While the board will do everything
within its powers to ensure the lenders are fully paid back, it is important for every lender to understand the fundamental nature of this loan
instrument. History of other communities in North America who utilized this sort of debt financing for building Hindu Temples has been extremely
positive and very encouraging. We are hopeful that we can successfully pay back the loans just as other communities in North America have done in the recent years.
Q. In case I want my money earlier than 5 years, will SHTCC make arrangements to work with such special needs of lenders?
A. As a uniform policy, our promissory note for all HT Loans raised will specify a 5 year term. The SHTCC board will certainly consider
exceptions to this rule on a case by case basis and decide about retiring certain loans earlier than others. However, we would like for all our
lenders to be able to wait the full 5 year term for the repayment of loan principal. We recommend that our members consider this fact thoroughly and
decide to make any commitments on the number of HT Loan units that they could lend to SHTCC.
Q. Will you be asking the lenders at a later stage to consider converting their lendings to donations?
A. SHTCC is quite clear in announcing the intent of this loan program. HT Loan is strictly a loan. We intend to pay back all money borrowed through this program. The organization certainly needs donations from members and there are events throughout the year to solicit funds from donors. However, we have no intention asking the lenders of the HT Loan program to convert the loan to donations.
A. Since the formation of this organization in 2012, the SHTCC Committee has been diligently working towards the goal of a Saratoga Hindu Temple in Saratoga. SHTCC organization has explored many financing options for the past one year. Due to unique market conditions, the traditional financing options ( banks, Bond issue etc) are turning out to be quite expensive. When we talked to various temple organizations in North America, we discovered that debt financing from the community is a very viable option and there are numerous examples of very successful community debt financing for churches and temples in North America. The support from our local community for Saratoga Hindu Temple is quite overwhelming. This is what is motivating the SHTCC organization to quickly launch this program and we believe HT Loan is a great way to accelerate our SHTCC Temple project.
Q. Will my money be safe?
A. The SHTCC organization is fully committed to repaying all money borrowed from members and community at large through the HT Loan program. We are
optimistic about our ability to repay all loans much earlier than the 5 year time horizon we have initially specified, just to be on the conservative side.
However, it must be understood by every lender that this HT Loan is fundamentally a good faith unsecured loan. While the board will do everything
within its powers to ensure the lenders are fully paid back, it is important for every lender to understand the fundamental nature of this loan
instrument. History of other communities in North America who utilized this sort of debt financing for building Hindu Temples has been extremely
positive and very encouraging. We are hopeful that we can successfully pay back the loans just as other communities in North America have done in the recent years.
Q. In case I want my money earlier than 5 years, will SHTCC make arrangements to work with such special needs of lenders?
A. As a uniform policy, our promissory note for all HT Loans raised will specify a 5 year term. The SHTCC board will certainly consider
exceptions to this rule on a case by case basis and decide about retiring certain loans earlier than others. However, we would like for all our
lenders to be able to wait the full 5 year term for the repayment of loan principal. We recommend that our members consider this fact thoroughly and
decide to make any commitments on the number of HT Loan units that they could lend to SHTCC.
Q. Will you be asking the lenders at a later stage to consider converting their lendings to donations?
A. SHTCC is quite clear in announcing the intent of this loan program. HT Loan is strictly a loan. We intend to pay back all money borrowed through this program. The organization certainly needs donations from members and there are events throughout the year to solicit funds from donors. However, we have no intention asking the lenders of the HT Loan program to convert the loan to donations.
