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PUNJAB NATIONAL BANK
HUMAN RESOURCES DEVELOPMENT DIVISION HO: Plot No.4, Sector 10, Dwarka, New Delhi - 110075
March 27, 2020
TO ALL OFFICES
In Supersession of Circulars Loans & Advances
No. Date No. Date 62 09.06.2006 120 30.10.2010
123 22.10.2014 13 06.02.2015 42 08.06.2015 --- -----
HRDD 726 02.12.2015 756 05.04.2017 767 24.11.2017 --- -----
HRDD CIRCULAR NO. 820
MASTER CIRCULAR - SCHEME FOR HOUSING LOAN TO STAFF MEMBERS
The Staff Welfare and Benefits were duly approved by the Board to be effective from 01/04/2020 for all staff members after amalgamation of Oriental Bank of
Commerce & United Bank of India into Punjab National Bank. Accordingly, consolidated guidelines on Scheme for Housing Loan to Staff
Members are available in the Annexure. All concerned are advised to note the contents of this circular for meticulous compliance.
(RAJESH VERMA) GENERAL MANAGER
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HOUSING LOAN SCHEME FOR MEMBERS OF STAFF
1. ELIGIBLE EMPLOYEES:
All confirmed employees of the Bank. A Bank officer on deputation to a Government Deptt. „or‟ on Overseas
Location will be entitled for Housing Loan from his/her parent Bank only.
Ordinarily, employees under suspension or against whom major
disciplinary proceedings are initiated, would not be eligible for Housing Loan. However, competent authority, depending upon the gravity of the
case, may sanction Housing Loan to such employees subject to the condition that the employee will be required to furnish sureties of two permanent employees of the Bank, acceptable to the Bank.
2. MAXIMUM LIMIT:
Cadre Housing Loan
Limit
Cadre Loan Limit for
Repair/
Renovation/
Furnishing*
Subordinate Rs.30 Lac Subordinate Rs.8 Lac
Clerks Rs.45 Lac Clerks Rs.12 Lac
Officers up to Scale
IV
Rs.65 Lac All Officers
irrespective of
Scale
Rs.20 Lac Officers of Scale V
and above
Rs.80 Lac
The part-time employees who are confirmed in the services of the Bank and
fitted with time scale of wages are eligible for housing loan under the housing
loan scheme applicable to the sub-staff of the bank. However, the maximum
amount of loan payable to such employees to be in proportion to the
scale wages drawn by them.
*The employee may avail the furnishing/repair/renovation loan to the
maximum cap as per his/her eligibility over and above of ceiling limit for
housing loan.
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3. COMPONENT OF FINANCE:
Margin: Uniform margin of 10% for housing loan is to be brought in by the employee.
Cost of project will include stamp duty, registration charges, any tax imposed by Govt. and amount of advances may be computed after providing for 10%
margin on the cost of project subject to the fulfillment of other eligibility criteria. GSS premium also to be added in the component of finance without margin (wherever applicable).
4. MAXIMUM PERMISSIBLE BANK FINANCE:
90% of Cost or maximum loan amount permissible, whichever is lower.
5. RATE OF INTEREST:
6% p.a. Simple
6. NET TAKE HOME: 40% for Gross Income up to Rs.50000/-
30% for Gross Income above Rs.50000/-.
After taking into account all deductions including notional interest of
sanctioned staff Clean OD Limit.
7. REPAYMENT PERIOD:
Amount of loan will be repaid in maximum 360 months (3:1 ratio of Principal :
Interest), however, for the loan with lesser tenure, the computation will be
done on pro-rata basis and the loan amount (Principal + Interest) will be
liquidated maximum up to the age of 75 years for pension optees „&/or‟
having other regular permanent income and in case of others maximum
permissible age is up to 60 years or superannuation, whichever is earlier.
8. SANCTIONING AUTHORITY:
As per Loans & Advances circular on loaning powers & guidelines for
exercising such powers at various levels for the Members of Staff.
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9. PURPOSE OF LOAN: Acquiring a plot and constructing a house thereon in the name of the
borrowing members of the staff „or‟ by the borrowing member of the staff
jointly with his/her spouse or in the name of his wife alone. Housing Loan
to female employee be allowed to purchase plot/ house in the name of her
husband alone under Housing Loan Scheme for Staff with the following
conditions:-
I. The spouse of the employee will be a co borrower II. The spouse of the employee will mortgage the Plot/ Housing
property to the Bank.
III. The female employee and the spouse of the employee will be jointly and severally liable for repayment of the loan with interest and other dues.
Constructing a house on a free hold or lease hold plot already owned by
the borrowing member of the staff or by the borrowing member of staff
jointly with his/her spouse or already owned by his/her spouse alone only
subject to the condition that the spouse will stand as co
borrower/guarantor. The spouse will create or join in creation of mortgage,
as the case may be.
Getting a plot under co-operative schemes and constructing a house,
where title will vest on the official after the house is built.
Enlarging/Remodeling/Reconstruction or making addition to living
accommodation in an existing house owned by the staff or jointly with
his/her spouse or already owned by his/her spouse only.
Purchasing a built house in the name of the borrowing member of the staff
or jointly in the name of the borrowing member of the staff with his/her
spouse or in the name of his/her spouse.
For purchase of land & construction thereon
Purchasing a flat built by Cooperative Group Housing Societies in the
name of the borrowings member of the staff or by the borrowing member of
the staff jointly with his/her spouse or in the name of his/her spouse.
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Reconstructing a house by demolishing the existing construction, subject
to approvals of local body or the competent authority as the case may be.
Such cases will be considered as new construction and no loan against the
said house should be outstanding at the time of sanction of facility.
Remodeling/reconstructing or making additions to a house already owned
by the borrowing member of staff or by the borrowing member of staff
jointly with his/her spouse or already owned by his/her spouse.
Conversion of hire-purchase into outright purchase of house/flat from
State Housing Boards or similar Government controlled bodies, and
outright purchase of new ready built house or flat from Govt. Semi-
Government or local bodies, housing boards, development authorities, etc.
and from private parties.
Repayment of loan taken from Bank/NBFC/Private resources for house
construction for completed construction as well as under construction
units
Take-over of house loan classified as Standard Regular and raised from
other Banks/FI/NBFC etc at the existing level only, subject to fulfilling the
conditions with regard to eligibility criteria, clear and marketable title and
valuation of house property etc. After the takeover process, if completed
and title deeds are deposited with our bank, the staff may avail further
loan for repair/renovation/enlargement within the prescribed ceiling of
loan amount as per scheme.
Housing loan proposal for repayment of loan raised by members of staff
before becoming eligible i.e. before confirmation in the bank from
Central/State Govt. Housing Boards, Housing Societies, Trust Boards, LIC,
Scheduled Commercial Banks, HDFC, HUDCO, DDA and financial
institutions (not from own/private sources) may be considered only after
he/she becoming eligible i.e. after confirmation in the bank. Such
repayment of loan (in the name of the employee or jointly with spouse)
would be subject to the prescribed terms & conditions. Takeover of housing
loan availed from other Banks/FIs, in case of loan availed earlier to joining
or after joining the Bank‟s service with permission of the Bank (in the
name of the employee or jointly with spouse). An employee who has availed
loan for acquiring/constructing a house or flat from any financial
institution including loan availed from our bank may convert his/ her
existing loan account under the scheme in order to avail the benefit of the
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scheme, subject to maximum limit to the extent of difference between the
current maximum loan entitlement of the employee and amount of existing
loan sanctioned initially. This takeover of loan is available only up to 2nd
dwelling house. All the formalities to be followed as per the existing take
over norms of the Bank and fulfilling the eligibility criteria under the
scheme.
Construction of residential portion alone of the building on a plot which is
earmarked as shop cum residential plot in a residential colony subject to
the condition:
A. The entire property including the shops and the residential portion
should be mortgaged.
B. The entire building including shops should be insured against fire,
lightning and floods etc.
C. Eligibility of loan would be only for construction of residential part.
Purchasing of house/flat under self-financing housing scheme and co-
operative group housing societies.
Purchase of a flat/house being built by private builders/promoters on Self-
Financing basis in all Urban Centres in the country in the name of the
borrowing members of the staff „or‟ by the borrowing member of the staff
jointly with his/her spouse.
10. MODE OF DISBURSEMENT:
For purchase of land & construction thereon:
For purchase of plot: 50% of the loan sanction or 90% of the actual cost of plots falling in all areas, whichever is less. The sanctioning authority will have the discretion to increase the above ceiling by 10% in genuine cases
and in case of direct allotment of plot by Local/State Development Authorities. The margin requirements will be adhered to throughout the disbursement.
For construction only where the land is already owned:
The loan amount will be disbursed in 4 equal tranches depending upon the stage of construction and after ensuring end use of previous drawls.
For purchase of ready built House/Flat (freehold): In one lump sum and the payment to be made directly to the Seller by way
of RTGS/ NEFT/ DD.
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For the purpose of house/flat from co-operative group housing society /Private Builders:
Disbursement of loan within the sanctioned limit may be made in the light of demands made by the co-operative group housing society/ Private
Builders, subject to obtention of equitable mortgage as early as possible. Tripartite and the margin requirements will be adhered to throughout the disbursement.
For facility of repairs/renovation/enlargement of existing premises will be
disbursed in 2 equal tranches after ensuring end use of previous drawl.
For enlargement/ construction disbursement of installment is to be related
to the progress in the construction of the housing unit. However, where individual land documents are available, equitable mortgage should be essential before disbursement of the loan. This should be subject to legal
opinion to be furnished to the sanctioning authority.
11. CONSTRUCTION PERIOD/ TIME LIMIT FOR UTILIZATION OF ADVANCE/ CREATION OF CHARGE ON SECURITY:
Purchase of land: Deal for purchase of land should be completed and the sale deed should be produced within six months, failing which the amount of loan should be refunded in lump sum to the bank. For construction of
house: The sanctioned amount should be availed and construction should be completed as per estimate within maximum 2 years from the date of
first disbursement.
The borrowing member of the staff should give an undertaking to start construction on plot within maximum period of one year from the date of disbursement of loan for the purchase of the plot. At the time of
sanctioning of loan for construction of the house, the original limit for the purchase of plot may be enhanced to the eligible Housing Loan limit
admissible under the Housing Loan Scheme and the outstanding in the previous Housing Loan granted for purchase of plot be transferred to the new account.
For construction only where the land is already owned: The sanctioned amount should be availed and construction should be completed as per
estimate within maximum period of 2 years from the date of first disbursement.
In case of purchase of flat etc. under construction stage /to be constructed, from co-operative society/builder/developer or from public sector/Govt. Agencies like DDA, NOIDA, HUDA, PUDA etc. and allotment
of Plots by Govt. agencies. The maximum permissible construction period will be as per the builder construction plan/schedule or 48 months, whichever is lower.
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For purchase of ready built house/flat (freehold), the acquisition of built up House/Flat and deposit of Title Deed should be completed within 3 months
of date of disbursement. Extension of time limit up to 1 year on submission of genuine reasons may be granted by the sanctioning
authority. For purchase of house/flat from Co-operative Group House Building
Societies creation of valid and legally enforceable charge over the property in favour of bank should be completed within 3 months of date of disbursement. Extension of time limit is permissible up to one year by the
sanctioning authority on submission of genuine reasons.
Facility for repairs/renovation of existing premises will be available after two years of initial construction/original purchase in case of ready built house/flat and will thereafter be further sanctioned after minimum two
years period, on adjustment of the existing repair loan.
12. MORATORIUM: In case of construction of new house, the repayment will commence from
the month following the completion of house or 24 months after the date of disbursement, whichever is earlier.
In case of purchase of built-up house, the repayment will commence from the month following the month of purchase or 3 months after the date of
disbursement, whichever is earlier. In case of purchase of flat etc under construction stage from Coop
society/builder/developer or from PSU/Govt agencies like DDA, NOIDA, HUDA, PUDA etc and allotment of plots by Govt agencies, the maximum permissible construction period will be as per the builder construction
plan/schedule or 48 months whichever is lower. However, the maximum moratorium period will be capped to 36 months and thereafter repayment
of the loan will commence. In case the loan is disbursed partly, then pro-rata installments will be payable after the moratorium period of 36 months.
In case of purchasing plot and construction thereon, if construction is not
started on plot within stipulated period, repayment will be started immediately from the following month from the date of expiry of such period.
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13. EXIT OF STAFF FROM BANK‟S SERVICES:
In case of staff leaving services of the bank other than on superannuation, the benefit of staff housing loan may be extended to staff member opting for VRS
after attaining the age of 55 years and putting in a minimum of 20 years service subject to adequate and verifiable cash flows for repayment of the loan, to the satisfaction of the sanctioning authority. However the extension of
repayment is not to be granted to employees who have been imposed compulsory retirement or tendered VRS (Other than above)/ Resignation/ Cessation of Service in the normal course, the amount will be adjusted from
the terminal dues or converted to General Public scheme from the date of such event, subject to his/her eligibility, as the case may be.
14. CONVERSION OF STAFF HOUSING LOAN TO GENERAL PUBLIC
HOUSING LOAN:
The employees leaving Bank's service may be treated like public and the loan
amount, if any, outstanding in their housing loan accounts (both under housing loan scheme at concessional rate of interest and interest rate applicable to public) may be allowed to continue on a specific request from the
employee on the following broad terms and conditions (if period not extended, as applicable):
The amount to be converted as general public housing loan will be calculated on the basis of net take home criteria.
The outstanding amount over and above the eligibility will be adjusted
through the terminal benefits or from own sources.
In such cases the equated monthly installments will be rest for the amount
converted into General Public Housing Loan Scheme.
Rate of interest (compounded) will be charged as per the then prevailing
rates applicable for housing loans to General Public on converted amount. Standing instruction to be taken to recover the installments from the
monthly Pension, if any, of the individual. The undertaking to this effect will be given by the employee at the time of conversion of loan under Staff
Housing Loan Scheme to General Public Scheme for the repayment tenure. Existing mortgage of the property will continue. In cases where mortgage of
property could not be done, two suitable guarantees be obtained. In case where an employee is drawing pension, a letter of undertaking be
obtained that in the event of default in repayment of installment, the bank may deduct the amount from pension.
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Documentation :
Supplementary Agreement - Annexure-17. (Stamped) Letter from Guarantor - Annexure-18. (Stamped) (wherever required).
Applicability of the guidelines in existing cases
- Ex-staff desirous of exercising the Floating/Fixed option of rate of
interest will be required to give his/her consent through a letter and execute Supplementary Agreement as per Annexure-19. In
case such option is not exercised, the existing rate of interest stipulated under the captioned scheme shall continue.
- The above interest rate shall be applicable from the date of the
consent letter. Such interest rate shall be permitted by the Incumbent of the branch, where the housing loan account is
maintained.
15. WHEREIN STAFF MEMBER & HIS/HER SPOUSE IS THE EMPLOYEE OF OUR BANK:
Where both the borrowers are our employees and Staff Housing Loan is already availed under Staff Housing Loan Scheme in joint names, Loan for
2nd House (either for new acquisition or for takeover of liability from other Bank/FI) will be permitted wherein the new property to be purchased should have the title of the spouse in reverse order/transpose than that of
1st loan availed under Staff Housing Loan. The 2nd staff housing loan to such employees can be sanctioned even without adjustment of first STAFF
HOUSING LOAN. Separate loans under revised STAFF HOUSING LOANS in the name of the employee and his/her spouse can be permitted for two separate dwelling units individually owned/ to be owned as per individual
eligibility criteria. The loan may be for purposes already mentioned in this circular.
In cases where spouse of the employee is working in a different
organization, and has raised/is likely to raise housing loan as per the staff scheme prevalent in his/her organization, our staff member will remain
eligible to raise staff housing loan as per his/her individual entitlement. However, if both husband and wife are working in the bank then besides clubbing their income, the eligible quantum of loan in their individual
capacity may be clubbed to arrive at the loan amount subject to satisfaction of sanctioning authority in respect of repayment. However, for
the purpose of computing the quantum of the loan, monthly salary of both of them will be considered together and both of them are to execute the
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necessary documents jointly. The total loan quantum to be sanctioned (by computing their salaries together) will be subject to ceilings and stipulation
given in Para 2 above. If one of the spouse happens to be an officer and the other one an award staff, in such cases the maximum loan ceiling will
be determined as stated above. Where both husband and wife are working in our Bank and one of them
leaves the Bank's service transfer/continuation of Housing Loan in the name of other spouse may be allowed subject to the following conditions:
a) The spouse in whose name the Housing Loan outstanding will be
transferred/allowed to continue, should otherwise be eligible to raise
Housing Loan in terms of applicable Scheme or else it will be recovered
from the terminal dues of such outgoing employee.
b) The Housing Loan account of the employee proposed to be transferred
in the name of his/her spouse should be running regular and no
inspection irregularity outstands in the account.
c) It should be ensured that all the loan accounts of the transferee are
regular.
d) The property should be in the joint names of the employee, with his/her
spouse and equitable mortgage should have been created jointly before
transferring the balance outstanding from the existing account of the
retiring employee to the name of his/her spouse.
e) The balance outstanding in the Housing Loan Account should continue
to be adjusted in regular monthly installments and should be adjusted
in the stipulated installments, as per original sanction.
f) Recovery of Housing Loan should start from the month in which
outstanding of Housing Loan has been transferred.
g) Documents may be obtained in consultation with Law Division at CO/ZO or Bank's approved counsel.
16. FOR EMPLOYEES UNDER SUSPENSION:
Ordinarily, employees under suspension or against whom major disciplinary proceedings are initiated, would not be eligible for Housing Loan. However,
competent authority, depending upon the gravity of the case, may sanction Housing Loan to an Officer against whom disciplinary proceedings are
pending, subject to the condition that the officer will be required to furnish sureties from the two permanent officers of the Bank, acceptable to the Bank.
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17. INSURANCE: On completion of construction/purchase, the house should be insured with
usual Bank clause by the official at his cost against fire, flood and lightening for the full value of the house. The insurance policy should be deposited with
the Bank and the premium receipts should be produced for inspection. The insurance should be kept alive till liquidation of advance.
18. SEARCH/NON-ENCUMBRANCE CERTIFICATE
A full report on the title should be obtained from the bank's approved lawyer, wherever required. Where Non-encumbrance Certificate from the office of
Assurances is not produced, Bank's lawyer should make a search of records and ensure that no prior mortgage, charge or any other encumbrance on the
property exists. The result of his search should be incorporated in his report.
The Search Certificate may be obtained from the approved Counsel or any
other local practicing Lawyer having 10 years' or more experience.
19. MORTGAGE GUIDELINES:
In case of acquisition of property from Co-operative House Building Society
the sanctioning authority will examine the local laws prevailing in relation
to creation of charge on the property by earmarking lien on the
plot/house/flat in the books of such cooperative society and deposit of
original share certificate and it must be ensured that Banks interest is
safeguarded as far as creation of legally enforceable security is concerned.
In all other cases, the security will be charged by way of deposit of title
deeds/registered mortgage, as the case may be. Where a mortgage, simple
or equitable, cannot be created in respect of house property/ or ownership
flat/ apartment, the following securities will be obtained in Bank‟s favour: -
(i) Irrevocable Power of Attorney authorizing the Bank as agent to sell the
said property/ flat/ apartment and/ or transfer the said property/ flat/
apartment in the name of the borrower-employee(s). The said power of
attorney will inter-alia contain a clause to do all acts in relation to the said
property/ flat/ apartment as may be required by the Bank. (ii) Irrevocable
Letter of Set-Off authorizing the Bank to apply the gratuity money to the
loan account if the amount of the loan sanctioned exceeds the Gratuity
money earned by the loanee, at the time of sanctioning the loan, at least
50% of the shortfall must be covered by assignment of LIC Policy or PLI,
Life Insurance Policies (old or new). For such cover, the amount assured is
relevant and not the surrender value. Premium on such assigned policies
is to be paid through the Bank by way of deduction from monthly salary
bill or otherwise as per standing instruction of the loanee employee (iii)
Tripartite Agreement between Borrower, Builder & Bank.
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In cases where it takes long time in getting back the registered sale deeds
from the office of sub-registrar, the receipts given by the registrar
(Chirkut)/ Certified Copy of title deeds can be taken as symbolic
representation of the original title/sale deeds. In such cases creation of
Equitable Mortgage on the basis of certified copy of title deeds in respect of
Housing loan to staff members may be considered by the authority
competent to sanction housing loan to staff subject to compliance of the
following formalities in consultation with Bank's counsel:
I. Certified copy of Title/Sale deeds and other link deeds, if any.
II. Certified abstract of index registration number.
III. Original receipt of fee paid and duly discharged by the owner –
Mortgagor (by making his/her signature on the back side of it).
Further following documents be executed on date subsequent to the date
of deposit of title deeds: A) Power of Attorney ANNEXURE-20. B) Deed of undertaking ANNEXURE-21.
C) Letter by the borrower addressed to the sub-registrar to send the original title deed directly to Bank after completion of the registration
formalities ANNEXURE-22. D) Narrations in the Title Deed Register be also suitably modified as
under:
NARRATIONS IN THE TITLE DEED REGISTER
i) "Deposited by Shri ________________________ the receipt issued by Registrar of Assurances in connection with the registration of
_____________________ deed dated _______________ alongwith the certified copy of the said deed and other title deeds mentioned above. When making the deposit, Shri ____________________ stated that he did
so with the intent to create security by way of equitable mortgage in respect of land together with all buildings, super-structure, constructed or to be constructed, present and future, and/or the
properties covered thereby situated at ________________ ___________________ in favour of the Bank to secure repayment of
advances made or to be made by the Bank to _____________________ by way of _______________ _______________ not exceeding Rs.______________ and for all other indebtedness and liability
whatsoever, besides interest, costs and other charges." ii) In the column relating to description of title deeds in the title deed
register, the receipt given by the Registrar of Assurances and the certified copy of the deed in connection with which the above receipt is given, be detailed besides giving the details of the other title deeds
deposited.
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iii) After receipt of the registered documents from the Registrar office the fact of receipt and details of title deed be narrated in the remarks
column as under:-
"Received on ____________from *Registrar office, _______/ Mortgagor, the __________deed executed on __________ favouring ________________, bearing Registration No._______
*Delete what is inapplicable
MANAGER"
Mortgage of the property to be acquired: Property (to be acquired/ built) is
to be mortgaged in the Bank in the following manner viz.
I. In case of a whole building the property including land is to be
mortgaged by deposit of Title Deeds where Equitable Mortgage is
permissible and in other cases by simple Registered Mortgage.
II. If the house/ flat/ apartment is in a co-operative society, the share
certificate issued by the Co-operative Society in the name of the
employee-borrower is to be deposited with the Bank. In case where a
Financial Institution or the Housing Board of the State has first
charge on the house/ flat/ apartment of the Society, the Bank will
have the second charge on the house/ flat/ apartment of the officer
availing the housing loan. In such cases the Bank will notify the Co-
operative Society of its financial interest and also first/ second
charge on the house/ flat/ apartment and obtain appropriate
resolution passed by the Society recording such first/ second charge
and also that the house/ flat/ apartment will not be permitted to be
sold without the express consent of the Bank.
20. NORMS WITH REGARD TO CONSTRUCTION OF HOUSE/ SALE OF
HOUSE PROPERTY AVAILED THROUGH STAFF HOUSING LOAN:
In case the construction is not started by the borrowing employee on the plot
of land financed by the Bank within the stipulated period of one year, unless
there are justifiable reasons (for which prior approval of sanctioning authority
to be obtained), penal interest @ 1% above the applicable interest rate be
charged from the date of disbursement. Clarification on this issue is given as
under: Prescribed rate of interest should be levied/charged from the date of
commencement of construction. Higher rate of interest should be charged only
for the period of default and no refund is to be given for the same. In the event
of employee not starting construction on the plot of land within the specified
period of one year, the following procedure may be followed:-
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a) Upon request of the employee after a period of one year, the sanctioning
authority may permit extension of time period by a maximum period of
one year depending upon merits of each case. In case of rejection of
request by the sanctioning authority for whatsoever reason, (the higher
rate of interest i.e. 1% above the applicable interest rate) as above be
charged from the date of disbursement.
b) In case the employee is unable to start construction even within the
extended period, the higher rate of interest as above would be charged
from the date of disbursement. In such a case the payment of
installment should be so fixed as to adjust the entire plot loan along
with interest within a total period of 5 years (to be counted from the
date of payment of first loan installment).
c) The repayment of plot loan would, in any case, start as per the scheme,
i.e., after 24 months from the disbursal of loan for purchase of plot.
d) In case the employee approaches the Bank for sanction of construction
loan at any subsequent date but before adjustment of plot loan as
above, the loan may be sanctioned to him and the original limit for
purchase of plot may be enhanced to the eligible Housing Loan limit
admissible under the Housing Loan Scheme and the outstanding in the
previous (plot) loan granted be transferred to the new account. The
outstanding in the new account would attract normal rate of interest as
per the scheme. The repayment of the loan is to be effected within the
overall residual period available as per scheme or remaining period of
service, including the period of repayment of plot loan.
e) In case the employee requests for sanction of construction loan at any
stage but after adjustment of the plot loan, the same may be sanctioned
to him as per his entitlement less the amount of plot loan. Recovery of
the construction loan is to be effected within the overall residual period
available as per scheme or remaining period of service, subject to other
terms & conditions of the scheme.
f) There will no change in the rate of interest in respect of Housing Loans
sanctioned to an officer at the time of as a workman. However, any
additional loan sanctioned to him as an officer will be governed by the
terms and conditions applicable to Officer Staff at the time of the
sanction of such additional loan.
The concerned employee will not sell or otherwise deal with the house/ flat/ apartment, so acquired, without the prior permission of the Bank. In case of
sale, (where so permitted by the Bank), the loan outstanding should be fully liquidated from the sale proceeds. If there is any shortfall, the deficit will have to be paid by the concerned employee immediately.
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21. DEATH OF AN EMPLOYEE:
Transfer of Housing Loan outstanding in the account of a deceased
employee of the Bank to that of his widow/son employed in the Bank on
compassionate grounds may be considered on the following terms and
conditions:-
a) Security of equitable/registered mortgage of the plot would continue
to be available to the Bank till the adjustment of the loan.
b) The legal heirs of the deceased employee would relinquish their
rights on the property in favour of the widow/son employed in the
Bank (The relinquishment deed to be drafted separately for each
individual case depending upon its facts, to be approved by Law
Division, H.O.), or else would give their consent to creation of charge
by suitable documents to be drafted by Law Division. (All the legal
heirs will join in creation of mortgage. If some of them want to
authorize someone to create the mortgage, they can give power of
attorney as per format enclosed – Annexure-15).
c) All legal formalities to be completed for transfer of title in favour of
the Widow/Son employed with the Bank.
d) Additional documents for transfer of the liability in the account of
the deceased employee in the name of his widow/son employed with
the Bank (Agreement to be obtained as per format enclosed –
Annexure-16).
e) Part of the terminal dues of the deceased employee would be utilized
for adjustment of Housing Loan balance so that:
I. interest accrued in the account till the transfer of the account
is repaid:
II. the principal amount left in the account does not exceed the
entitlement of the widow/son employed with the bank;
III. the balance principal amount transferred in the account
should be within the repayment capacity of the widow/son
employed with the bank (his/her take home pay should not be
less than 30% or 40% (as applicable) of the total salary after
all deductions as per the scheme).
f) The rate of interest to be charged in the account would be as
applicable in the Housing Loan Scheme according to the status of
the widow/son employed with the Bank.
g) The loan should be repaid by the widow/son employed with the
bank within the maximum allowed period as the case may be, from
the date of original disbursal of loan or the remaining period of
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service whichever is less as per the repayment schedule in the
Housing Loan Scheme for the members of the staff.
h) The facility of Housing Loan would not be available to the
widow/son employed with the bank in future under the Staff
Housing Loan Scheme for which a suitable undertaking be obtained
from him/her.
i) All other usual terms and conditions of Housing Loan Scheme for
the members of the staff would apply.
Housing loans to the widows of the employees, who expired while in service
and do not leave behind any house owned by him may be extended
Staff Housing Loan on the following terms and conditions:
I. Loan to be allowed within one year of the death of the employee.
II. The amount of loan will be equivalent to:
a) the amount of limit permissible to the deceased employee at
the time of death; OR
b) 75% of the cost of built house or 75% of the estimated cost of
construction; OR
c) the total estimated amount of rent of the house to be
purchased/constructed, for a period of EIGHT years less
taxes, WHICHEVER IS LESS.
III. The loan will be repayable within a maximum period of eight years
out of the rent of the house against which the loan has been given or
from any other source available to her.
IV. Such loans will carry interest rate as applicable to public.
V. The loan to be secured against Simple Registered Mortgage or
Equitable Mortgage of the property purchased or constructed with
the amount advanced.
VI. In the event of the death of the widow before payment of the entire
loan, interest rate as applicable to public will continue to be charged
on the outstanding balance to be adjusted by her legal heirs.
22. CHANGE/ SUBSTITUTION OF SECURITY: Substitution of security may be allowed by the sanctioning authority on merits of
individual case such as on medical grounds; the house is in dilapidated
condition; the house is not suitable as per the status of the officer/ employee; the
employee has to change his place of residence due to employment of his children,
etc., subject to the following stipulations:
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a) Request of the employee for substitution of house/flat will be considered only
once in the service period when the existing house(s)/flat(s) had to be
disposed of on grounds as mentioned above or any other compelling grounds
acceptable to the bank and not with a view to realize capital gains/encash the
premium. However, where the staff has already availed housing loan for first
house/flat and second house/flat as proposed, he/she may be permitted to
substitute their both house(s)/flat(s) with one house. In those cases, where
the staff has already substituted his house prior to issuance of these
guidelines, he/she may be allowed to substitute his/her both houses/flats
with one house/flat as one time measure.
b) No additional loan may be sanctioned for such change. Outstanding in the
loan account(s) will continue and repayment will be made as per schedule of
earlier sanction(s).
c) Employee will be required to sell his house(s)/ flat(s) at the prevailing market
price to the satisfaction of the bank and the sale proceeds so received will be
utilized towards acquisition/ purchase/ construction of another house/flat.
d) Amount received from sale of existing house(s) will be deposited with the bank
in saving bank/term deposit account under bank's lien thereto till
acquisition/ purchase of another house/flat. In case of construction, the
amount is to be released in stages ensuring end use. Under no circumstances
the sale proceeds to be deposited with the bank be less than the amount
outstanding in the account including interest. The shortfall, if any, should be
deposited by the employee. The sale proceeds will be released only when the
employee needs the same to acquire/purchase/ construct another house/flat.
The amount will be paid direct to the seller from whom the new property is
sought to be purchased.
e) Employee should be able to acquire/ purchase another house/flat within six
months from the date of sale of existing house/flat and will provide new
house(s)/flat(s) as a security to the bank immediately on acquiring the same.
If a fresh security is not provided to the bank within a period of six months
from the date of sale of the earlier house the amount deposited with the bank
will be appropriated for adjustment of outstanding in existing Housing Loan
and no second time loan will be granted under any circumstances.
f) If an employee gets some profit, i.e. if sale price of the old house(s)/flat(s) is
more than the purchase price of the new property then the amount of
difference should be adjusted in the Housing Loan account.
g) Proposals for substitution of security will be considered by sanctioning
authority on the above lines keeping in view the merits of each case.
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23. LOAN FOR REPAIR/RENOVATION/FURNISHING:
Facility for furnishing of house may be availed immediately after
construction/purchase of ready built house/flat. The components for
furnishing loan will be wooden work i.e. Wardrobes/wooden
cabinets/curtains, modular kitchen and POP work.
Facility for repairs/renovation of existing premises will be available after
two years of initial construction/original purchase in case of ready built
house/flat and will thereafter be further sanctioned after minimum two
years period, on adjustment of the existing repair loan.
However, the difference of enhanced ceiling of repair/renovation loan may
be availed without adjusting the existing loan.
24. LIFE INSURANCE OF STAFF TO COVER LOAN AMOUNT:
In view of hardship faced by the families of the employee who die with
various loan liabilities standing in their name at the time of death that lead
to appropriation of large chunk or entire amount of the terminal dues
towards adjustment of those outstanding loans leaving thereby almost
nothing for the bereaved family for their present/future financial
requirements, it should be the endeavor of the management to impress
upon each staff availing HL facility to opt for GSS by that will cover the
substantial loan burden from the employee and his/her family will not be
required to pay for the balance of HL from the terminal dues. However, this
premium amount, if included as a part of loan component will not be
reckoned for calculating the margin. This scheme was mandatory at
erstwhile United Bank of India. However, in other two banks i.e. PNB &
OBC, it was optional.
Thereby, obtention of Insurance would be optional for new loans
sanctioned after amalgamated entity.
Cover of Rs.2 Lac or 50% of the loan amount, whichever is lower, for all
the staff in case of death is provided by the Bank as available in PNB will
be continued.
25. ACQUIRING OF 2ND HOUSE WITHIN THE OVERALL CEILING:
Employees will be permitted to avail Staff Housing Loan for purchase of a
2nd house within the overall maximum revised limit stipulated for the
Staff Housing Loan without adjusting the existing loan account (the loan
limits availed for both the houses will not exceed the maximum revised
limit stipulated for the Staff Housing Loan). Housing loan for second house
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may be permitted to fulfill social and family aspirations of the employees
subject to the following terms & condition:
a) All confirmed employees will be permitted to acquire/ purchase/
construct up to maximum of two houses/ flats (dwelling units)
within their entitlement under the concessional staff housing loan
scheme during the entire service in the bank, irrespective of whether
the earlier house is sold or not and earlier loan is adjusted or not.
b) Housing loan raised for acquiring the second house under public
scheme from our bank or any other bank may be permitted to be
converted under the staff scheme. 90% of the cost of the 2nd house
to be acquired/amount outstanding, as on the date of application in
the loan account raised under public scheme from our Bank or from
any other financial institution to acquire the 2nd house or
Entitlement as per the revised Staff Housing Loan limits reduced by
Staff Housing Loan limit availed earlier, whichever is lower.
c) The facility of second housing loan will also be available to an
employee even if the employee or his spouse already owns a house
in the same town/ urban agglomeration where second house is
proposed to be constructed or acquired.
d) The sum of amount already availed for construction/ purchase of
house and amount availed under additional housing loan will be
reduced from the ceiling of maximum loan amount to arrive the
eligible loan amount for second house.
e) If the eligible loan amount for second house at concessional rate is
lesser than the loan amount required by the staff for
purchase/construction of second house, additional loan amount
under public scheme may be granted subject to meeting of all other
eligibility criteria.
f) The maximum repayment period will be not more than 360 monthly
installments or 75 years of age whichever is earlier. The loan will be
repayable in the ratio of 3:1, principal being adjusted first in full.
g) The availment of staff housing loan for purchase of second house
will be subject to all other eligibility criteria prescribed such as
salary deduction, margin etc as per extant guidelines.
h) Separate loan account will be opened in CBS for second housing
loan and concessional interest rate will be applied.
i) Loaning powers for sanction of second housing loan to staff will be
exercised as per extant guidelines on loaning powers for loan to
member of staff.
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j) Loan under staff housing scheme will not be utilized for speculative
purposes.
Any employee availing the Staff Housing Loan for purchase of a 2nd house
within his/her overall maximum revised limit stipulated should not sell
such house/property acquired by availing the concessional STAFF
HOUSING LOAN within a period of 10 years from the date of availment of
the loan for purchase of the 2nd house (except in the cases of sale of the
house on account of death of the staff member/separation of the employee
due to VRS/resignation/termination or conversion of loan to public
scheme as per our existing policy).
In the event of the said house/property being sold within the period of 10
years from date of availment for any reason whatsoever (except in the
cases of sale of the house as stated above), this 2nd staff housing loan
account will need to be liquidated immediately with the sale proceeds. In
such a case, commercial terms and rate of interest as applicable to staff in
the case of public housing loan scheme will be applicable on this 2nd loan
account for the entire repayment period from the date of availment to the
date of liquidating the account.
It is clarified that the total amount of loan sanctioned under staff Housing
Loan Scheme in the entire service period including loan for
renovation/repair/ enlargement of House/flat will not exceed the eligibility
limit of the employee concerned at the time of sanction and the staff
member should not own more than two houses/flats (dwelling units) in
his/her individual name including the house/flat for which loan is being
sanctioned.
No time limit is fixed for availing the additional loan by employees who
have availed staff HL under existing schemes. However, at the time of
sanction of additional loan under revised guidelines, the employee must be
fulfilling all the eligibility criteria and the liability has to be repaid during
the remaining services after fulfilling the take-home salary norms as per
scheme. Additional housing loan to members of staff can be granted for
specified reason as one time measure.
26. CONTINUATION OF LOAN ON RETIREMENT OF STAFF: On the date of retirement, over and above the eligible amount of
housing loan, depending on applicant's pension & repaying capacity,
will be adjusted from his/ her superannuation benefits and remaining
outstanding amount will remain under Staff Housing Loan Scheme
upto the extended period after retirement. The benefit of revised Staff
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Housing Loan Scheme will be available only on specific request.
Discretionary Power for the same will be vested with respective
sanctioning authority.
For extension of repayment period, the eligible employees who are willing
to avail the facility will have to make their spouse as co-
borrower/guarantor. The willing employees will have to submit an
undertaking with application seeking adjustment in their EMI and in the
onetime lump sum payment from superannuation benefit at the time of
availing the loan.
In cases where the extended repayment period beyond retirement is
permitted, the assessment of repayment capacity will be done as per the
income of the employee at the time of sanction and installment should be
fixed accordingly. However, sanctioning authority will review the account
at the time of retirement to ensure the adequate repayment capacity post
retirement. If the sanctioning authority feels that the staff will not have
sufficient income after retirement to pay the installment or his/her income
from pension/other regular income is not sufficient to meet the repayment
obligation, sanctioning authority may stipulate as under:
a) Staff may adjust a portion of outstanding loan amount from
his/her terminal dues and installments may be fixed as per the
repayment capacity of the staff after retirement. A suitable
irrevocable letter of undertaking agreeing to the revised
repayment schedule should be obtained from the staff and
retained with loan documents
(or)
b) Staff will deposit an appropriate amount out of terminal dues or
from own sources with the Bank in term deposits (to be kept
under bank‟s lien), so that the monthly interest on deposit and
the income of the staff will be adequate to take care of the loan
instilments after retirement.
27. RENTED/ LET OUT PROPERTY:
In case a borrowing member of staff lets out the whole or a part of the property
constructed or purchased with the amount of the loan, under any
circumstances, the Bank will have the first option to take it at reasonable rent
and use it for self or give it to another employee. Though interest on such
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advances will be charged at the usual rate of interest, 50% of the rent received
will have to be deposited in the loan account, in addition to the usual installment
payable towards adjustment of the loan, after deducting from the total rent:
a) House Tax;
b) Income Tax payable on the rental income; and
c) On repairs (allowable deduction however not to exceed maximum one
month's rent and on furnishing proof thereof). An undertaking in this
regard has been incorporated in the loan agreement.
An undertaking in this regard has been incorporated in the loan agreement.
Every year in the month of January, a declaration to above effect as
per Annexure-12 should be obtained from the borrowing employee. The inspecting staff during their inspection should verify that the
aforesaid certificates have been taken in respect of each of the Housing Loan allowed by the offices and 50% of the rent as per rules is being
deposited in addition to the usual instalment in their loan accounts and report deviations, if any, in their inspection reports.
In the process of recovery, the portion of the loan carrying higher rate of
interest will be treated as refunded first. The amount of monthly instalments shall be fixed in whole rupee (in
multiples of five rupees).
28. PREPAYMENT CHARGES: No pre-payment charges will be levied.
29. PROCESSING/ DOCUMENTATION CHARGES:
No Processing/ Documentation Charges will be taken.
30. OBTENTION OF DOCUMENTS PRIOR TO DISBURSEMENT: In case of Purchase of a Built House: In the case of loan given for purchase
of a built house, the borrower will deposit with the Bank will produce the
following documents, in original:
a) Plan of the House;
b) Title Deed of the House
c) Letters of Authority from an appropriate authority permitting sale
and mortgage of the house, in case it is built on a lease hold plot;
d) Letters from the competent authority under Urban Land (Ceiling &
Regulation) Act 1976 permitting sale and mortgage of property under
Section 27 of the Act, wherever applicable.
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e) Such other documents as may be considered necessary to establish
the right of the owner of the property concerned to alienate an
interest in it. Thereafter the entire cost of the house (i.e. the
proceeds of the loan plus the amount deposited by the borrower with
the Bank) will be paid by the Bank to the seller of the house before
the Registrar, on behalf of the borrower at the time of registration of
the relative sale deed.
In case of construction of House: The first installment of the loan will be
disbursed only after the borrower produces the following documents in
original, at the lending office of the Bank and gives certified true copies
thereof for record at the said office:
a. Plan of the House to be constructed or of modifications or additions,
etc. to be made, duly approved by the municipal body concerned;
b. Letter of Authority from an appropriate authority permitting
mortgage of lease hold property;
c. Lease/sale deed of the land;
d. Duly acknowledged copy of notice given to the competent authority
under Urban Land (Ceiling & Regulation) Act 1976, expressing
intention to create mortgage of the land wherever applicable.
e. Before disbursing any installment of the loan, subsequent to the first installment, the Incumbent In charge of the lending office will
personally inspect the construction and will sign a certificate and will keep it with the loan documents executed by the borrower.
31. LOCATION AND APPROVAL OF PLAN: The members of staff may avail loans for construction/ purchase of
property served by Municipal Body set up under some Statute in force or
even at small places (having the usual civic amenities, such as electricity,
tap water, drainage etc.) where the construction will not conflict with any
of the plans of the Government or other bodies and where the sale of the
properties, when necessary, can be effected easily.
Cases of Housing Loan for purchase/construction of property at small
stations not having usual civic amenities, such as electricity, tap water,
drainage, etc. and where there is no competent authority to approve the
plan of the house, may be sanctioned by the Circle Head, provided valid
mortgage (registered, if equitable mortgage is not possible) is created in
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favour of the Bank and proper end use of funds is ensured by the
disbursing branch, subject to compliance of all other usual terms &
conditions of the Housing Loan scheme.
In case of village area not covered by any municipal area/ civic
body/corporation, the plan of the house approved by the
President/Pradhan/Mukhia of the Gram Panchayat under whose
jurisdiction the area lies, may be accepted for sanction of Housing Loan
under Bank's Housing Loan Scheme for the Members of Staff.
The property concerned should be completely unencumbered before the
loan is taken from the Bank.
32. CLAUSES OF INTEREST/PENAL INTEREST:
The interest will be charged from the date of the disbursement of the loan
or the first installment of loan where such loan is disbursed in installments. The amount of interest will be calculated on the daily diminishing balance and charged on the last day of the month.
Interest as per Bank's rules will be payable on the loan with monthly rests
(Simple). However, if the borrower ceases to be in the employment of the
Bank before adjustment of the loan, the Bank will have the discretion to
recall the outstanding loan immediately and/or adjust it wholly or partly
out of the dues, if any, payable to the borrower from the Bank.
In case there is a change in the structure of rates of interest prevailing on
the date of sanction of enhancement/additional loan as compared to that
at the time of sanction of original Housing Loan, the rate of interest on
enhancement/additional loan sanctioned would be charged at the rates
applicable at the time of sanction of enhancement/additional loan. The
rate of interest on enhanced portion would, however, be determined taking
into account the entire amount of the loan sanctioned.
In case an account become irregular either by way of non- payment of
installment or by way of interest, penal interest @ 1% above the applicable
interest rate be charged on the defaulted amount for the period of
irregularity. However, penal interest will not be charged if the irregularity
in the Housing Loan Account is on account of the employee remaining on
leave on loss of pay duly sanctioned by the competent authority/ Death or
he is placed under suspension/dismissed (but subsequently reinstated).
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In case the construction is not started by the borrowing employee on the
plot of land financed by the Bank within the stipulated period of one year,
unless there are justifiable reasons (for which prior approval of sanctioning
authority to be obtained), penal interest @ 1% above the applicable interest
rate be charged from the date of disbursement. Clarification on this issue
is given as under: Prescribed rate of interest should be levied/charged
from the date of commencement of construction. Higher rate of interest
should be charged only for the period of default and no refund is to be
given for the same.
Interest on the loan for the period for which it remains outstanding after
the borrower ceases to be in employment of the Bank, will be charged at
the higher rate at which interest is generally charged by the Bank on
Housing Loan to Public along with penal interest (as applicable) on the
amount outstanding in such cases. As there may be some time element
between date of retirement resignation/premature retirement, etc. and
receipt of terminal dues and adjustment of outstanding Housing Loan,
there from, concessional rate of interest will continue to be charged during
the intervening period from the date of retirement to the date of
payment/credit of terminal dues to the Housing Loan Account of the
employee. However, where due to marking of lien on the Bank's own
contribution to the employee's provident fund, any portion of the
outstanding Housing Loan amount remains unadjusted, the case may be
referred to H.O. for decision regarding continuing the concessional rate.
33. TRANSFER OF HOUSING LOAN ACCOUNT OF EMPLOYEES:
While transferring the housing loan account to the transferee branch, the
following procedure may be adopted:-
a. Where the mortgage of the property, against which the housing loan
has been sanctioned and fully disbursed, has already been created, in
such cases the original documents may not be sent to the transferee
branch. The original documents may be kept along with the title deeds
of the property and photocopies of the documents be sent to the
transferee branch.
b. Where the mortgage of the property has not been created (generally in
cases of flats built by State Govt. authorities, co-op societies, private
builders, etc. and where the construction period is very long and the
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creation of mortgage is done later on). In such cases the original
documents of housing loan account may be transferred to transferee
branch. Since the amount involved and repayment period in housing
loan accounts of the staff is more as compared to the other staff loans,
safe delivery of original documents be ensured. While sending the
original documents, photocopies of the documents may be kept on
record and the acknowledgement of the documents by the transferee
branch.
c. Once the mortgage is created in favour of the Bank, the original
documents should not be transferred further with the transfer of an
employee. Original documents may be kept along with the title deeds
deposited for mortgage at the branch where mortgage is created.
d. Additional Housing loan/Enhancement, if any in the housing loan can
be availed at the branch office where the employee stands transferred.
However, mortgage is to be created by constructive delivery only at
place where mortgage has already been created.
e. To avert any irregularity in the Inspection report, the transferor branch
would issue a certificate to the effect that mortgage has been created in
favour of the Bank at the transferor office and the certificate will be sent
to the transferee branch along with the photocopies of the documents.
f. Where the mortgage has been created at some other branch, after
adjustment of the housing loan, the branch where the account is
maintained will send a letter to his branch where mortgage has been
created to vacate the charge and deliver the title deeds to the employee
against proper receipt.
g. The relative loan documents along with the amount outstanding in the
account should be transferred to the transferee branch.
34. CONSIDERATION OF LOAN ON ROOF RIGHT BASIS: The proposals of Housing Loan for purchase of roof right and construction
thereon by staff members may be considered, provided the proposals do
not violate any laws of the State. While considering such proposals the
following conditions should also be fulfilled in addition to the usual terms
and conditions of the Housing Loan Scheme. The employee must have/get
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a co-ownership interest/undivided interest in the land (including right of
support) while obtaining a roof right transfer in his favour by way of sale,
settlement, family partition, gift of lease, etc. duly registered with the
Registrar of Assurances.
The following clauses should invariably find a place in above sale deed,
settlement, etc.-
a. Undivided share in the land or if division is possible such portion
of land as divided.
b. Permission to construct building (upper floor/s) on the existing
premises.
c. Power to alienate and create mortgage of the property so
constructed.
The employee's title to the property is/will be clear, marketable and free
from all encumbrances. (The investigation of the title should also ensure
that the transferor's (earlier owner/s) title is also clear, marketable and
free from all encumbrances until the transfer to employee).
Plan of the house/flat to be constructed on the roof purchased would be
approved by the competent authority, i.e. Municipal body, etc.
35. ADDITIONAL GUIDELINES FOR ADVANCES FOR PURCHASE OF FLATS BUILT BY COOPERATIVE GROUP HOUSING SOCIETIES:
Housing loan is available to members of staff for purchase of flats built by
Cooperative Group Housing Societies. Loan can also be allowed to the members
of staff whose wife is a member of Cooperative Group Housing Society. The
following additional terms and conditions are to be observed while considering
Housing Loan proposals of members of staff for flats in Cooperative Group
Housing Societies:
a. Deposit of the original agreement between housing society and the
borrower(s) in case the flat is purchased directly from the society.
b. Deposit of share certificate issued by the concerned society in respect of
the borrower(s)'s own holding in its capital together with a transfer deed
for the said share signed in blank
c. A letter from the cooperative society stating inter-alia that the society
has noted the Bank's lien over the flat and that transfer of ownership of
the flat will not be allowed without the Bank's consent in writing.
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d. A Letter of Authority signed by the borrowing employee authorizing the
Bank to deduct from his salary the prescribed monthly installment
payable towards adjustment of loan including interest.
e. An irrevocable letter of authority authorizing the Bank to appropriate
the P.F. and gratuity payable to the borrowing employee and that he
will not appoint a nominee for payment of his terminal dues till the loan
account is fully adjusted. Also lien to be got noted over the PF/Gratuity.
f. An undertaking to the effect that as soon as the rules of the society
and/or relative enactment, if any, permit, the borrower(s) will take steps
for creating a charge on his interest, in the flat concerned, in favour of
the Bank. Till it is feasible, the loan would be secured by the balance of
PF/Gratuity payable to the borrowing employee and two personal
sureties.
g. An irrevocable power of attorney in favour of the bank to execute the
mortgage at any time the bank desires, should the borrower(s) fail to
create the mortgage in favour of the Bank.
h. Deposit of original receipts for payments made by the borrower(s) to the
society under the agreement entered into between them.
i. A letter from the cooperative house building society accepting the bank
as nominee in respect of the flat purchased.
j. Where the balance in the PF, Gratuity payable to the borrowing
employee and the surrender value of the Life Policy which can be
assigned by the borrower(s) in favour of the Bank, is not equal to the
amount of the loan, the borrowers(s) to give two suitable guarantees
and that suitability of the same should be adjudged on the basis of his
means assessed according to the usual standard applied by the Bank.
The surety should also to undertake not to stand as guarantor for any
other loan till the loan is adjusted in full.
36. ADDITIONAL GUIDELINES FOR ADVANCES FOR PURCHASE OF
HOUSE/ FLAT/ APARTMENT UNDER SELF-FINANCING SCHEME OF
STATE GOVT HOUSING BOARD/AGENCY:
Housing loan is available to the members of the staff who have registered
themselves with State Govt. Housing Boards/Agencies. It is observed that the
Self-Financing Schemes of State Govt. Housing Boards/Agencies are more or less
similar in mode, mechanism and modalities except that they differ in the covered
area of the house/flat/apartment, its selling price, single/ double/multi-storeyed
flats/ apartments, the types of flats/houses etc. Taking the above into
consideration, the loan may be allowed for purchase of a new
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house/flat/apartment to a member of staff from a State Govt. Housing
Board/Agency under their Self-Financing Schemes on the following additional
terms & conditions:-
a. Since Housing Loan in such cases would continue to remain unsecured
till equitable mortgage of the house/flat/apartment is created; in order
to safeguard bank's interest, a tripartite agreement amongst the
borrowing employee, the bank and the concerned Housing
Board/Agency is to be executed before release of the Housing Loan. As
such, the sanctioning authority should ensure that the tripartite
agreement required to be executed is on the same lines, as in the case
of tripartite agreement under Self-Financing Scheme of DDA (As per
Annexure 11). Any major deviation in the tripartite agreement should
be got approved from the Law Division, Head Office, New Delhi before
sanction/disbursement of the loan
b. Initial earnest money will be borne by the intending borrowing staff
member. This may be treated as deposit by the member of the staff
towards margin requirements, if any.
c. Loans to be granted on receipt of eligibility/allotment order/from the
Board/ Agency in favour of the borrowing employee.
d. Execution of an agreement to repay the loan and interest thereon and
to mortgage the house within 30 days from the date of receipt of Title
Deeds from the Board/Agency.
e. Power of Attorney favoring one or more officers of the Bank to carry out
the Borrower's obligations under the loan agreement including the
creation of mortgage.
f. Stamped Tripartite Agreement (Annexure 11) to be executed before
release of loan by concerned parties, i.e. Housing Board/Agency,
intending borrowing employee and the bank, since the mortgage of the
house in favour of the bank will not be created immediately.
g. The cost of the house/flat will be paid, as per prescribed payment
schedule, as and when demanded, direct to the Board/Agency by the
bank and under the Authority of the borrowing employee who would
deposit the amount of margin of the difference between the cost of the
house and the eligible amount of loan from the bank. Relative receipts
of the amount of installments paid would be kept on Bank's records.
h. In the event of any agreement to pay interest by the Board/Agency, in
case of delay/failure on the part of the Board/Agency to allot the
house/flat within the specified period, the benefit of interest so derived
will accrue to the Bank.
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i. Any penalty that the Housing Board/Agency may impose for
withdrawal/cancellation would be recovered out of the registration
deposit paid by the borrower.
j. As the execution of title deeds in favour of the borrower by the Housing
Board/Agency will take some time, the Branch Head to get Bank's lien
noted in the Board's/Agency's records and also to obtain mortgage
permission from them, if necessary.
k. An irrevocable letter of authority to be obtained authorizing the bank to
appropriate the PF and Gratuity payable to the borrower and that he
will not appoint a nominee for payment of his terminal dues till the loan
account is fully adjusted. Also, lien to be got noted over the
PF/Gratuity.
l. Till such time the loan is secured by creation of charge in the
flat/house concerned in favour of the bank, the loan will be secured by
the balance of PF/Gratuity payable to the borrowing employee and two
personal suitable sureties acceptable to the Bank.
m. Where the balance in the PF/Gratuity payable to the borrower and the
surrender value of the life policy which can be assigned by the borrower
in favour of the bank is not equal to the amount of loan, the borrower
to give two suitable guarantees and that suitability of the same should
be adjudged on the basis of his means assessed according to the usual
standard applied by the bank. The surety would also undertake not to
stand as guarantor for any other loan till the loan is adjusted in full.
n. Guarantee(s) will be effective/operative only till the time proper valid
mortgage is created over the house/ flat/apartment to be purchased in
favour of the Bank.
o. However, no third party guarantee need be taken in case the
PF/Gratuity amount payable to the borrower employee and surrender
value of life policies assigned to the Bank is less than the amount of
loan provided proper valid mortgage is created over the
house/flat/apartment to be purchased.
37. ADDITIONAL CONDITIONS FOR ADVANCES FOR PURCHASE OF
FLATS/HOUSE BEING BUILT BY PRIVATE BUILDERS/ PROMOTERS ON
SELF FINANCING BASIS:
Members of the staff may be allowed Housing Loan for purchase of flat/house
being built by well known private builders/promoters on self-financing basis
subject to following additional terms & conditions:-
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a. The scheme would be applicable at all urban centres in the country.
However, project should be approved by RERA or/& our Bank &/or at-
least 3 other Banks/ FIs.
b. The disbursing authority to satisfy itself on the stages of construction
before release of each installment of the loan sanctioned.
c. Execution of a Tripartite Agreement amongst the borrowing employee,
the bank and the concerned private builder/promoter as is being done
in case of DDA, other State Govt. Agencies to safeguard bank's interest
since the advance will not be secured by mortgage of property
immediately. The draft of the agreement would be approved by the Law
Division/Local counsel. The agreement should not contain any
condition which may be contrary to the terms & conditions laid down
by the bank or may jeopardize the bank's interest. Initial registration
fee, if any, will be deposited by the intending borrowing employee and
no loan therefore will be allowed.
d. Loan to be granted only on receipt of an allotment letter from the
concerned builder/promoter to the borrowing employee. The letter of
allotment would form a part of documents to be obtained by the Bank
from the employee.
e. A letter from the builder/promoter stating, inter alia, that they have
noted the bank's lien over the flat and that transfer of ownership of the
flat will not be allowed without the bank's consent in writing.
f. Execution of an agreement to repay the loan and interest thereon as per
Housing Loan Scheme and to mortgage the property to the bank as
soon as the title deed is received by the borrowing employee.
g. Till such time that the loan is secured by creation of charge in the flat
concerned in favour of the bank, the loan will be secured by the balance
of PF/Gratuity payable to the borrowing employee and two personal
suitable sureties acceptable to the Bank (till creation of valid mortgage).
h. Power of Attorney favoring one or more officers of the bank to carry out
his obligations under the loan agreement including creation of
mortgage.
i. In case the cost of flat exceeds the eligible amount of Housing Loan, the
staff member would deposit proportionate amount towards his
contribution in the installment amount with the Bank. The installment
amount would then be paid by the bank to the builder/promoter
directly. Relative receipts for the amount of installments paid will be
kept on bank's records.
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j. An irrevocable letter of authority to be obtained authorizing the bank to
appropriate the PF and Gratuity payable to the borrower and that he/
she will not appoint a nominee for payment of his terminal dues till the
loan account is fully adjusted. Also lien to be got noted over the
PF/Gratuity.
38. ADVANCES TO COOPERATIVE HOUSE BUILDING SOCIETIES:
Co-operative House Building Societies formed exclusively by the members of
staff may also apply to Credit Division at Head Office through concerned office/Circle Office/ Zonal Office for loans to be utilized for the purpose of
fulfillment of their objectives. Applications from them will be considered on merits of each case and sanctioned on appropriate terms and conditions.
39. OTHER CONDITIONS:
Apart from the regular salaried income, any Permanent Income as declared
in the last two years ITR as well as Income of spouse and rental income
(from the property to be purchased with the said loan) be accepted while
determining eligibility at the time of sanction of Housing Loan subject to
satisfaction of sanctioning authority under Staff Scheme with the following
conditions:-
(i) The spouse of the employee be made co-borrower in cases where the
income of the spouse is clubbed for determining the eligibility.
(ii) The employee and the spouse of the employee will be jointly and
severally liable for repayment of the loan with interest and other
dues.
In addition , endeavor may be made to fix EMI at the level considering total
deduction not exceeding minimum net take home pay including monthly
installments of other loans and notional interest on sanctioned Overdraft
limit and other statutory deduction during service life by getting an under
taking of lump sum payment in housing loan account on retirement.
Sanction of loan under this scheme must invariably be obtained before any
contracts/ agreements / commitments for construction or purchase of
property, are entered into by the intending borrowers. The Bank will not
undertake any responsibility whatsoever for losses, if any, suffered by the
intending borrowers due to their inability to perform their part of the
contracts, agreements or commitments for want of timely sanctions of the
loans applied for by them.
Before execution of the loan documents, the Incumbents-in-charge must
ensure that the borrower has provided the documents required to be
produced. The Incumbents In charge should also comply with instructions
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in regard to equitable mortgages as contained in Book of Instructions on
Loans.
The sanctioning authority will consider the Home Loan for the staff
member under General/ Staff Home Loan scheme within their
discretionary powers. However, all the terms and conditions as per the
respective loan schemes will be complied with.
The official should not have any house loan outstanding against the
financed house at the time of sanction under Staff Housing Loan except in
case of i) takeover of liability from other Bank/FI ii) Loan is for repair/
renovation/enlargement of existing house for which facility under Staff
House Loan scheme is availed. The title to the property should be clear.
Advance for ready built house or flat is admissible for outright purchase
only. The purchase can be made from Govt. /Semi Govt. /Local
bodies/Housing Boards/Development Authorities/Group Housing
Societies and private parties.
A Bank officer on deputation to a Government Deptt. or on foreign service
will be entitled for Housing Loan from his/her parent Bank only.
The whole time Directors of our Bank are also eligible to avail Staff
Housing Loan provided they intend to draw pension from our Bank.
The construction should be exactly according to the approved plan and
specifications on the basis of which the advance was sanctioned. For
purchase of Built house, the same should be verified by the valuer and
case of loan for new construction, the Architects certificate on completion
of the house be obtained. Prior approval from the concerned authority,
local body/municipal council etc. is necessary for any deviation.
The Branch Head/Loans In charge of the loan disbursing Branch will
make pre-sanction as well as post sanction visit to the place of house/flat
constructed/ enlarged/ purchased/ repaired & renovated out of Bank
funds and submit his report on end use of funds. The report of visiting
officials will be kept with loan documents.
The facility under the scheme be permitted only for genuine purpose and
in no case the bank's funds under the scheme will be permitted to be used
for any speculative purpose.
The official should not have availed of any loan or advance for the purpose
from any other Government source and housing board, other semi-
Government or local bodies, development authorities, etc. where such loan
has been availed of, Housing Loan can be granted if the Bank employee
undertakes to repay the outstanding loan forthwith in one lump sum.
Housing Loan may be allowed for purchase of property (land/house/flat)
from relatives except in case of spouse/ dependent children. Sanctioning
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authority should satisfy about the price being paid and the loan should be
subject to other terms & conditions of the Housing Loan Scheme.
Two Housing Loans should not be granted for construction/ acquisition of
the same house to both the employee and his/her spouse.
As per Section 71 read with Section 24 (1) (vi) of the Income Tax Act 1961,
the employees availing Housing Loan are eligible for rebate in respect of
amount of interest on the borrowed capital. The members of staff,
therefore, generally demand from the Bank a certificate of recovery of
interest from them in order to claim the benefit under the Income Tax Act.
An interest certificate to employees in respect of Housing Loans sanctioned
on or after 1.2.1982 may be issued on the following lines, when
demanded:- "A Housing Loan of Rs.________________has been made to
Sh./Smt./Kum.____________________________________and interest at the
rate of__________% is payable thereon, under the loan arrangement,
monthly recoveries are made, such recoveries being in the first instance
appropriated towards principal and interest accrued on the reducing
balance is credited in the Bank's interest account periodically. Actual
recovery of the aggregate interest thereon is made in installments after the
principal has been fully paid. Accordingly, the interest amounting to
Rs.___________has become due/accrued and payable during the financial
year ended______________."
Any mis-utilisation of the loan amount at any time or violation of any rule
of the scheme will be considered as an act of “Major/Gross Misconduct”
liable for strict disciplinary actions under applicable Rules/ Regulations
besides charging interest at commercial rate on the balance outstanding.
The house should be maintained in good condition at owner's cost and
kept free from all encumbrances. The official should pay all taxes regularly
and furnish a certificate annually to that effect. Annual Inspection may be
carried out by the competent authority for checking up the maintenance.
The employee who has availed staff housing loan in the previous cadre will
now be eligible for the enhanced amount of loan as per his existing cadre
and the enhanced amount may be availed for enlargement of existing
house/purchase of second house after adjustment of precious
loan/repaying the liability of our Bank/other Banks/Fls availed under
General Housing Loan Schemes for public.
The title to the land should be clear
Advance for ready built house or flat is admissible for outright purchase
only. The purchase can be from Govt. /Semi-Government bodies, housing
boards, development authorities, registered co-operative societies, etc. or
from private parties.
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The loan will be processed, recommended from the salary paying branch.
However, the same may be disbursed through the Branch located nearer
to the property as per choice of the applicant employee.
The disbursing branch has to obtain full set of documents as per terms of
sanction before disbursement and produce a certificate in this regard to
the sanctioning authority. Where the loan is disbursed in installments, the
disbursing branch will send a certificate to the sanctioning authority to the
effect that physical verification of construction has been carried out and
obtain permission for subsequent disbursements after fulfilling all the
conditions stipulated in the sanction letter.
Search certificate as to encumbrances as well as certificate regarding
marketability of the title of the property from Bank's approved lawyer will
have to be submitted
Agreement between the Bank and the employee relating to the loan under
Housing Loan Scheme is to be executed.
Letter of Authority authorizing the Bank to utilize the Gratuity, PF and
other retiral benefits towards adjustment of housing loan.
Sanctioning authority will also fix / Re fix EMI at the time of
superannuation after adjustment of loan amount as per available EMI
from pension, from superannuation receivables at the time of retirement.
The monthly installment payable on the loan will be deducted every month
from the salary payable to the borrowing member of staff.
In case the housing project is situated in Noida/Greater Noida, and if it is
already approved by 2-3 Public Sector Banks, staff loan can be considered
by the respective sanctioning authority after conducting proper due
diligence. However, individual NEC is to be obtained invariably. If the
project is not approved by any of the bank, then the project has to be first
approved by the bank as per the system in vogue. Moreover, an
undertaking will be obtained from the staff member that in case any issue
arises between the builder and the authority and builder is not able to
deliver the project, Bank will not be liable and the employee will have to
make the payment good. In any case the project must be RERA approved
as per the government guidelines.
40. SPECIAL SCHEME IN VIEW OF CHHOTA NAGPUR TENANCY ACT, 1908:
In view of Chhota Nagpur Tenancy act, 1908, for SC /ST/ OBC Employees in the
State of Jharkhand for sanctioning of Housing Loan may also be approved as
detailed hereunder:
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a. The scheme will be applicable to Bank's staff belonging to SC/ST/OBC
communities in Jharkhand State.
b. Scheme will be applicable only in those cases where Chhota Nagpur
Tenancy Act 2008 is applicable to the property where construction of
home/ flat is undertaken/ to be undertaken.
c. The bank's advocate will confirm the applicability of CNT Act to the
property involved and will also confirm that the construction does not
involve violation of any provision of CNT Act.
d. Loan should be for acquiring/construction of house on tribal land
covered under Chhota Nagpur Tenancy act 1908.
e. The employee will submit a letter of authorization to the Bank
authorizing the bank to mark lien over his terminal dues till his/her
entire dues towards staff housing loan account is repaid in full.
Suitable undertaking from the nominees to PF/Gratuity will also to be
submitted by the employee.
f. In case of resignation/voluntary retirement/termination/compulsory
retirement or demitting the office otherwise, the employee will clear the
entire liability outstanding under staff Housing Loan Scheme before
being discharged from the duties out of the terminal dues or from own
funds whichever applicable.
g. An equitable mortgage will be created by the deposit of title deeds by
the staff, initially, for a period of 15 years or as permissible by the law
from time to time, from the date of sanction of the loan. If the period of
the loan sanctioned is beyond 15 years, then an undertaking be
obtained from the concerned staff that he / she will create fresh
mortgage along with fresh documents for such residual period beyond
initial 15 years at his/her own costs and will abide by the law of the
land prevalent at that time. The documentation of the mortgage will be
done in consultation with the Law department of the Bank.
h. The loan will be reviewed after a period of initial 15 years and fresh
non-encumbrance certificate will be obtained before creating the fresh
mortgage. In case fresh encumbrance certificate reveals any
encumbrance, the Housing loan will be recalled and interest rate
applicable to clean advances will be levied, besides other action as
deemed fit, if any.
i. Other precautions like obtaining non-encumbrance certificate, tax paid
receipts etc. at periodical intervals will be ensured.
j. All other terms and conditions of the Staff Housing Loan Policy /
Scheme as amended from time to time will be applicable.
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41. HOUSING LOAN TO EMPLOYEES OF ERSTWHILE NEDUNGADI BANK LTD. (eNBL)
I. The guidelines relating to method of accounting/charging interest,
interest rate, repayment period, etc. applicable in respect of staff housing loan schemes of PNB shall be applicable in existing housing loan of eNBL employees sanctioned prior to date of merger, subject to
the following:
a) In case of staff housing loan to award staff, the instalment of the
latest outstanding shall be re-fixed keeping in view the remaining repayment period and interest rate as per our Staff Housing Loan
Scheme at Concessional Interest Rate. b) In respect of staff housing loan to officers, the loan sanctioned with
repayment period of above 20 years shall be reduced to 20 years and instalment of the latest outstanding shall be refixed keeping in view
the remaining period and interest rate as per our Staff Housing Loan Scheme at Concessional Interest Rate. If the loan has already run 20 years or more the same will continue in terms of original sanction
including rate of interest, method of charging interest, etc.
c) The supplementary housing loan of eNBL employees (officers as well
as award staff) at commercial interest rate be converted to the staff housing loan at public interest rate.
In respect of supplementary housing loan sanctioned with repayment period of 180 months, the same shall be increased to 240 months or the
remaining period of service, whichever is lower and the instalment of the latest outstanding shall be re-fixed keeping in view the revised repayment period and interest rate..
II) Other conditions
I. In cases where housing loan accounts of eNBL employees have been converted as per PNB Scheme, branches shall rework the accrued interest from the date of availment of housing loan under
eNBL Scheme to the date of conversion under PNB Scheme. II. The difference of interest amount accrued and the interest
amount already accounted for under eNBL scheme shall be
debited to the separate interest account as is being done in our Bank.
III. In all the above cases while revising the repayment period in line with PNB Schemes and re-fixing the instalments, the period of loan already run and accrued interest shall be accounted for.
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IV. Such proposals shall be sanctioned at the request of the employee by the authority competent to sanction staff housing
loan. In cases where such request is not received, the existing terms & conditions on which these loans were sanctioned, shall
continue. V. The guidelines are effective from 19.02.2004.
Documentation
a) Supplementary agreement for staff housing loan as per Annexure 13. b) Supplementary agreement for supplementary housing loan as
per Annexure 14.
42. DOCUMENTATION APPLICABLE FOR ALL: The advance is to be allowed by way of Term Loan and the following documents
are to be obtained:- I. HOUSING LOAN APPLICATION i) Housing Loan Application shall be obtained on PNB-560. ii) Additional information on PNB-563 is to be given if the loan is required for
constructing a house. iii) Additional information on PNB-564 is to be given if the loan is required for
making additions to a house. iv) Additional information on PNB-565 is to be given if the loan is required for
purchase of a built house. II FOR PURCHASE / CONSTRUCTION / EXTENSION / RENOVATION OF PLOT /
HOUSE / FLAT a) Against Equitable Mortgage i) Agreement as per Annexure "1". ii) Letter of Authority authorising the Bank to utilise the PF and other dues
payable to the employee when he ceases to be in the employment of the Bank, towards adjustment of outstanding loan Annexure "2".
iii) Letter of Authority authorising the Bank to utilise the Gratuity and other dues
payable to the employee when he ceases to be in the employment of the Bank, towards adjustment of outstanding loan Annexure "3".
iv) Letter of Authority authorising the Bank to deduct monthly instalment from the
salary payable every month - Annexure "4". v) Letter of authority from the competent authority under Urban Land (ceiling &
regulation) Act 1976 permitting mortgage of property, wherever applicable.
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vi) Letter of Authority from an appropriate authority permitting mortgage in case of lease hold property.
vii) Plan of the house to be constructed or of modifications or additions etc. desired
to be made duly approved by the Municipal Body/Corporation concerned. viii) Plan of the house/flat to be purchased. ix) Sale Deed/Lease Deed of the land/property. x) Such other documents as may be considered necessary to establish the right of
the owner of the property concerned, to alienate an interest in it. xi) In case of purchase of plot/built house, Agreement to sell and other relevant
correspondence between the seller and the purchaser (employee) regarding sale/ purchase of property are to be obtained.
xii) In case, where the property is owned by borrower‟s spouse and if it is not
possible for the spouse of the borrowing employee to be present for creation of equitable mortgage, in such cases power of attorney in favour of the borrowing employee is to be taken as per Annexure “5” and thereafter the borrowing employee can create equitable mortgage.
xiii) In case of purchase of plot/built house, irrevocable power of attorney in favour
of one or more designated officers of the bank to disburse the payment, execute and register the sale/purchase deed and to carry out his/her (borrowing employee‟s) other obligations under the loan agreement including creating of mortgage shall be obtained as per Annexure “6”. (To be stamped as General Power of Attorney according to the Stamp Act in force in the State and attested by a Notary Public).
xiv) In case housing loan is granted against property either in the joint names of
borrower and spouse or in the name of borrower‟s spouse only, letter of undertaking is to be obtained from the mortgagor/s as per Annexure 7.
b) Against Registered Mortgage
In addition to documents as mentioned at para I & Serial. No. (i) to (xi) of para II(a) above, following documents shall also be obtained:-
xv) Registered mortgage deed:
- in Annexure 8 if the property is owned by the borrowing member of staff singly or jointly with his/her spouse.
- in Annexure 9 if the property is owned by the borrower's spouse.
xvi) In respect of staff Housing Loan intended to be given for purchase of built
house/plot in the name of spouse of the borrowing employee, Power of Attorney shall be obtained from the spouse as per Annexure 10.
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xvii) It is to be ensured that in the case of housing loan against registered
mortgage, mortgage deed, as per prescribed proforma (i.e. Annexure 8 or Annexure 9, as the case may be) shall be obtained from the mortgagor and loan agreement as per the prescribed proforma (i.e. Annexure 1) shall be obtained from the borrower.
c) Against Equitable Mortgage or Registered Mortgage Common for Both xviii) In case property is in joint names or spouse name, the spouse shall be made
guarantor. The spouse shall create or join in creation of mortgage, as the case may be.
III. ADVANCES FOR PURCHASE OF FLATS BUILT BY COOPERATIVE GROUP
HOUSING SOCIETIES
Housing loan is available to members of staff for purchase of flats built by Cooperative Group Housing Societies. Loan can also be allowed to the members of staff whose wife is a member of Cooperative Group Housing Society. The following additional terms and conditions are to be observed while considering Housing Loan proposals of members of staff for flats in Cooperative Group Housing Societies:
i. Demand pronote for the amount of the loan. ii. Deposit of the original agreement between housing society and the borrower(s)
in case the flat is purchased directly from the society. iii. Deposit of share certificate issued by the concerned society in respect of the
borrower(s)'s own holding in its capital together with a transfer deed for the said share signed in blank.
iv. A letter from the cooperative society stating inter-alia that the society has noted
the Bank's lien over the flat and that transfer of ownership of the flat will not be allowed without the Bank's consent in writing.
v. A Letter of Authority signed by the borrowing employee authorising the Bank to
deduct from his salary the prescribed monthly instalment payable towards adjustment of loan including interest.
vi. An irrevocable letter of authority authorising the Bank to appropriate the P.F.
and gratuity payable to the borrowing employee and that he shall not appoint a nominee for payment of his terminal dues till the loan account is fully adjusted. Also lien to be got noted over the PF/Gratuity.
vii. An undertaking to the effect that as soon as the rules of the society and/or
relative enactment, if any, permit, the borrower(s) shall take steps for creating a charge on his interest, in the flat concerned, in favour of the Bank. Till it is feasible, the loan would be secured by the balance of PF/Gratuity payable to the borrowing employee and two personal sureties.
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viii An irrevocable power of attorney in favour of the bank to execute the mortgage
at any time the bank desires, should the borrower(s) fail to create the mortgage in favour of the Bank.
ix. Deposit of original receipts for payments made by the borrower(s) to the society
under the agreement entered into between them. x. A letter from the cooperative house building society accepting the bank as
nominee in respect of the flat purchased. xi. Where the balance in the PF, Gratuity payable to the borrowing employee and
the surrender value of the Life Policy which can be assigned by the borrower(s) in favour of the Bank, is not equal to the amount of the loan, the borrowers(s) to give two suitable guarantees and that suitability of the same should be adjudged on the basis of his means assessed according to the usual standard applied by the Bank. The surety should also to undertake not to stand as guarantor for any other loan till the loan is adjusted in full.
The amount of the loan, however, along with the rate of interest and the
repayment schedule with other terms and conditions of Housing Loan as applicable will remain the same.
*************
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ANNEXURES
Annexure No. Particulars
ANNEXURE 1 Agreement in respect of staff housing loan where the loan is sanctioned for
purchase/construction/extension/renovation of plot/ house/flat
ANNEXURE 2 Letter of authority, authorising the bank to utilise the pf dues, payable to
the employee when he ceases to be in the employment of bank, towards
adjustment of housing loan
ANNEXURE 3 Letter of authority, authorising the bank to utilise the gratuity and other dues, payable to the employee when he ceases to be in the employment of
the bank, towards adjustment of housing loan
ANNEXURE 4 Letter of authority to debit SF/CA/OD account for crediting loan
instalment
ANNEXURE 5 Power of attorney- in case, where the property is owned by borrower‟s
spouse and if it is not possible for the spouse of the borrowing employee to
be present for creation of equitable mortgage, in such cases power of
attorney in favour of the borrowing employee is to be taken and thereafter the borrowing employee can create equitable mortgage
ANNEXURE 6 Irrevocable power of attorney, in case of purchase of plot/built house in
favour of one or more designated officers of the bank to disburse the
payment, execute and register the sale/purchase deed and to carry out
his/her (borrowing employee‟s) other obligations under the loan agreement
including creating of mortgage shall be obtained
ANNEXURE 7 Letter to be obtained from the Spouse of Borrower, in case property is either in the joint name of Borrower and Spouse or in the name of
Borrower‟s Spouse only
ANNEXURE 8 Mortgage Deed- if the property is owned by the borrowing member of staff
singly or jointly with his/her spouse
ANNEXURE 9 Mortgage Deed- if the property is owned by the borrower's spouse
ANNEXURE 10 Proforma of power of attorney in respect of staff housing loan where the
house/land is intended to be purchased in the name of the spouse of the
borrowing employee
ANNEXURE 11 Tripartite Agreement at the time of drawing an advance by a member of
staff for purchase of flat under the self financing housing registration
scheme of the Delhi Development Authority
ANNEXURE 12 Declaration from the borrowing employee with regard to deposit 50% rent
in case of property is let out
ANNEXURE 13 Supplementary Agreement for Staff Housing Loan- For employees of
Erstwhile Nedungadi Bank Ltd
ANNEXURE 14 Supplementary Agreement for Supplementary Housing Loan- - For
employees of Erstwhile Nedungadi Bank Ltd
ANNEXURE 15 Power of Attorney- Giving Power of Attorney, if some legal heirs authorising someone to create the mortgage in case of Transfer of Housing
Loan outstanding in the account of a deceased employee of the Bank to
that of his widow/son employed in the Bank on compassionate grounds.
ANNEXURE 16 Agreement for transfer of the liability in the account of the deceased
employee in the name of his widow/son employed with the Bank
ANNEXURE 17 Supplementary Agreement in case of Conversion of staff housing loan at
interest rate applicable to public
ANNEXURE 18 Letter from Guarantor in case of Conversion of staff housing loan at interest rate applicable to public
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ANNEXURE 19 Supplementary Agreement if Ex-staff desirous of exercising the
Floating/Fixed option of rate of interest
ANNEXURE 20 Power of Attorney- Equitable Mortgage on the basis of certified copy of title
deeds
ANNEXURE 21 Deed of undertaking- Equitable Mortgage on the basis of certified copy of
title deeds
ANNEXURE 22 Letter to be taken from the borrower addressed to Sub-Registrar to send the original title deed directly to Bank after completion of the registration
formalities
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ANNEXURE-1 (To be Stamped)
PUNJAB NATIONAL BANK
AGREEMENT IN RESPECT OF STAFF HOUSING
LOAN WHERE THE LOAN IS SANCTIONED FOR PURCHASE/CONSTRUCTION/ EXTENSION/RENOVATION OF PLOT/ HOUSE/FLAT.
This Agreement is made at_________________the day of____________20_____ betweenMr./Ms..__________________________S/o,D/o/W/o______________________resident of________________________________________________________________ hereinafter called „the Borrower‟ (which expression shall and include his /her heirs/executors/administrators/and assigns) of the one part and Punjab National Bank a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act No.5 of 1970 having its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi and one of its branches at ___________________________ (hereinafter called „the Bank‟ which expression shall mean and include its successors and assigns) of the other part. Whereas the Borrower has applied to the bank for a Term loan of Rs.__________________under the Housing Loan Scheme to be availed of at_______________branch; And whereas the Bank has agreed to lend and advance to the Borrower a Term Loan of Rs.___________________ to be availed of by the Borrower in stages in the discretion of the Bank against the security of mortgage of property situated at______________________________to be created/to be procured by Borrower to secure the amount that is lent and advanced together with interest and other charges. Now this Agreement Witnesseth as follows: 1) That pursuant to and in consideration of the above, the Bank has agreed to lend and advance a sum of Rs._____________________on the following terms and conditions to the borrower to be availed of in stages for the purpose of
:*__________________________ of property detailed in the schedule here to.
* State purchase and/or /construction/extension/renovation of flat/ house/plot , for
repayment of the loan availed from ________________ ( Financial Institution) . ) 2. # In case of repayment of the loan availed from Financial Institution , loan will be reimbursed directly to the Financial Institution. # Applicable in case of take over of Housing loan from other
financial Institution.
Notwithstanding the foregoing, the borrowers shall pay to the bank interest at such other rate(s) as shall from time to time be fixed by the Bank and intimated to the Borrowers.
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That the borrower agrees to pay interest on Rs._______ (Rupees _______________________________) as under: (i) @_________p.a. on the first Rs._______. (ii) @_________p.a. on the subsequent Rs._______. (iii) @_________ p.a. on Rs.________.
And/OR
That the Borrower agrees to pay Interest on Rs.____________ (Rupees ______________________) at fixed/floating rate as under :
A. * Delete if not applicable
* (i) Borrower exercises/exercised the ‘fixed interest rate’ option and agrees to pay interest at the rate as
under :
______ % per annum with ______ rests. Provided that bank shall have the discretion to change the periodicity of the rest. (ii) The option of „fixed rate of interest‟ exercised by the borrower will not be allowed to be changed for a minimum period of _________years/ months and thereafter the change may be allowed at the sole discretion of Bank.
(iii) In case the change of option is allowed by the Bank, the floating rate of interest would be the prevailing „floating rate‟ at the time of change of option.
(iv) The option exercised by the borrower shall be for the „block‟ period of _______years/ months as above. After completion of each „block‟ it is open to the borrower to switch over from one option to other. If no intimation of change of option is received it shall be presumed that the borrower continue with earlier option which the borrower is availing.
OR A. * (i) Borrower exercises/exercised the „floating interest rate option‟ and
agrees to pay interest at the rate and rest as prescribed by bank from time to time. The rate and rest on the date of this agreement is _____% per annum with _____ rest. (ii) The option of „floating rate of interest‟ exercised by the borrower will not be allowed to be changed for a minimum period of ______ years and thereafter the change may be allowed at the sole discretion of Bank. (iii) In case the change of option is allowed by the Bank, the fixed rate of interest would be the prevailing „fixed rate‟ at the time of change of option.
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(iv) The option exercised by the borrower shall be for the „block‟ period of _______years/ months as above. After completion of each „block‟ it is open to the borrower to switch over from one option to other. If no intimation of change of option is received it shall be presumed that the borrower continue with earlier option which the borrower is availing.
B. The borrower also agrees to pay interest tax, if any, at the rates as in force from time to time. The bank shall have the discretion to decide the manner of computation of interest tax and charging thereof in the account.
C. In case the account becomes irregular on account of non-payment of instalment or otherwise, the borrower agrees to pay default interest @ __________ % per annum with _______ rests on the amount then outstanding under the loan or on the defaulted amount, as the case may be. Default interest is payable over and above agreed interest. In case the interest is not paid by the borrower in its entirety, it will form part of the principal and carry interest at the above mentioned rate.
*3) (A) That the borrower agrees to repay the amount of principal in__________equal monthly instalments of Rs._____________ each commencing from the month of _____________20___ or on completion of construction whichever is earlier. After the principal amount is repaid in full, the amount of interest accrued due in the account and payable by the Borrower at the rate as aforesaid shall be repaid by the Borrower in__________________equal monthly instalments in terms of the Housing Loan scheme governing the loan advanced to the Borrower. **(B) That the Borrower agrees to repay the loan amount of Rs._____________ along with interest in equal monthly instalment of Rs.________________ each commencing from __________ or on completion of construction which ever is earlier. ( C ) Notwithstanding the repayment of the loan and interest in instalments and other charges in the manner as stipulated herein, the borrower shall remain liable to pay any balance outstanding after adjustment of the above payments and such balance outstanding, if any, shall be payable along with last instalment. * Applicable if loan is simple interest rate. ** Applicable if loan is at interest rate applicable for public. * and ** both will be applicable in case loan is being availed at simple interest rate as well as interest rate applicable for public. 4) (A) That the Borrower authorises the Bank to deduct each month from the amount of salary due and payable to the Borrower, the amount of monthly installment /s towards the principal amount or the amount of the interest as the case may be till the liability of the borrower is fully satisfied. (b) The borrower agrees and authorises the bank to utilise the amount of bonus and all other dues whatsoever, payable to him/her on his/her ceasing to be in the employment of the Bank or at the time of any payment of gratuity, PF, Bonus or other dues, towards payment of the amount due on the aforesaid loan.
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Applicable in case the loan is for
construction/extension/
renovation
5) That the borrower agrees that in case construction/extension/ renovation of the property
described in the Schedule is not commenced within a period of one year or within such period as may be
extended by the Bank or in case the Borrower commits breach in the regular payment as agreed or the
payment is made by the Borrower in a irregular way either towards principal or interest the Borrower
agrees that in each of these cases, the Borrower shall pay after demand in writing by the Bank interest
@____________% p.a. on the amount of instalment in default. It shall be open to the Bank and the
Borrower also authorises the Bank to recall the entire loan amount of principal and interest which may be
outstanding in the account in each of the contingencies herein mentioned. 6) That the borrower agrees that in case of insolvency or in case the borrower leaves the service of the Bank or his services are otherwise terminated or on his retirement,
the entire amount outstanding in the loan account both principal and interest shall become immediately payable and the security held by the bank shall on demand become enforceable for realisation of the outstanding dues. 7) That the Borrower agrees to deposit with the Bank the original title deeds or procure mortgage/execute mortgage deed of the property detailed in the schedule with intent to create mortgage to secure the principal and the interest due from the Borrower to the Bank. 8) That the Borrower also agrees that the Bank shall have the discretion/option at all times to call upon the Borrower to execute regular mortgage in a form acceptable to the Bank and get the same registered. The Borrower agrees to insure the mortgage security to be created in favour of the Bank with an insurance company to be approved by the bank against all loss and damage by fire or other any insurable risks which the Bank may call upon the Borrower to so insure. The amount of the premia to be paid from time to time shall be paid by the Borrower and the policy shall be taken in the name of the Bank and the Borrower with agreed Bank clause. The policy taken shall be handed over to the Bank for its record. In case the Borrower fails to pay the amount of the premium it will be open to the Bank without being under any obligation to insure the mortgage security as aforesaid and to debit the amount of premium to the Borrower's account which amount shall carry interest as principal amount. 9) That the Borrower agrees that the 50% ( fifty percent ) of the amount of rent or profits ( After deductions from the total rent towards House tax , Income tax and for repairs ( not exceeding a month‟s rent ) ) accruing to the Borrowers in respect of mortgaged security shall be deposited with the Bank towards the reduction of Borrower's liability besides the payment of instalments as mentioned above after meeting liability and payments of all public dues. 10) That it will be the duty and responsibility of the Borrower to obtain the necessary permission of any authority if required for the creation of the security hereby agreed by him to be created in favour of the Bank and it will be open to the Bank to refuse to disburse the loan until and unless the same is procured and security created to the satisfaction of the Bank.
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11) That the Borrower shall duly and regularly pay all rent, taxes etc. in respect of the premises/land to be mortgaged to the Bank until the loan with interest and other charges has been repaid in full. 12) That the Borrower also hereby agrees and undertakes to abide by the terms and conditions of the sanction of the loan and also by the rules of Housing Loan scheme which are now in force and also those which may be altered, revised, amended, introduced from time to time by the Bank. *13. a) The Borrower further declares: * applicable in case property is purchased on power of attorney basis
1. The property has been/is being purchased from original allottee and;
2. The Housing Board/Development Authority/the Govt. agency, which allotted property to Vendor, has a Scheme in force for conversion of Lease hold property into free hold property.
b) The Borrower undertakes to take necessary steps to get the lease hold
property converted into free hold and get the conveyance/transfer deed executed and registered and bear all necessary expenses connected therewith from their own sources.
Schedule of Property
In witness whereof the parties hereto have set their hands on this Agreement on the day, month and year above written :
____________________________ SIGNATURE OF THE BORROWER
__________ BANK
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ANNEXURE-2 (To be submitted in duplicate)
LETTER OF AUTHORITY, AUTHORISING THE BANK TO UTILISE THE PF DUES, PAYABLE TO THE EMPLOYEE WHEN HE CEASES TO BE IN THE EMPLOYMENT
OF BANK, TOWARDS ADJUSTMENT OF HOUSING LOAN The Trustee, Punjab National Bank Employees' Provident Fund Trust, NEW DELHI. REG: LOAN FOR RS.________________ (RUPEES________________________
_________________________________) GRANTED TO ME UNDER THE HOUSING LOAN SCHEME Dear Sir, Whereas a loan for Rs.______________ (Rupees ______________________________ _______________) has been granted to me by Punjab National Bank on __________ to be availed by me at _______________ and the said loan has been secured by mortgage of immovable property vide Mortgage Deed/Deposit of Title Deeds dated___________duly registered with the appropriate registering authority. And whereas I agree and authorise the bank to utilise the amount of Provident Fund and all other dues whatsoever, payable to me on my ceasing to be in the employment of the Bank or at the time of any payment of such PF or other dues, towards payment of the amount due on the aforesaid loan. I hereby authorise you to pay to the Bank to the extent of the outstanding balance on account of principal and interest unpaid, the amount of Provident Fund etc. and all other dues whatsoever, payable to me on my ceasing to be in the employment of the Bank, due to retirement, termination of service, demise or any other reason whatsoever, after demand by the Bank to be utilised towards payment of the outstanding, including the interest accruing due, on the loan. This authority is irrevocable until the loan mentioned above with interest thereon is paid full.
Yours faithfully, STATION: DATE :
(Signatures, Name, designation and PF a/c No. of the borrowing employee)
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ANNEXURE-3 (To be submitted in duplicate)
LETTER OF AUTHORITY, AUTHORISING THE BANK TO UTILISE THE GRATUITY AND OTHER DUES, PAYABLE TO THE EMPLOYEE WHEN HE CEASES TO BE IN
THE EMPLOYMENT OF THE BANK, TOWARDS ADJUSTMENT OF HOUSING LOAN The Trustee, Punjab National Bank Employees' Gratuity Fund Trust, NEW DELHI. REG: LOAN FOR RS.________________ (RUPEES________________________ _________________________________) GRANTED TO ME UNDER THE HOUSING
LOAN SCHEME Dear Sir, Whereas a loan for Rs.______________ (Rupees ______________________________ _______________) has been granted to me by Punjab National Bank on __________ to be availed by me at _______________ and the said loan has been secured by mortgage of immovable property vide Mortgage Deed/Deposit of Title Deeds dated___________duly registered with the appropriate registering authority. And whereas I agree and authorise the bank to utilise the amount of Gratuity, and all other dues whatsoever, payable to me on my ceasing to be in the employment of the Bank or at the time of any payment of such gratuity or other dues, towards payment of the amount due on the aforesaid loan. I hereby authorise you to pay to the Bank to the extent of the outstanding balance on account of principal and interest unpaid, the amount of Gratuity, etc. and all other dues whatsoever, payable to me on my ceasing to be in the employment of the Bank, due to retirement, termination of service, demise or any other reason whatsoever, after demand by the Bank to be utilised towards payment of the outstanding, including the interest accruing due, on the loan. This authority is irrevocable until the loan mentioned above with interest thereon is paid full.
Yours faithfully, STATION: DATE :
(Signatures, Name, designation and
(PF a/c No. of the borrowing employee)
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ANNEXURE-4
LETTER OF AUTHORITY
The Manager Punjab National Bank BO:_________________. Sir, Reg: Housing Loan of Rs.__________(Rupees____________________________________) for *______________ With reference to the Term Loan of Rs._______________ (Rupees______________ ___________________________) obtained by me from BO:_________________________ on_________against ** _____________________, I hereby authorise you to deduct a sum of Rs.______________ (Rupees_____________________________ _____________________) every month from my salary and remit the same to BO:________________for credit of my aforesaid Term Loan Account with them until the loan is fully adjusted. I agree and authorise you to utilise the amount of bonus and all other dues whatsoever, payable to me on my ceasing to be in the employment of the Bank or at the time of any payment of gratuity, PF, Bonus or other dues, towards payment of the amount due on the aforesaid loan. The authority given to you herein is irrevocable unless and until the Bank's dues are repaid by me in full. Thanking you,
Yours faithfully BORROWING EMPLOYEE
Place_____________ Date______________ * Mention the purpose of loan. **Specify nature of security.
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ANNEXURE-5
PUNJAB NATIONAL BANK
POWER OF ATTORNEY
This Power of Attorney is executed on_____________day of ____________________ 20_______by Shri/Smt.________________ husband/wife of Smt./Shri__________________ r/o________________________________________________in favour of his/her wife/husband Shri/Smt_________________________________________ S/o / D/o________________________ R/o_____________________________________________. WHEREAS Shri/Smt.____________________husband/wife of Smt./Shri_____________ vide agreement dated____________ has borrowed from Punjab National Bank, a body
corporate constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act No.5 of 1970 having its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi and one of its branches at ___________________________ (hereinafter called the `Bank' which expression shall mean and include its Successors and assigns) the loan of Rs._________________for purchase/construction/extension/renovation of flat/house/ plot bearing No._________________situated at_____________________in his/her name, her husband/his wife has agreed to create/execute mortgage of the above said plot/house/flat in favour of the Bank as security vide letter of undertaking given by him/her and also vide agreement dated__________guaranteeing the repayment of loan. NOW THIS DEED WITNESSETH THAT Shri/Smt.____________________hereby appoints, nominates and constitutes his wife/her husband Smt./Shri________________ to be his/her true and lawful attorney to do and execute all or any of the following instruments, acts, deeds and things in his/her name and on his/her behalf:- 1. To deliver to deposit with the Bank the title deeds of the above said plot/house and each and every other documents of title to the said plot/house with intent to create security on the property comprised therein for the repayment of the outstanding loan, interest and other charges and for the due fulfilment of her obligations under the said agreement. 2. To execute in the alternative if so decided by the Bank mortgage of the above said plot/house in a form acceptable to Bank at his/her cost and got the same registered. 3. To execute, sign and deliver all such acknowledgements or writings as may be
required by the Bank for confirmation of creation of the aforesaid security. 4. To apply for permission/sanction/approval of competent authority or other authority under Urban Land (Ceiling and Regulation) Act, Income Tax Act or any other laws, rules or regulations in force for creating mortgage, follow up the said application and file affidavit or make statements for the said purpose and also to file any other application for obtaining certificates, permission etc. from any other office or department required for completing the mortgage security.
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5. Generally to do all such acts and things as the bank may deem proper or expedient, for or in relation to all or any of the purpose or matters aforesaid. AND Shri/Smt.________________________hereby agrees to ratify and confirm whatsoever the said attorney shall lawfully do or cause to be done by virtue of this Power of Attorney. In witness whereof Shri/Smt._______________________has executed this Power of Attorney on the day, month and the year above written.
SCHEDULE (Here describe the Plot/house/flat on which construction/
extension/renovation is to be made)
APPOINTER WITNESSES:
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ANNEXURE-6
PUNJAB NATIONAL BANK
POWER OF ATTORNEY (To be stamped as General Power of Attorney according to the Stamp Act in force in
the State and attested by a Notary Public) A POWER OF ATTORNEY given on the______ day of_______ by Shri________________________son of Shri______________________ by profession employee of Punjab National Bank, resident of _________________________________(hereinafter called the APPOINTER, which term shall unless repugnant to the context hereof, includes his heirs, successors, administrators and assigns): WHEREAS (a) The Appointer is an employee of Punjab National Bank (Hereinafter called the Bank) and has entered into an agreement dated______________ (hereinafter referred to as the said AGREEMENT) with the Bank for obtaining an advance of Rs._________________________for the purchase of the built house mentioned in the said Agreement and shortly described in the schedule hereto (hereinafter referred as the said HOUSE) from______________________(hereinafter called the VENDOR). Or for the repayment of the loan availed from the financial institution mentioned in the said Agreement for purchasing________________________situated at________________________________ described in Schedule hereinafter (hereinafter referred to as `property'). (b) Vide the aforesaid Agreement, the Appointer has agreed inter alia to deliver to & deposit with the Bank each and every of the document of title relating to the said House as and when it comes into his possession with intent to create a security thereon for the repayment of the loan, interest and other charges and for the due fulfilment of his other obligations under the said Agreement. (c) Vide the said Agreement, the Appointer has also agreed to give an irrevocable Power of Attorney to and in favour of the Bank to carry out the obligations of the Appointer in regard to the creation of the aforesaid security, etc. NOW THIS DEED WITNESSES THAT the Appointer hereby appoints the PNB to act through any of its officers (hereinafter severally called the attorneys) to be his true and
lawful attorneys in his name and on his behalf to do and, execute all or any of the following instruments, acts, deeds, and things; 1. To obtain payment from the Bank of the advance that may be sanctioned to the Appointer pursuant to the said Agreement as per the rules of the Bank applicable to grant of such advances. 2. To pay the amount of the advance so obtained from the Bank to the Vendor towards the agreed purchase price for the said House.
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3. To take all steps as may be necessary or desirable for the completion of the purchase of the House. 4. To obtain and procure proper conveyance, transfers and other assurances of the said House from the Vendor and to have the same registered and in particular and without prejudice to the generality of the foregoing, it necessary to sign sale deeds and other connected documents, to appear before the Sub-Registrar, to admit execution, to get the sale deed executed by the Vendor and registered in accordance with law, to receive and take delivery of the registered sale deeds, and other documents of title from the Vendor and after registration, from the Registrar.
* In case of repayment of
loan to FIs
Or *To obtain title deeds, and other related documents/papers of the said property from the Financial Institution.
5. To deliver to and deposit with the Bank the aforesaid registered sale deeds executed by the Vendor and each and every of the other documents of title to the said House with intent to create a security thereon (by way of equitable mortgage) for the repayment of the loan, interest and other charges and for the due fulfilment of the Appointer's other obligations under the said Agreement, and to execute sign and deliver all such acknowledgements or writings as may be required by the Bank for confirmation of the creation of the aforesaid security. 5(a) To create a simple mortgage of the said house in favour of the Bank with intent to create a security thereon for the repayment of loan, interest and other charges and for the due fulfilment of Appointers other obligations under the said Agreement. 6. Generally to do such acts and things not herein specially authorised as any of the attorneys may deem proper or expedient for or in relation to all or any of the purposes of matters aforesaid. And the Appointer hereby agrees to ratify and confirm whatsoever the said attorneys of any of them shall lawfully do or cause to be done by virtue of this Power of Attorney and hereby declare that the same shall be irrevocable till all the repayments under the said Agreement have been duly made by the Appointer. IN WITNESS WHEREOF the within named Appointer ________________________________________________has executed this power of Attorney on the day and the year first above written.
SCHEDULE (Here describe the House to be purchased)
Witnesses Appointer
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ANNEXURE-7
Letter to be obtained from the Spouse of Borrower, in case property is either in
the joint name of Borrower and Spouse or in the name of Borrower‟s Spouse only.
Dt.___________
The Manager Punjab National Bank BO_______ Sir, Reg: Housing loan of Rs.____________ to be sanctioned to Sh/Ms.____________________. Bank is approached for sanction of Housing Loan of Rs._________________________ to Sh./Ms __________________________________for purchase /construction/extension/renovation of flat/ house/plot etc. bearing number situated at____________________________________________________________________ in which stands in my name/of which I am the joint owner. If the loan is sanctioned , I undertake to create/join in the creation of mortgage of the above mentioned property, in a form acceptable to the bank, as security for the outstanding under the above loan. I will take up with Insurance Company to insure the property for its full market value to be purchased against loss or damage against fire and if required by the bank against another insurable risk in the joint name of myself and the bank as mortgagor and mortgagee with the usual bank clause. In case I fail to insure the said property, it will be open to bank, without being under any obligation to get the same insured as aforesaid and debit the amount of the premia paid from time to time to the borrower's account which shall for purposes of this agreement be treated as part of the principal amount advanced and carry interest accordingly. It will also be my duty and responsibility to obtain the necessary permission of the any authority, if required, for the creation of the security hereby agreed by to be created in favour of the bank and it will be open to the bank to refuse to disburse the loan until and unless the same is procured. In case, I will fail to get the sale deed of the property executed and/or fail to create/execute mortgage in favour of the bank within the stipulated period, as agreed to herein, the bank shall be entitled at its option to stop making further advances and to recall outstanding in borrower's account after demand in writing.
Yours faithfully
(Mortgagor/s)
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ANNEXURE-8
(In cases where property is owned by the borrowing staff member singly or jointly with his/her spouse)
PUNJAB NATIONAL BANK
MORTGAGE DEED
THIS DEED OF MORTGAGE is made on this__________day of__________the year ________________between Shri_______________ S/O____________________ Resident of _______________________________ (hereinafter called the `Mortgagor/s‟ ) which expression shall unless the context does not so admit, include his / her heirs, executors, administrators, representatives and assigns) of the One Part and Punjab National Bank, having its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi and one of its branches at________________hereinafter called `The Mortgagee' (which expression shall, unless the context does not so admit, include its successors and assigns) of the other part. Whereas Mr. / Ms.__________________ Mortgagor is an employee of the Mortgagee serving as___________________________ at its Branch Office at______________________. AND WHEREAS the mortgagor /s has / have requested the mortgagee for loan and the mortgagee has agreed to advance the sum of Rs.__________under the Housing Loan Scheme of the mortgagee as per terms and conditions motioned below for purchase of plot / house / flat or construction of building, measuring ______________and situated at______________bounded by On the North On the South On the East On the West AND WHEREAS the mortgagor/s has/have agreed to mortgage the said property in favour of the mortgagee in consideration of the said loan of Rs._________________to be advanced to him. NOW THIS DEED OF MORTGAGE WITNESSETH AS FOLLOWS:- 1. That the mortgagor/s is/are the absolute owner of the aforesaid plot of land and is/are also in possession thereof together with all rights and easements of all kinds thereto and the mortgagor is entitled to sell, transfer or alienate the said property. 2. That in consideration of a sum of Rs._____________to be advanced by the mortgagee to the mortgagor by way of loan in instalment in the manner described in Schedule B attached and on the terms and conditions mentioned thereunder, the mortgagor/s hereby mortgage/s by way of simple mortgage without possession, the said plot of land and also the construction and superstructure to be built thereon,
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more particularly described in the schedule marked `A' and as per plan attached, thereby transferring and conveying his interest in the said property so mortgaged unto the mortgagee. The mortgagor/s shall repay personally the said sum of Rs.____________with interest, at the rate of_____________% per annum from the date of the advance to the mortgagor until repayment or realisation in the manner as stated in para (7) below. The mortgagor/s agree/s with the mortgagee that in the event of the non-payment of the sum accruing due under this deed, or remaining due from the mortgagor/s to mortgagee, the said mortgagee shall be entitled to recover and realise its dues with interest under these presents together with the costs incurred by it in this behalf by sale of the property hereby mortgaged. 3. That the mortgagor/s shall be personally liable to repay the amount of loan remaining due from him/them, in case the realisation from the property mentioned above, falls short of the amount due to the mortgagee for the principal and interest accruing due under this deed to the mortgagee. In addition to the personal liability of the mortgagor/s herein provided in para 2 and in this para, the mortgagee shall be entitled to recover the amount of loan from other moveable and immovable properties of the mortgagor/s including his gratuity, provident fund and other dues if any, payable to him by the mortgagee and appropriate and adjust the same towards the mortgage debt under these presents. 4. That the mortgagor/s further agree/s to keep fully insured for its full market value in the name of the mortgagor/s and the mortgagee the said property on completion of construction against risk of damage and loss, destruction by fire with the necessary bank clause and keep up such insurance until the amount due under this deed is paid in full to the mortgagee. The cost of insurance shall be borne by the mortgagor/s. In case the mortgagor/s fails at any time to insure and pay the necessary premium, the Bank may, but it will not be bound to insure and debit the cost of the premium to the mortgagor's account. The amount of premium not paid to the Bank will carry interest as at the rate of amount advanced and become a part of the principal amount. 5. That the mortgagor/s shall also continue to pay all rates and taxes accruing due in respect of the said premises under any law or rule for the time being in force and perform all the terms and conditions of the documents of title on which he/them hold/s the plot of land mortgaged. 6. That in case the mortgagor ceases to be in the service of the mortgagee for any reason either on account of his own act or as a result of the decision of the mortgagee, before repayment or adjustment of the amount of loan under these presents, the rate of interest chargeable on the same shall be the usual rate charged by the mortgagee on such advances. 7. That the mortgagor/s shall repay the amount of the said loan with accrued interest in equal monthly instalments, within 20/25 years as the case may be, which period is otherwise also within the remaining period of the service of the mortgagor/s with the mortgagee upto the date when he attains the age of__________years. The repayment of the instalment for adjustment of the said loan and interest thereon shall commence from the date of completion of the house or 18 months from the date of disbursement of the loan, whichever earlier and the mortgagor shall not be entitled to
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withdraw any amount of loan which may remain undisbursed after the said period of 18 months. 8. That if the mortgagor/s does/do not start construction after receiving first instalment of Rs._____________or fails to complete of leaves un-finished the premises after receipt of any of the instalments, the mortgagee shall be entitled to stop further advances of loan, if any part of the loan remains to be advanced and the mortgagee shall be entitled to recover and realise the outstanding dues and interest by sale of the mortgaged property and also for realising rents and profits of the premises, be entitled to have a receiver of the same appointed through court without prejudice to Bank's right to recover as provided in para (2) and (3) above. 9. That the mortgagor/s has/have ensured the mortgagee that the said property is free from all encumbrances and that the mortgagor/s is/are entitled to convey the same by way of mortgage unto the mortgagee. 10. That on payment of all the dues of the said mortgagee under these presents, the mortgagee shall be bound to re-convey the said premises free from all encumbrances to the mortgagor/s and execute deed of discharge, transfer and every other writing in favour of the mortgagor at his expense necessary for this purpose. IN WITNESS WHEREOF the parties to these presents have set their hands on this day of______________in year__________. Witnesses (1)_________________(Mortgagor) (2)_________________ (Mortgagor) 1. for PUNJAB NATIONAL BANK
(Mortgagee)
2.
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SCHEDULE „A‟ (Description of the property hereby mortgaged) All that Plot No._____________________situated in Block_____ at Scheme No._________________measuring_______________________and so also the constructions and superstructure to be built thereon together with all rights of easements of all kinds appertinent thereto and bounded as given below North: South: East: West:
SCHEDULE `B'
(Details of the loan of Rs._________________to be advanced under these presents as per
schedule)
a) 1st Instalment of disbursement Rs._____________ b) 2nd Instalment of disbursement Rs._____________ c) 3rd Instalment of disbursement Rs.______________ d) 4th Instalment of disbursement Rs.______________
WITNESS
MORTGAGOR/S 1. For & on behalf of Punjab National Bank
MORTGAGEE
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ANNEXURE-9 (In cases where property is owned by the borrower‟s spouse)
PUNJAB NATIONAL BANK
MORTGAGE DEED THIS DEED OF MORTGAGE is made at____________________________________ the________________ date of_______________20_______between Sh./Smt._________ _______ S/O/W/O________________ resident of ______________________________, hereinafter called the Mortgagor (which expression shall, unless the context otherwise requires include his/her heirs, executors, administrators, and assigns) of the one part and Punjab National Bank, having its Head Office at Plot No.4, Sector 10, Dwarka,
New Delhi and one of its branches at________________hereinafter called `Bank' (which expression shall, unless the context otherwise requires, include its successors and assigns) of the other part. WHEREAS Sh/Smt. ___________________________ (hereinafter called the borrower) is an employee of the bank working as________________at its Branch/ Regional/Head Office at ________________________________. WHEREAS the bank at the request of the mortgagor has agreed to sanction/sanctioned a loan of Rs._______________ (Rupees___________________to the borrower under the Housing Loan Scheme of the bank to be disbursed and adjusted in stages as per the loaning documents. AND WHEREAS the mortgagor agreed to guarantee the said loan with interest costs and other charges and secure the payment of bank's dues from the borrower as per the terms and conditions contained in the loan agreement by mortgaging the property, fully described with the schedule hereunder. NOW THIS DEED OF MORTGAGE witnesseth as follows: 1. PURSUANT to the above and in consideration of the bank allowing a loan of Rs.______________to the borrower, the mortgagor guarantees the repayment after demand in writing of all moneys, interests costs and other charges which may at any time be due to the bank from the said borrower as per the terms and conditions contained in the loaning documents dated____________ executed by the borrower. 2. For further assuring and in consideration of the above the mortgagor hereby
mortgages by way of Simple Mortgage the property more fully described in the schedule hereunder and also the construction and superstructure built and to be built/added thereon as per the plan attached. 3. THE MORTGAGOR covenants that he/she shall be personally liable to repay the amount of loan remaining due, in case realisation from the property mortgaged falls short of the amount due to the Bank.
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4. THE MORTGAGOR further agrees to keep fully insured for its full market value in the name of the mortgagor and mortgagee with agreed bank clause, the said property on completion of construction against risk of damage and loss, destruction by fire and keep up such insurance until the amount due is paid in full to the mortgagee. The cost of insurance shall be borne by the mortgagor. In case the mortgagor fails at any time to insure and pay the necessary premium the bank may, but it will not be bound to, insure and debit the cost of premium to the loan account. The amount of premium so paid shall carry interest as per the rate on the amount advanced and be covered by the mortgage hereby created. 5. THE MORTGAGOR shall also continue to pay all rates and taxes accruing due in respect of the said property under any law or rule for the time being in force and perform all the terms and conditions of the documents of title of the property mortgaged. 6. IN CASE of non-observance of any of the conditions and in default of the borrower as per the terms and conditions in the loaning documents, the bank shall be entitled to recover and realise the outstanding dues, interest costs and other charges by causing the property mortgaged to be sold. The bank shall have the power of sale without intervention of the court. The bank shall also be entitled to have a Receiver appointed without prejudice to any of the banks rights. 7. THE MORTGAGOR has assured the mortgagee that the property is free from all encumbrances and the mortgagor is entitled to convey the same by way of mortgage unto the bank. 8. THE MORTGAGOR covenants that the bank may grant time and/or enter into any settlement or compromise with the borrower. The guarantee given by the mortgagor will not be effected on that account. The bank may accept any security or part with the same or sell the same without notice to the mortgagor. The liability shall remain un-affected in such events. 9. THE MORTGAGOR appoints the borrower as his agent to confirm the balance and acknowledge liability on his behalf at any time during the currency of the loan. 10. THE BANK shall be entitled to proceed against the mortgagor for the recovery of its dues outstanding against the borrower without proceeding against the borrower or exhausting any of the securities that may at any time be held by the bank in the
account. 11. THE MORTGAGOR further agrees and hereby gives to the bank during the currency and for the payment of its dues, a general lien and right of set-off and charge on all movable properties of every description coming into the possession of the bank on account of the mortgagor or for the time-being held by the bank on behalf of the mortgagor, whether alone or jointly with others.
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SCHEDULE
IN WITNESS whereof the mortgagor has set his/her hand on the day, month and year above mentioned. WITNESSES MORTGAGOR 1. 2.
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ANNEXURE-10
PROFORMA OF POWER OF ATTORNEY IN RESPECT OF STAFF HOUSING LOAN WHERE THE HOUSE/LAND IS INTENDED TO BE PURCHASED IN THE NAME OF
THE SPOUSE OF THE BORROWING EMPLOYEE
PUNJAB NATIONAL BANK
This Power of Attorney is executed on______________day of____________20________by Shri/Smt.____________________ S/o D/o Shri_________________________________________ r/o___________________________________ in favour of the Punjab National Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of
Undertakings) Act, 1970 with its head office at Plot No.4, Sector 10, Dwarka, New Delhi and one of its branches at_____________________________(hereinafter referred to as `Bank'. Whereas Shri/Smt._________________________, vide agreement dt.__________ has guaranteed the due repayment of the loan advanced/to be advanced to _________________________________________for purchase of plot/house bearing No.____________ situated at______________________________________ _____________ by________________________ in his/her name and has also agreed to create/execute mortgage of the property to be purchased in favour of the Bank as security for the obligations undertaken by him/her under the said agreement and has also agreed to give an irrevocable Power of Attorney to and in favour of the Bank to carry out his/her obligations inter alia, with regard to creation of the said security. Now this deed witnesseth that Shri/Smt.____________________ hereby appoints the Bank to act through any of its officers, (hereinafter severally called the attorneys) to be his/her true and lawful attorney to do and execute all or any of the following instruments, acts, deeds and things:- 1. To receive and take delivery of the registered sale deed/s and other documents of title from the Registration Office and to deliver to and deposit with the Bank the registered sale deed executed in his/her favour and each and every other documents of title to the said property with intent to create security on the property comprised therein for the repayment of the outstanding loan, interest and other charges and for the due fulfilment of his/her obligations under the said agreement. 2. To execute in the alternative if so decided by the Bank, mortgage of the property to
be purchased in a form acceptable to bank at his/her cost and get the same registered. 3. To execute, sign and deliver all such acknowledgement or writings as may be required by the Bank for confirmation of creation of the aforesaid security. 4. To apply for permission of competent authority for creating mortgage, follow-up the said application and file affidavit or make statements for the said purpose and also
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to file any other application for obtaining certificates, permission and authorities from any other office or Department required for completing the mortgage security. 5. Generally to do all such acts and things as the Bank may deem proper or expedient, for or in relation to all or any of the purposes or matters aforesaid. And Shri/Smt.________________________hereby agrees to ratify and confirm whatsoever the said attorneys or any of them shall lawfully do or cause to be done by virtue of this Power of Attorney and hereby declares that the same shall be irrevocable till all the repayments under the said agreement have been duly made. In witness whereof Shri/Smt.______________________has executed this Power of Attorney on the day, month and the year above written.
SCHEDULE (Here describe the House to be purchased)
WITNESSES APPOINTER
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ANNEXURE-11 FORM OF TRIPARTITE AGREEMENT TO BE EXECUTED AT THE TIME OF DRAWING AN ADVANCE BY A MEMBER OF STAFF FOR PURCHASE OF FLAT UNDER THE SELF FINANCING HOUSING REGISTRATION SCHEME OF THE DELHI DEVELOPMENT AUTHORITY.
PUNJAB NATIONAL BANK THIS AGREEMENT MADE this___________________day of_____________ 20___ between Shri___________________________ son of Shri___________________________ residing at__________________________________________________________at present serving as_________________________hereinafter called the `Borrower' (which expression shall unless excluded by or repugnant to the context be deemed to include his/her heirs, executors, administrators and legal representatives) of the first part, the Delhi Development Authority, a statutory body having its office at _____________________________________________________hereinafter called „the authority' of the second part and the Punjab National Bank, a body corporate constituted under the banking Companies (Acquisition and Transfer of Undertaking) Act (5 of 1970) having its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi and one of its Branches at____________________ (hereinafter called the bank, which expression shall include its successors and assigns), hereinafter called `The Bank' of the third part. WHEREAS The borrower desires to purchase a ready built flat from the Authority under its Self Financing Housing Registration Scheme (hereinafter referred to as `the said scheme') which envisages allotment of ready-built flats after a period of 2 years and payment of the cost of construction in instalments as mentioned in the brochure of the said scheme. AND WHEREAS the Borrower has under the provisions of the rules framed by the bank to regulate the grant of advances to the member of its staff for building houses, etc., (hereinafter referred to as the said Rules including any modifications thereof) applied to the bank for an advance of Rs.___________to purchase a flat under the said scheme and the bank have sanctioned an advance of Rs.______________________________to the Borrower vide its___________letter no.___________________dated ___________a copy of which is annexed to these presents for the purpose aforesaid on the terms and conditions set forth therein. In consideration of the sum of Rs.___________ (Rupees______________________ ________________________) already deposited by the Borrower as initial amount of registration deposited with the Authority under the said scheme for the purchase of a ready-built flat and the sum of Rs._________________ (insert the amount of advance sanctioned) to be paid by the bank directly to the Authority on behalf of borrower, it is hereby agreed to by and between the parties hereto as follows:- 1) On the receipt of an assurance from the authority that the flat will be allotted to the Members of Staff, the borrower herein, the amount of House building Advance permissible will be sanctioned to the borrower but the actual payment will be made to the Authority directly by the borrowing employees as follows :-
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a) 25% of the tentative cost of dwelling unit (including the amount paid as registration deposit) within one month of the date of the demand letter after the allocation by draw of lots; b) 65% of the tentative cost of dwelling unit in three instalments amounting to 20% 25% and 20% respectively on demand at any time after three months of the date of the issue of demand letter after the allocation by draw of lots. c) The final price of he flat will be determined before taking possession of the flat and 10% of the balance of the amount will be paid at the time taking possession. The amount in excess of the amount of housing Loan permissible and sanctioned to the borrower will be paid by the borrower to the Authority directly so as to make the payment to the DDA in the manner as a mentioned hereinbefore. In case there is any delay in payment of the instalment by the Bank or the borrower in either case it will be treated a default on the part of the borrower and borrower shall be liable to pay a penalty @ ___% per annum on delayed payment. 2) The Authority will maintain a separate account for the borrower and adjust the payment of advance received by it from the Bank against the cost of construction of a particular category of flat applied by him. 3) On completion of the flat, its possession will be handed over to the borrower forthwith along with the title thereto on lease hold right basis who will mortgage the flat within thirty days to the Bank as security for the said advance. He should also furnish all the necessary certificates for the purpose of registration. 4) The cost of the flat, if in excess of the amount of the Housing Loan sanctioned, will be borne and paid by the borrower. 5) The borrower is to repay to the Bank the said amount of Rs._____________together with interest/simple interest* at the rate of________p.a. with quarterly rests in equal monthly instalments as agreed from his pay commencing from the month following the obtaining of the possession of the flat and the Borrower hereby authorizes the Bank to make such deductions from his monthly pay, leave salary and subsistence allowance bills. *Delete if not applicable. 6) If the borrower wants to withdraw from the scheme or fails to pay the balance amount representing the difference between the Housing loan sanctioned by the Bank and the actual cost of the House/flat, or quits the service of the Bank or dies, the amount of the Housing loan will be refunded forthwith to the Bank. The amount of initial deposit of Rs.________ (Rupees ________________) will be refunded to the borrower or his legal heirs, as the case may be, by the Authority after deducting such amount as may be payable by him as communicated in the brochure. Provided, however, in the event the borrower quits the service of the Bank or dies, the Authority may, in its absolute discretion, allow the borrower or his legal heirs, if they choose so, as the case may be, to deposit the amount refunded to the Bank as mentioned hereinabove and upon an undertaking by the borrower or his legal heirs, as the case may be, to pay such further sum or sums as may have been payable by him under these presents to the Authority.
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Provided further that in the event the borrower quits the service of the Bank or dies, as the case may be, the terms of this agreement as applicable to the Authority and the borrower shall be deemed to continue and shall always be deemed to have been continued irrespective of the fact that in relation to the Bank this agreement has come to an end. 7) The rate of interest on Housing Loan is__________. The Delhi Development Authority under the said scheme will pay to the bank interest @ ___ % p.a. for the period beyond ___ years till the flat is offered for possession. Any gain in interest in this way will accrue to the Bank. 8) The stamp duty if any payable on these present shall be borne and paid by the borrowing employee. IN WITNESS WHEREOF THE BORROWER has hereunto set his hand and Shri___________________________of the Delhi Development Authority has hereunto set his hand and Shri_____________________of B/O____________________ for and on behalf of the Bank has hereunto set his hand.
____________________________________ (SIGNATURE OF THE BORROWER)
1ST WITNESS : ADDRESS : OCCUPATION : 2ND WITNESS : ADDRESS : OCCUPATION : Signed by Shri________________________________of the Delhi Development Authority in the presence of:- 1.________________________________ 2.________________________________
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ANNEXURE-12
DECLARATION FROM THE BORROWING EMPLOYEE
The Manager,
Punjab National Bank, ______________________
REG: LOAN FOR RS._____________________
(RUPEES__________________________) GRANTED TO ME UNDER THE HOUSING LOAN SCHEME
__________________________________________
Dear Sir,
With reference to the Housing Loan of Rs._____________(Rupees _________________________________) granted to me by the Bank, I have to advise as under:-
(a) It is certified that I have not so far let out my house or any portion thereof.
(b) It is certified that my house/a portion there of has been let out on a monthly rent of Rs.____________________________ since _______________________.
50% of the rented amount of__________________________________out of rental income after the usual allowable deductions is already being deposited regularly in the Housing Loan account in addition to the usual instalments.
Yours faithfully,
(Borrowing employee)
(ENBL MATTERS)
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ANNEXURE-13 (To be Stamped as Agreement)
Supplementary Agreement for Staff Housing Loan
This Supplementary Agreement is made at __________ on this _____ day of _____ 20 ____ between Shri/Smt./Km.
____________________________son/wife/daughter of Shri ____________ _____ _______ r/o _______ ______ ______ ______ _______ ______ (hereinafter called the „borrower‟ which expression
shall unless repugnant to context include his/her heirs, executors, administrators and assigns) of the One Part and
Punjab National Bank a body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having its head office at Plot No.4, Sector 10, Dwarka,
New Delhi and amongst other a branch office at ____ _____ _____ _______ (hereinafter called the „bank‟ which term shall unless
repugnant to context include its successors and assigns) of the Other Part.
Whereas Erst. Nedungadi Bank Ltd. (eNBL) which was merged with the bank as per scheme of amalgamation has allowed a staff housing loan of Rs __________ (Rupees _________________) to
the borrower for the purpose of ___________________ as per the terms and conditions agreed to under the Agreement for
Housing Loan dated _________ entered into between eNBL and the borrower (hereinafter referred to as the „said Agreement‟). The borrower‟s housing loan account number is ______ . As on
_______ the amount outstanding in the a/c is Rs._______________. Whereas the borrower desires to have the benefit of the
applicable revised guidelines to which the bank has agreed as herein provided.
NOW THIS AGREEMENT WITNESSETH AS UNDER:
1. The borrower agrees and accepts that the amount due from the borrower to the bank under the Housing Loan as on
_________ is Rs.__________ (Rupees_________________________) and undertakes to repay the same with interest and in the manner as provided
herein. 2. That with effect from ________ (effective date), the borrower
agrees to pay interest on Rs.______________ as under: A. (i) @__________ p.a., on the first Rs.________
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#Delete if not
applicable. #Delete if not
applicable.
(ii) @__________ p.a. on the subsequent Rs.________ and
(iii) @__________ p.a., on the balance Rs.______with___ rests.
B. That the borrower shall repay the remaining amount of
loan (as stated in para 1 hereof) and interest thereon
in_______ monthly instalments of Rs._________each, the first instalment to fall due on or before_________.
C. The borrower also agrees to pay interest tax, if any, at the rates as in force from time to time. The bank shall
have the discretion to decide the manner of computation of interest tax and charging thereof in the account.
D. In case the account becomes irregular on account of
non-payment of instalment or for any other reason, the borrower agrees to pay default interest @ ____ % per annum with _______ rests on the amount then
outstanding under the loan or on the defaulted amount, as the case may be. Default interest is payable over and above agreed interest.
3. That in case the borrower dies or becomes insolvent, or
leaves the service of the bank or his services otherwise terminated by the bank for any reason whatsoever the entire amount outstanding in the loan account and
remaining unpaid shall at the option of the bank become immediately payable and the security held by the bank will become enforceable for the realisation of its outstanding
dues.
4. # That the borrower will execute an irrevocable power of attorney in favour of the bank to act any of its officers, inter alia, authorising them, severally, in the name and on behalf
of the Borrower to complete the transaction of purchase of the plot/house to pay the amount of loan to the vendor
towards agreed price, to get the sale deed executed and registered in the borrower‟s name, to receive and take delivery, of the sale deed from the vendor and after
registration from the office of Sub Registrar, to deposit the original registered sale deed and other documents of title to the aforesaid plot/house with the bank by way of equitable
mortgage with intent to create security thereon and to do all such other acts, deed and things as may in the opinion of
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the officers so authorise be necessary or desirable for the due fulfilment of the borrower‟s obligation in this behalf
towards the bank.
5. # That it will be the duty and responsibility of the borrower to obtain the necessary permission of the vendor and/or any authority, if required, to the creation of security hereby
agreed by him to be created in favour of the bank and it will be open to the bank to refuse to disburse the loan until and unless the same are procured. In case the borrower fails to
get the conveyance of the property in his favour and/or fails to execute mortgage in favour of the bank within the period
of ____ Months, as agreed to herein, the bank shall be entitled of his option to stop further advances and/or to recall the advance already made.
6. All other terms and conditions as contained in the said
Agreement shall continue to remain in full force. In witness whereof, the parties hereto have set their hand
on the day month and year here in above mentioned.
________________
Borrower
For Punjab National Bank
__________________ Authorized Signatory
(ENBL MATTERS)
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ANNEXURE-14 (To be Stamped as Agreement)
Supplementary Agreement for Supplementary Housing Loan
This Supplementary Agreement is made at _____ on this _____ day of _____ 20 __ between Shri / Smt / Km. _____________________________
son/wife/daughter of Shri ______ ______ _____ _______ r/o _______ ______ ______ ______ _______ ______ (hereinafter called the „borrower‟ which expression shall unless repugnant to context include his/her heirs,
executors, administrators and assigns) of the One Part and Punjab National Bank a body corporate constituted under the Banking
Companies (Acquisition & Transfer of Undertakings) Act, 1970 having its head office at Plot No.4, Sector 10, Dwarka, New Delhi and amongst other a branch office at ____ _____ _____ _______ (hereinafter called the
„bank‟ which term shall unless repugnant to context include its successors and assigns) of the Other Part.
Whereas Erst. Nedungadi Bank Ltd.(eNBL) which was merged with the bank as per scheme of amalgamation has allowed a Supplementary Staff
Housing Loan of Rs _______ (Rupees _________________) to the borrower for the purpose of ____________________ as per the terms and conditions agreed to under the Agreement for Supplementary Housing Loan dated
_______ entered into between eNBL and the borrower (hereinafter referred to as the „said Agreement‟). The borrower‟s Supplementary Housing loan
account number is ______ . As on _______ the amount outstanding in the a/c is Rs._____________.
Whereas the borrower desires to have the benefit of the revised applicable guidelines to which the bank has agreed as herein provided.
NOW THIS AGREEMENT WITNESSETH AS UNDER:
1. That the borrower shall repay the remaining amount of loan (as stated above) and interest thereon in_______ monthly instalments of Rs._________each, the first instalment to fall due on or
before_________.
2. That with effect from _______________ (effective date), the existing para no. ___ of the said Agreement shall stand substituted as under:
A. (i) Borrower exercises/exercised the „fixed interest rate‟ option and
agrees to pay interest at the rate as under :
______ % per annum with ______ rests.
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Provided that bank shall have the discretion to change the
periodicity of the rest.
(ii) The option of „fixed rate of interest‟ exercised by the borrower will not be allowed to be changed for a minimum period of _________years/ months and thereafter the change may be allowed
at the sole discretion of Bank.
(iii) In case the change of option is allowed by the Bank, the floating
rate of interest would be the prevailing „floating rate‟ at the time of change of option.
(iv) The option exercised by the borrower shall be for the „block‟ period
of _______years/ months as above. After completion of each „block‟
it is open to the borrower to switch over from one option to other. If no intimation of change of option is received it shall be presumed
that the borrower continue with earlier option which the borrower is availing.
OR
B. (i) Borrower exercises/exercised the „floating interest rate option‟ and
agrees to pay interest at the rate and rest as prescribed by bank
from time to time. The rate and rest on the date of this agreement is _____% per annum with _____ rest.
(ii) The option of „floating rate of interest‟ exercised by the borrower will
not be allowed to be changed for a minimum period of 3 years and
thereafter the change may be allowed at the sole discretion of Bank.
(iii) In case the change of option is allowed by the Bank, the fixed rate of interest would be the prevailing „fixed rate‟ at the time of change
of option.
(iv) The option exercised by the borrower shall be for the „block‟ period
of _______years/ months as above. After completion of each „block‟ it is open to the borrower to switch over from one option to other. If
no intimation of change of option is received it shall be presumed that the borrower continue with earlier option which the borrower is availing.
C. The borrower also agrees to pay interest tax, if any, at the rates as in
force from time to time. The bank shall have the discretion to decide
the manner of computation of interest tax and charging thereof in the account.
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D. In the case the account becomes irregular on account of non-payment
of instalment or other wise, the borrower agrees to pay default interest @ __________ % per annum with _______ rests on the amount then
outstanding under the loan or on the defaulted amount, as the case may be. Default interest is payable over and above agreed interest.
3. That with effect from effective date, the rate of interest shall be charged as per above substituted clause.
4. All other terms and conditions as contained in the said Agreement shall continue to remain in full force.
In witness whereof the parties hereto have set their hand on the day month and year here in above mentioned.
________________
Borrower
For Punjab National Bank
__________________
Authorized Signatory
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ANNEXURE-15 (To be stamped as GPA)
POWER OF ATTORNEY
I/we_________________________(describe Parentage, address etc.) do hereby nominate, constitute and authorise Shri/Smt._______________________(describe
parentage, address etc.) as my/our true and lawful attorney to do, execute and perform any or all the following acts, deeds and things in my/our name and on my/our behalf in respect of my/our property No.______________
situated at____________________________in the jurisdictions of_______________________ (more fully described in SCHEDULE hereunder):-
1. To deliver to and deposit with Punjab National Bank, a body corporate constituted, under the Banking Companies (Acquisition & Transfer of
Undertakings) Act, 1970, having its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi and inter alia one of its branches
at___________________(hereinafter called the bank which expression shall include its successors & assigns) the title deeds of the above said property with intent to create a security thereon (by way of equitable mortgage) for the
repayment of the amount outstanding, interest and other charges and for the due fulfilment of other obligations of Shri/Smt.______________________________ (write name of the widow/son/daughter who has been given employment in the
bank on compassionate grounds) under the agreement dated______________and to execute, sign and deliver all such
acknowledgements or writings as may be required by the bank for confirmation of the creation of the aforesaid security.
2. To execute the mortgage deed, if needed, in the form and manner acceptable to the bank and get it registered.
3. To apply for permission of competent authority for creating mortgage, follow up the said application and file affidavit or make statement for the said
purpose and also to file any other application for obtaining certificates, permission and authorities from any other office or department required for completing the mortgage security.
4. And generally to do all acts, deeds and things not herein specifically
authorised as the attorney may deem proper or expedient for or in relation to all or any of the purposes of matters aforesaid.
SCHEDULE
(DESCRIPTION OF THE PROPERTY MENTIONED HEREINABOVE)
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In witness whereof I/we sign these presents at______________ this ______________ of______________ 19______ in the presence of:
WITNESSES:
1.
EXECUTANT/S
2.
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ANNEXURE-16
(To be stamped)
AGREEMENT
This agreement is made at_______________________on this
_______________day of______________20______between Shri/Smt.* ______________________________ (hereinafter called "the borrower", which of the expression shall include
his/her legal heirs, borrower executors, administrators and assigns) of the one part and Punjab National Bank, a body corporate constituted under The
Banking Companies (acquisition and transfer of undertakings) Act, 1970 having its H.O. at Plot No.4, Sector 10, Dwarka, New Delhi and inter alia one of its branches at__________________ (hereinafter called "the bank" which
expression shall include its successors and assigns) of the other part.
*Describe the name, parentage and address of the borrower. Shri/Smt.________________ husband/father/mother of the borrower, was
serving the bank as______________in its office at________________. Whereas the said Shri/Smt. ___________________ availed a housing loan
of Rs._________________for* whichever purchasing a plot/a house/a flat/constructing a flat/house on the plot bearing No.___________ _situated at
______________________________________ (more fully described in schedule hereunder).
*Delete whichever is not applicable. Whereas the said Shri/Smt._________________ executed loan Agreement
dated______________.
Whereas the said Shri/Smt.________________created the mortgage of the said property to secure the outstanding together with interest and other charges under the said housing loan.
*Delete if not applicable.
Whereas the said Shri/Smt.________________died on___________ leaving behind the following legal heirs, inter alia, the borrower.
Whereas the borrower is/has joined the services of the bank as_______________in its office at_______________________.
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Whereas, after adjustment of the payment made, there is an outstanding of
Rs.____________(Rupees_________________________________________only) as on____________________in respect of the Housing Loan availed by the
said Shri/Smt.___________________. Whereas the borrower has approached the bank to permit him/her to take
up the liability of her husband/his/her father/mother as per terms and 0conditions contained in this agreement, to which the bank has agreed. Now this Agreement witnesses:- 1. The borrower hereby agrees and undertakes to pay the sum of
Rs.__________________(Rupees___________________only) which the borrower hereby confirms as being the amount outstanding and due from the borrower's husband/father/mother and being the balance now undertaken to be repaid by
the borrower, in monthly instalments of Rs.______________each, the first instalments will commence from_________________. 2. The borrower agrees to pay interest at________per cent per annum with____________rests.
In case the borrower ceases to be in the employment of the bank or in case
the account becomes irregular on account of non-payment of instalment or otherwise, the borrower agrees to pay interest at_________per cent per annum with______________rests on the amount outstanding/on the defaulted
amount as the case may be. Notwithstanding the foregoing, the borrower shall pay to the bank interest
at such other rate(s)/ as shall from time to time be fixed by the bank and intimated to the borrower.
3. The borrower agrees to pay costs and expenses incurred by the bank.
4. The borrower undertakes to create/execute mortgage/to procure the creation/execution of mortgage of the property (more fully described in the schedule) in a form acceptable to the bank as security for the amount of
outstanding together with interest and other charges.
In case the borrower dies or becomes insolvent or leave the service of the bank or his/her services are otherwise terminated by bank for any reason whatsoever or in case the borrower fails to create/procure the creation of the
mortgage in favour of the bank within the period of ____________months from the date of this agreement or within such further time the bank may allow, in
its discretion, the entire amount outstanding in the loan A/c and remaining unpaid shall, at the option of the bank, become immediately payable and the
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security held by the bank will become enforceable for the realisation of its outstanding dues.
5. The borrower shall adequately insure the property to be mortgaged as
described in the schedule hereunder against loss, damage and destruction by fire and if required by the bank against any other insurable risk in joint names of himself/herself and the bank mortgagors and mortgages with usual bank
clause. In case, the borrower fails to so insure the said property, it will be open to the bank to get the same insured as aforesaid and debit the amount of premium to the borrower's account which shall thereupon for purpose of this
agreement be treated as part and parcel of the principal amount advanced.
6. It will be the duty and responsibility of the borrower to obtain necessary permission of the Lessor/any authority under any law, rules or agreement, as may be required therein, for creation of the security as above said in favour of
the bank.
SCHEDULE
(DESCRIPTION OF THE PROPERTY MENTIONED HEREINABOVE) In witness thereof, the parties have set their hands on the day, month and
year above written.
BORROWER
FOR PUNJAB NATIONAL BANK
MANAGER
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ANNEXURE-17
(To be stamped as an agreement) (Not to be witnessed{
SUPPLEMENTARY AGREEMENT
This Supplementary Agreement is executed at ____________ on this _____________day of ____________20___ between Shri________________________S/o Sh._______________________R/O__________________________________________ (hereinafter referred to as the „Borrower‟ which expression shall unless repugnant to the context include its successors and assigns), of the one part and Punjab National Bank, a body corporate constituted under the Banking Companies (Acquisition & Transfer of undertakings) Act, 1970 having its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi and inter-alia BO at ________________________ (hereinafter referred to as „Bank‟ which expression, unless repugnant to the context, shall include its successors and assigns) of the other part. WHEREAS the Borrower is availing, inter-alia availing Housing Loan of Rs. _______________ (Rs.__________________________________only). WHEREAS the Borrower has executed a Loan agreement on ___________ __________________. WHEREAS the said Housing Loan is secured by mortgage of property situated at ____________________ of the borrowers. WHEREAS the Borrower has executed the loaning and security documents as above said. WHEREAS the Borrower has honourably retired/has resigned/has taken voluntary retirement and as per terms and conditions, the above housing loan was to be adjusted during the period under which the borrower remains in employment of the bank. WHEREAS the Borrower has approached the bank and requested for continuation of loan amount/outstanding balance under the above Housing Loan Scheme by way of re-schedulement, as per the Housing Loan Scheme available to public. WHEREAS the bank, has, at the request of the borrower and having regard to the requirements of the borrower, agreed to reschedule repayment as mentioned herein.
NOW IN CONSIDERATION OF THE BANK continuing/agreeing to continue the
banking facilities as aforesaid, the borrowers agree as under: 1. The borrowers confirm that the balance due in the above said term loan account is Rs._______________ as on _____________ and acknowledge liability to repay the same.
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2. The borrower agrees and undertake to repay the outstandings in the said housing loan of Rs. ________________ (Rupees ___________________________ ________________________) in instalments. Notwithstanding the repayment of the loan and interest in instalments and other charges in the manner as stipulated herein, the borrower shall remain liable to pay any balance outstanding after adjustment of the above payments and such balance outstanding, if any, shall be payable alongwith last instalment. 3. That the borrowers agree to pay interest on Rs._______ (Rupees _______________________________) as under: (i) @_________p.a. on the first Rs._______. (ii) @_________p.a. on the subsequent Rs._______. (iii) @_________ p.a. on Rs.________.
And/OR That the Borrowers agree to pay Interest on Rs.____________ (Rupees ______________________) at fixed/floating rate as under : * Delete if not applicable
A* (i) Borrower exercises/exercised the ‘fixed interest rate’ option and agrees to pay interest at the rate
as under :
______ % per annum with ______ rests. Provided that bank shall have the discretion to change the periodicity of the rest. (ii) The option of „fixed rate of interest‟ exercised by the borrower will not be allowed to be changed for a minimum period of _________years/ months and thereafter the change may be allowed at the sole discretion of Bank.
(iii) In case the change of option is allowed by the Bank, the floating rate of interest would be the prevailing „floating rate‟ at the time of change of option.
(iv) The option exercised by the borrower shall be for the „block‟ period of _______years/ months as above. After completion of each „block‟ it is open
to the borrower to switch over from one option to other. If no intimation of change of option is received it shall be presumed that the borrower continue with earlier option which the borrower is availing.
OR A. *(i) Borrower exercises/exercised the „floating interest rate option‟ and
agrees to pay interest at the rate and rest as prescribed by bank from time to time. The rate and rest on the date of this agreement is _____% per annum with _____ rest.
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(ii) The option of „floating rate of interest‟ exercised by the borrower will not be allowed to be changed for a minimum period of ______ years and thereafter the change may be allowed at the sole discretion of Bank.
(iii) In case the change of option is allowed by the Bank, the fixed rate of interest would be the prevailing „fixed rate‟ at the time of change of option.
(iv) The option exercised by the borrower shall be for the „block‟ period of _______years/ months as above. After completion of each „block‟ it is open to the borrower to switch over from one option to other. If no intimation of change of option is received it shall be presumed that the borrower continue with earlier option which the borrower is availing.
B. The borrower also agrees to pay interest tax, if any, at the rates as in force
from time to time. The bank shall have the discretion to decide the manner of computation of interest tax and charging thereof in the account.
C. In case the account becomes irregular on account of non-payment of instalment or otherwise, the borrower agrees to pay default interest @ __________ % per annum with _______ rests on the amount then outstanding under the loan or on the defaulted amount, as the case may be. Default interest is payable over and above agreed interest. In case the interest is not paid by the borrower in its entirety, it will form part of the principal and carry interest at the above mentioned rate.
Notwithstanding the foregoing, the borrowers shall pay to the bank interest at such other rate(s) as shall from time to time be fixed by the Bank and intimated to the Borrowers.
In case the interest is not paid by the borrower in its entirety, it will form part of the principal and carry interest at the above mentioned rate, provided that the interest payable by the borrower shall be subject to changes in interest rates made by Reserve Bank of India/Bank from time to time. In the event of there not being any PLR, the rate of interest as prescribed by the bank will apply.
4. In case of default in payment of interest or instalments on the due date and/or in case the entire loan is recalled by the bank and/or in case the account becomes irregular for any reason whatsoever, the borrower agrees to pay increased interest @ % p.a. with agreed rests over and above the agreed rate of interest as under:
i) On the amounts in default from the date of default, or ii) On the amount outstanding from the date of recall or from the date the
account becomes irregular. 5. The borrower agrees that if the borrower default in payment of interest/instalment, the bank shall be entitled to recall the entire amount outstanding under the above said Housing Loan account.
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6. The borrower confirms that all other terms and conditions as already agreed to and mentioned in the loaning and security documents executed on ______________________ in respect of Housing Loan above referred to continue and remain in force. The borrower further confirms that the security viz. mortgage (above referred to) given to the above Housing Loan continues and remain in force. 7. This agreement is supplemental to and not in-derogation of earlier agreements/documents executed in favour of the Bank. In witness whereof, the parties here to have signed these presents on the day, month and year above mentioned.
_________________________ (Borrower)
For PUNJAB NATIONAL BANK
Manager
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ANNEXURE-18 (To be stamped as an agreement)
LETTER FROM GUARANTOR
Manager, Punjab National Bank, BO___________________. Sir,
Reg : ____________A/c. No.____________ in the name of _____________ I/We have guaranteed the repayment of the amount outstanding including interest and other charges under the above said ____________ A/c. availed by ______________________ and executive agreement of guarantee dated ________________. At my/our request the bank has agreed for continuation of loan amount/outstanding balance under the Housing Loan Scheme by way of re-schedulement, as per the Housing Loan Scheme available to public, as per terms and conditions contained in supplementary agreement dated _______________read with loan agreement dated ____________. I/We agree and concur to the arrangement above said. I/We confirm that my/our guarantee dated _____________ continues and be in full force and virtue and covers the outstanding under the Housing Loan as modified by supplementary agreement in respect of Housing Loan.
Yours faithfully,
GUARANTOR/S
PLACE: DATE
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ANNEXURE-19
PUNJAB NATIONAL BANK
*Delete whichever not applicable.
Supplementary Agreement for Housing Loan
This Supplementary Agreement made at _____ on this _____ day of _____ 20 __ between Shri / Smt / Km.
_____________________________ son/wife/daughter of Shri ______ ______ _____ _______ r/o _______ ______ ______ ______ _______
______ (hereinafter called the „borrower‟ which expression shall unless repugnant to context include his/her heirs, executors, administrators and assigns) of the One Part and Punjab
National Bank a body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970
having its head office at Plot No.4, Sector 10, Dwarka, New Delhi and amongst others, a branch office at ____ _____ _____ _______ (hereinafter called the „bank‟ which term shall unless
repugnant to context include its successors and assigns) of the Other Part.
Whereas the bank has allowed a housing loan of Rs _______ (Rupees ___________ ____) to the borrower for the
purpose of _______ as per the terms and conditions agreed to under the Agreement for Housing Loan dated _______/*and/ Supplementary Agreement Dt._____________ entered into
between the bank and the borrower (hereinafter referred to as the „said Agreement‟). The borrower‟s housing .loan account
number is ______ . # Whereas guidelines regarding charging of interest in
housing loan are revised and under the revised guidelines, the borrowers were given the right to have the option of either fixed or floating rate of interest in their housing loan accounts.
Whereas the borrower desires to have the benefit of the
revised guidelines to which the bank has agreed as herein provided.
NOW THIS AGREEMENT WITNESSETH AS UNDER:
1. WHEREAS the bank, has, at the request of the borrower and
having regard to the requirements of the borrower, agreed to revise the rate of interest as mentioned hereinunder:
A* (i) Borrower exercises the „fixed interest rate‟
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Fixed rate option
Floating rate
option
option and agrees to pay interest at the rate as under :
______ % per annum with ______ rests.
Provided that bank shall have the discretion to change the periodicity of the rest.
(ii) The option of „fixed rate of interest‟ exercised by the borrower will not be allowed to be changed for a minimum period of _________years and thereafter
the change may be allowed at the sole discretion of Bank.
(iii) In case the change of option is allowed by the Bank,
the floating rate of interest would be the prevailing „floating rate‟ at the time of change of option.
(iv) The option exercised by the borrower shall be for
the „block‟ period of _______years/ months as above.
After completion of each „block‟ it is open to the borrower to switch over from one option to other. If
no intimation of change of option is received it shall be presumed that the borrower continue with earlier option which the borrower is availing.
OR B.* (i) Borrower exercises the „floating interest rate option‟
and agrees to pay interest at the rate and rest as prescribed by bank from time to time. The rate and rest on the date of this agreement is _____% per
annum with _____ rest. (ii) The option of „floating rate of interest‟ exercised by
the borrower will not be allowed to be changed for a
minimum period of 3 years and thereafter, the change may be allowed at the sole discretion of
Bank. (iii) In case the change of option is allowed by the Bank,
the fixed rate of interest would be the prevailing
„fixed rate‟ at the time of change of option. (iv) The option exercised by the borrower shall be for the
„block‟ period of _______years as above. After
completion of each „block‟ it is open to the borrower to switch over from one option to other. If no
intimation of change of option is received, it shall be presumed that the borrower continue with earlier option which the borrower is availing.
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C. The borrower also agrees to pay interest tax, if any, at the
rates as in force from time to time. The bank shall have the discretion to decide the manner of computation of
interest tax and charging thereof in the account.
D. In the case the account becomes irregular on account of
non-payment of instalment or other wise, the borrower agrees to pay default interest @ __________ % per annum with _______ rests on the amount then outstanding under
the loan or on the defaulted amount, as the case may be. Default interest is payable over and above agreed interest.
2. That from effective date, the rate of interest shall be
charged as per above substituted clause.
3. All other terms and conditions as contained in the
said Agreement shall continue to remain in full force.
In witness whereof, the parties hereto have set their hand on
the day month and year here in above mentioned.
________________
Borrower
For Punjab National Bank
__________________
Authorized Signatory
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ANNEXURE-20
PUNJAB NATIONAL BANK
POWER OF ATTORNEY
A POWER OF ATTORNEY given at______________________ on the ______________ day of _______________ by Shri _________________ Son of Shri __________________________ resident of ________________________ (hereinafter
called the APPOINTER, which term shall unless repugnant to the context hereof, includes his heirs, successors, administrators and assigns) :
WHEREAS
1) The Appointer is the Borrower of Punjab National Bank (hereinafter
called “the Bank”) and has entered into an agreement dated ____________ (hereinafter referred to as the said AGREEMENT) with the Bank for a loan of Rs.___________ sanctioned in favour of the
Appointer, by the Bank and the Appointer has created on ___________ mortgage by deposit of title deeds by delivery of discharged receipt
issued by Sub-Registrar Office, certified copy of title deeds (to be delivered by Sub-Registrar Office) and other documents as security, in respect of property situated at ____________________________________.
2) Vide the aforesaid Agreement, the Appointer has agreed, inter alia, to deliver to and deposit with the Bank each and every of the document
of title relating to the said property as and when it comes into his possession with intent to create a security thereon for the repayment of the loan, interest and other charges and for the due fulfilment of
his other obligations under the said Agreement. 3) The original ________________ deed of above property is yet to be
delivered by Sub-Registrar of Assurances ____________ before whom
the _________ deed was registered on __________ Book no.________ Vol. No._________ Sr. No.___________.
4) Therefore, the Appointer has inter-alia delivered duly discharged receipt issued by Sub registrar of Assurances, ___________, for taking the above said ___________ deed directly from above said Sub-
Registrar Office.
NOW THIS DEED WITNESSES THAT the Appointer hereby appoints the PNB to act through any of its officers (hereinafter severally called the attorneys) to be his true and lawful attorneys in his name and on his behalf to do and, execute
all or any of the following instruments, acts, deeds, and things;
a) To receive and take delivery of the above said ________ deed
dated________ deeds of the said premises from the Office of Sub-Registrar of Assurances __________________.
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b) To deliver to and deposit with the Bank the aforesaid registered documents of title relating to the said property, by way of
further assurance, of the mortgage already created on ________.
And the Appointer hereby agrees to ratify and confirm whatsoever the said attorney shall lawfully do or cause to be done by virtue of this Power of Attorney and hereby declare that the same shall be irrevocable till all the
repayments under the said Agreement have been made by the Appointer. IN WITNESS WHEREOF the within named Appointer _____________________ has
executed this Power of Attorney on the day and the year first above written.
Witnesses APPOINTER
1.
2.
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ANNEXURE-21 (To be stamped as an agreement)
The Manager, Punjab National Bank
Branch Office _____________
REG.: UNDERTAKING
I_____________________________ son of Shri ________________________ resident of ________________________________________________________________ do hereby
declare and undertake as under: 1. That the loan of Rs. ________________ have been sanctioned in my favour
by Punjab National Bank, Branch Office _______________________ and against, which I have offered the mortgage of Property situated at _____________________.
2. That the original ______________deed of above property is yet to be delivered by Sub Registrar of Assurances ________________ after registration,
before whom the ______________________ deed was registered on _____________ being Book No. ________________ Vol. No. _____________ Page No. ___________ Sr. No. ________________. The duly discharged receipt issued by Sub Registrar of
Assurances _______________ as above said has been deposited alongwith certified copy of title deeds (to be delivered by Sub-
Registrar Office) and other documents as security for due repayment and redemption of the outstanding under the _______________ facilities sanctioned to me.
3. That I undertake that I will, by way of further assurance, forthwith deposit the original Title Deeds as above said with Punjab National Bank,
Branch Office_______________ in case the same is received by me from above said Sub Registrar or Assurances.
4. That I further undertake not to create any mortgage alienate or transfer of the above said property in favour of any person, without consent of the Bank
in writing.
Yours faithfully, Place:
Date:
OWNER
MORTGAGOR
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ANNEXURE-22
LETTER TO BE TAKEN FROM THE BORROWER
_________________________
__________________________
__________________________
(Name and address of mortgagor)
Date_____________
Sub Registrar of Assurances
____________________________
____________________________
REG.:Delivery of _____________ Deed to Punjab National Bank, Branch
Office __________ duly registered with your office on _________ as Book No._________ Vol. No. ________ Page No. ________ Serial No. ________.
I have taken a loan from Punjab National Bank Branch Office __________ of Rs. ___________ and as security, I have created mortgage in respect of property situated at __________________ the __________ Deed above referred in respect of
this property is yet to be delivered by your office after registration.
It is requested that the above said _____________ Deed be directly delivered/given to Punjab National Bank Branch Office __________ on the basis of this letter. I have also handed over the duly discharged receipt issued by
your office in favour of Punjab National Bank, Branch Office ___________________.
OWNER
MORTGAGOR
CC to Punjab National Bank, Branch Office___________________ for information.
OWNER
MORTGAGOR
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