Savings and Loan association

A savings and loan association is a financial institution which specializes in accepting savings deposits and making mortgage loans. The term is mainly used in the United States; similar institutions in the United Kingdom and some Commonwealth countries are called building societies. They are often mutually held (often called mutual savings banks), meaning that the depositors and borrowers are members with voting rights and have the ability to direct the financial and managerial goals of the organization. It is possible for a savings and loan to be stock-based and even publicly traded. This means, however, that it truly no longer is an association and depositors and borrowers no longer have any managerial control.
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Noun
1. a thrift institution that is required by law to make a certain percentage of its loans as home mortgages
(synonym) savings and loan
(hypernym) thrift institution
(hyponym) building society

National- or state-chartered institution that accepts savings deposits and invests the bulk of the funds thus received in mortgages.

Eng: savings and loan association
Urdu: انجُمَن پَسِ اندازی و قَرض گیری ۔ انجُمَن اِمدادِ باہَمی کی ایک تَنظیم ۔