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PUNJAB NATIONAL BANK L&A Circular INTEGRATED RISK MANAGEMENT DIVISION No. 20/2011 (CREDIT POLICY SECTION) HO : 7, Bhikhaiji Cama Place

New Delhi 110607


CPY-61 February 28, 2011 TO ALL OFFICES

LOANS & ADVANCES CIRCULAR NO. 20 HOUSING LOAN SCHEME FOR THE MEMBERS OF STAFF Detailed guidelines regarding the Housing Loan Scheme for the members of staff have been advised vide L&A Circular No. 62 dated 9.6.2006 and subsequent circulars issued on the subject from time to time. Due to multifold increase in cost of housing units, some modifications were made in the guidelines and circulated vide L&A Circular No. 120 dated 30.10.2010. 2. Consequent upon issuance of above guidelines some references/ queries have been received from the Circle Offices seeking clarifications. References/ queries received from the field have been examined and clarifications on the same are given in the Annexure for guidance of the field functionaries. 3. 4. All other guidelines in the matter shall remain unchanged. All concerned are advised to note for compliance.

(K RAM MOHAN) GENERAL MANAGER

INDEX: HOUSING LOAN SCHEME FOR THE MEMBERS OF STAFF

ANNEXURE HOUSING LOAN SCHEME FOR THE MEMBERS OF STAFF

S.No.

Queries

Clarifications

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In respect of housing loans sanctioned under staff scheme, whether rate of interest is to be changed at branch level in terms of Circular No. 120/10 or after getting approval of sanctioning authority In most of the cases, Sanctioning Authority is Circle Office/ Head Office. The approvals by Sanctioning Authority will lead to a large number of references and avoidable work load. The BMs where the loan is parked may be authorized to revise rate of interest and change of scheme from Public Scheme to Staff scheme. In respect of housing loans sanctioned under staff scheme, whether EMI is to be changed as per revised ROI or shall run as per existing repayment schedule. Whether repayment period/EMI is to be fixed afresh after conversion of house loan sanctioned under public scheme to staff scheme. If so, under which proportion of the remaining service. Whether margin is to be taken for additional loan only or project as a whole, if house loan is sanctioned/enhanced under staff scheme

The staff member may avail the benefit of revised rate of interest in existing housing loan account after getting approval of sanctioning authority. As the sanctioning authority has to satisfy itself about the eligibility, cadre wise limit of advance and other related aspects, it will be appropriate if the approval for revision in rate of interest and change of scheme from Public Scheme to Staff Scheme is accorded by the sanctioning authority.

Amount of monthly installment may be changed as per revised ROI by the sanctioning authority. However, existing (original) repayment period will remain unchanged. The sanctioning authority while approving conversion of the scheme, may fix the monthly installments in the ratio of 3:1 (Principal: Interest).

As per the earlier guidelines, no margin was stipulated under staff housing loan. Since the exposure is increasing significantly now, a uniform margin of 10% is stipulated. It is clarified that 10% margin may be maintained for additional housing loans sanctioned/ enhanced after 01.11.2010 under staff Housing Loan Scheme. Conversion of existing loan availed under Public Scheme may be permitted into Staff Housing Loan Scheme to the extent up to which the deductions in the monthly salary of the employee permit subject to current eligibility prescribed under the scheme. In case of conversion of loan

Whether additional housing loan availed under Public Scheme and repayable up to the age of 65 years can be converted into the Scheme for Housing Loan to Members of Staff and repayment period will remain the same

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Whether a staff member can avail the loan in the above scheme if he has already availed house loan under staff scheme and has adjusted the same with the sale proceeds of his house.

under staff loan scheme, repayment period shall also be fixed as per staff scheme. As per extant guidelines (Para 2.B of Annexure C of L&A Cir No. 62/06) the facility of Additional Housing Loan to the members of staff can be granted as one time measure by the sanctioning authority for the purposes and the extent stated below : Purpose : i) For purchase/construction of a house/flat after selling the existing one. ii) Where the existing house/flat has already been sold and other one is proposed to be purchased/constructed. Extent of Additional Housing Loan: The maximum amount of Additional Housing Loan for the above purposes will be as under: 1. Difference between the current eligibility and the amount of Housing Loan availed plus extent of outstanding of principal amount repaid in lump sum at the time of adjustment of previous housing loan. OR 2. Cost of the house/flat proposed to be purchased/constructed, whichever is less, subject to current eligibility prescribed under the scheme.

In addition to the above, extant guidelines contained in Para 2.C of Annexure C of L&A Cir No. 62/06 must also be complied with which stipulate that sale proceeds of the existing house/flat together with the funds to be made available to the staff member with the additional amount of the loan are utilized in full

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for acquiring/constructing the other house/flat.

In case, the cost of house/flat to be purchased/constructed is less than the sale proceeds of the existing house/flat together with the funds to be made available to the staff member with the additional housing loan, the amount of additional housing loan will be reduced to the extent of unutilized sales proceeds of the existing house/flat. However, a uniform margin of 10% is to be maintained apart from ensuring compliance of all terms & conditions stipulated under the scheme. 8 Whether the enhancement in housing loan is permitted as one time measure only for conversion of Public Scheme loan to Staff Scheme Loan OR for all purposes like additional construction, renovation etc. Whether benefit of revised guidelines/scheme can be passed on to members of staff who have availed housing loan under public scheme for purchase of 2nd house. Whether staff member whose housing loan taken under Staff Scheme has been adjusted and he/she has not disposed/ sold the house and again taken housing loan under Public Scheme for acquiring another house, are eligible for conversion of such housing loan taken under Public Scheme into Staff Scheme as per his eligibility in terms of Cir No. L&A 120/10 Whether such facility of enhanced housing loan at concessional rate of Interest may also be extended to those staff members who had already availed staff housing loan In terms of extant guidelines, additional housing loan to members of staff can be granted for specified purposes as one time measure as mentioned in Para 2.B & 2.C of Annexure C of L&A Cir No. 62/06. As per extant guidelines (Para 5 of Annexure C of L&A Cir No. 62/06), Housing Loan for the second time is not permissible under Housing Loan Scheme for the Members of Staff.

10

As above

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As above

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under public scheme for the second house. Whether the enhancement in housing loan may be permitted for purchase of 2nd house in case the existing Staff Housing Loan has been adjusted fully and earlier house is not sold.

As above

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