Sie sind auf Seite 1von 121

Master Cir_Home Loan 0

MASTER CIRCULAR
ON
ORIENTAL HOME LOAN
SCHEME









ORIENTAL BANK OF COMMERCE
RETAIL CREDIT DEPARTMENT
HEAD OFFICE-GURGAON






Master Cir_Home Loan

1
INDEX OF HOUSING LOAN MASTER CIRCULAR

S.No. Subject Page No.
1 Oriental Home Loan 4
2 Eligible Persons 5
3 Margin 7
4 Maximum Eligible Loan Amount 8
5 Relaxation of Eligible Loan Amount 11
6 Assessment of Eligible Loan Amount 11
7 Disbursement 14
8 Security 15
9 Obtention of NEC From Advocate and Valuation Certificate of Property
from Approved Valuers
16
10 Central Registry 17
11 Rate of Interest 17
12 Concession in Rate of Interest 18
13 Pre-payment penalty-NIL 19
14 Interest Rate Switch-over Option 19
15 Pre-ponement of repayment in existing accounts and adjustment of
interest rates
20
16 Process Fee / Documentation Charges 21
17 Inspection Clause 21
18 Repayment of Loan 21
19 Terms of Payment of Loan 23
20 Moratorium Period 24
21 Construction Period 24
22 Insurance 25
23
Discretionary Powers
26
24 Deviation Manager 26
25 Loan for Additional Construction on the Existing House 26
26 Housing Loan linked to Various Government Sponsored Schemes 27
27 Second Home Loan 28
28 Take over of Home Loan accounts 28
29 Home Loan to Staff Members under General Public Scheme 29
30 Home Loan for Non-Resident Indians 29
31 Tie-up arrangement with Builders for Housing Loan finance 31
32
Cash down payment to builder/government authority
33
33 Classification of Home Loans Under Priority/ Non priority Sector 33
34 General Terms & Conditions of Home Loan Scheme 33
35 Precautions to be taken for prevention of Frauds in Home Loan
Accounts
34
36 Home Furnishing Loan Scheme 37
37 List of Documents to be obtained along with Loan Application 39
38 List of Documents to be obtained before disbursal of loan 43
39 Annexure 1 to 30 as mentioned in the Circular 50 onwards

Master Cir_Home Loan 2
ORIENTAL BANK OF COMMERCE
HEAD OFFICE, GURGAON


HOME LOAN SCHEME


NOMENCLATURE

Housing Finance Scheme shall be called ORIENTAL HOME LOAN SCHEME for
all practical purposes including advertisement.

SCHEME OBJECTIVE- GOVERNMENT/RBI/BANK

The Government of India vide various National Policy Pronouncements have reinforced
the primacy of the Housing sector and emphasized the need to provide shelter
opportunities to all.

In pursuance of National Housing Policy of Central Government, RBI has been
facilitating the flow of credit to housing sector. During recent years the housing has
emerged as one of the sectors attracting a large quantum of Bank finance. Therefore,
the current focus of RBI regulation is to ensure orderly growth of housing loan portfolio
of the Banks with minimum risk.


PURPOSE

The Bank offers financial assistance for/to:
1. Purchase of land and construction of a house thereon.
2. Construction of house, where in the plot/land already owned by the applicant.
3. To buy built up (new or second hand) / semi built up house or flat.
4. To Extend/improve/repair, the existing house or flat.
5. To buy a flat under construction or proposed to be constructed
6. For Home furnishing, furniture / fixtures embedded to structure or otherwise.
7. To take over of housing loan from other Banks/other financial institutes.

A) Home Loan for construction of house (other than Rural areas)

Home Loan for construction of house shall be allowed only after ensuring bonafide
land/plot holding by the applicant and obtention of sanctioned plan by the competent
authority. The borrower shall construct the house upto a maximum period of 24
months*, strictly as per sanctioned plan and shall submit the completion certificate of
house within 3 months of completion of construction. A registered architect preferably
from Banks panel must also certify at various stages of construction of building/home,
that the construction of the building/home is strictly as per approved plan.

* The General Manager (Regional Head) & General Manager (Retail) shall be
empowered to extend construction period upto 36 months on merit of the case.
Master Cir_Home Loan

3
B) Specific provision of loan for House construction in rural area.

Generally, in rural /village areas, there is no authority for approving the building
plan/map and the documents of title of the land/house are also not available, in such
cases the prospective borrower should be asked to get the construction map prepared
by architect confirming compliance of Government rulings. Permission from the village
panchayat for the construction as per building plan/map shall be obtained along with
their certification that there is no map approving authority existing for approving such
map for the particular rural areas and the said plot on which construction will be made is
located in notified Abadi Area of the village. However, a due diligence in all such cases
be exercised by sanctioning authority.

C) Home Loan for purchase of built up house / flat

Home loan shall be allowed for purchase of flat / house after obtaining certified copy of
approved construction plan/map or an affidavit-cum-undertaking that the house / flat has
been constructed as per sanctioned plan and / or building byelaws and as far as
possible has a completion certificate. A registered Architect appointed by the bank
must also certify before disbursement of loan that the built up property is strictly as per
sanctioned plan and / or building byelaws.

No loan shall be granted for properties, which fall in the category of unauthorized
colonies unless and until they have been regularized, and development and other
charges are paid. No loan shall be given in respect of properties meant for
residential use but which the applicant intends to use for commercial purposes.
Loan to professionals like Doctors, CAs for the purpose of purchase
/construction of non-residential premises like nursing home/office unit be
delinked from housing loan facility.

ELIGIBLE PERSON(S)

Individuals or group of specified individuals (co-borrowers) including HUF having an
assured source of regular income viz. salaried / self-employed persons, professionals,
businessmen, farmers etc. Further,

1) The staff members of the Bank are also eligible under general public home loan
scheme.
2) The NRI may also avail a housing loan in India subject to compliance of specific
terms at par with those applicable to a person resident in India.

RBI SPECIFIC GUIDELINES

The following types of Bank finance maybe included under direct housing finance:

1) Bank Finance extending to a person who is also owning a house in town/village
where he resides, for buying/ constructing a second house in the same or other
town / villages for the purpose of self occupation.
2) Bank finance extended for purchase of a house by a borrower who proposes to
let it out on rental basis on account of his posting outside the headquarters or
because he has been provided accommodation by his employer.
Master Cir_Home Loan

4
However if the applicant intends to have more than two houses, the exposure for
third unit house onward may be treated as CRE exposure and falls under the
definition of income producing real estate as the borrower may be renting these
units and the rental income would be the primary source of repayment.

Further, no loan should also be given in respect of the properties meant for
residential use, which the applicant, intends to use for commercial purposes, and
declares the same while applying for loan.

LOAN TO VALUE RATIO

As per RBI guidelines, the LTV ratio in respect of housing loans should not exceed
80%. However, for small value housing loans i.e. for loans below Rs. 20.00 Lacs (which
are classified as priority sector advances) the LTV ratio should not exceed 90%.

All RBI guidelines/directives issued on home loan from time to time shall be
treated an integral part of the home loan scheme of the Bank.

KYC /CIBIL / RATING

The compliance of KYC norms, extraction of CIBIL Reports, Central Registry Search
report and rating of the account are integral part of the Home Loan Scheme for
respective borrowers. As per Loan Policy, these tools are applicable in Home Loan
A/cs and utilized to alleviate various risks and to exercise prudent decision on the loan
proposals. It is relevant that if a customer secures Credit Rating upto financing level,
his/her application will be considered eligible for further processing.

AGE CRITERIA

Minimum age: 18 years as on the date of application

Maximum age:

For Service class: Up to 60 years of age or date of superannuation, whichever is
earlier, however in case of availability of joint / co borrower and one borrower is
having comparatively younger age in consonance with repayment period, then it
can be considered upto 65 years of age for elder borrower & 60 years of age of the
younger borrower.
For Non-Service class: Upto 60 years of age, however in case of loan considered
in favour of joint/ co borrower and one borrower is having comparatively younger
age in consonance with repayment period, then it can be considered up to 65
years of age for elder borrower & 60 years of age of the younger borrower.

The above Maximum age limit of borrower/ co borrowers is permissible subject to the
age by which the loan should be fully repaid, availability of sufficient, regular and
continuous source of income for servicing the loan repayment to the satisfaction of Loan
sanctioning authority.
Master Cir_Home Loan

5
FINANCING BRANCH

Normally the financing branch shall be:

a) The branch located at the place of residence / posting of the applicant/ borrower.
OR
b) By the branch located at the place of property / nearest to the property proposed
to be purchased / constructed is situated.

However, registered / equitable mortgage shall be created at nearby Branch or
financing Branch situated in notified area of the particular state where the property is
situated.

COMPONENTS OF FINANCE
a) Purchase price of plot/house.
b) Construction cost of the house.
c) Financing of conversion charges payable to Government Authority only for
conversion of the house/flat / plot from leasehold to freehold.
d) For furnishing, repair, renovation & additional construction (Please refer separate
para enunciating terms of finance under Home furnishing Loan)
e) Premium of Group Mortgage redemption Assurance scheme- Canara-HSBC with
OBC insurance company (JV), if opted by borrower. However the premium
amount shall not be taken into account for arriving at LTV ratio on Home loan i.e.
the margin shall be maintained excluding the insurance premium cost.

(We further clarified that Premium of GLPP for covering Housing loan beneficiary can be
financed by the Bank within the overall ceiling (i.e. total financing including GLPP
premium does not exceed 85% for Loans up to Rs. 20.00 Lacs and 75% for loans above
Rs. 20.00 Lacs)).
Note: Purchase of plot only or in isolation is not permissible.

MARGIN





i) Borrower shall contribute his margin upfront. However, the sanctioning authority
may consider acceptance of proportionate margin with the release of loan
instalments on merits of the proposals.
ii) While taking over Home loan accounts from other financial institutions, it must be
ensured that the amount taken over fulfills the criteria of our stipulated margin
irrespective of the margin imposed / not imposed by other financing institutions.
iii) Loan amount for purchase of residential plot shall not exceed 50% of the eligible
loan amount.
iv) Since loan to value ratio, which is stipulated by RBI, is mandatory to comply and
determines the provision percentage under risk weight assets, as such field
functionaries meticulously comply the obtention of requisite margin.
v) In case the charge on house is proposed to be extended in other loan accounts
as collateral security, in such circumstances the margin will be maintained at
30% irrespective of loan limit.
Loan Limit Margin
Loans Upto Rs.20.00 lac 15%
Loans Above Rs.20.00 lac 25%
Master Cir_Home Loan

6
MAXIMUM ELIGIBLE LOAN AMOUNT

There is no ceiling on the amount of loan. However, Maximum loan amount permissible
under the scheme shall be:

1) On Margin criteria:

a) 85% of the total cost of construction / purchase price excluding stamp duty
and registration charges, for loans upto Rs.20.00 lac.

b) 75% of the total cost of construction / purchase price excluding stamp duty
and registration charges, for loans above Rs.20.00 lac.

2) Gross Monthly Income Criteria:

a) For salaried class - Loan shall be equivalent to 60 months Gross salary

b) Person other than salaried class- Loan shall be equivalent to 40 months*
Gross salary.

* The Regional Heads on merit of the proposal are empowered to allow the loan
upto 60 month gross income / salary after considering their financials, repaying
capacity, risk profile of borrower and ensuring safety security of Banks fund.

3) Net Take Home Income Criteria:

The salaried person & Non salaried person falling under below mentioned slab of
Gross Annual Income shall have to maintain minimum net take home income
(Gross Annual Income minus all existing deductions, income tax deduction &
deduction of proposed loan instalment)


Note: The maximum permissible loan amount shall be the amount out of above
three alternatives, whichever is less.

THE INCOME

1. For salaried persons:
Gross income shall include salary and other regular income i.e., dividends,
interests, rent, etc., as declared in salary certificate, form 16 and/or income tax
returns / assessment. Since the salaried income are having increasing trends in
future, as such on merits the latest income may be considered for computation of
MPBF. However, in case of wide fluctuation in the annual salary income of the past
the average of income may be taken into consideration.

Net Income = Gross Income All deductions including instalment of proposed loan
and income tax.
Gross Annual Income Net Take Home
Upto Rs.10 Lacs 40%
Above Rs.10 Lacs to Rs. 15 lacs 30%
Above Rs.15 Lacs to Rs. 25 lacs 25%
Above Rs.25 lacs 20%
Master Cir_Home Loan

7
2. For Non salaried person : where income tax return are being filed

Gross income consists of income as declared in the income tax
returns/assessments and/or supported with financial statements and/or certificate
from a qualified CA. wherever required a copy of tax paid challan / receipt shall
also be obtained to support the income of the person.

Net Income = Gross Income All deductions including instalment of proposed loan
and income tax.

3. For Non salaried (Self-employed/Small Business/Traders) where income tax
returns are not filed:

Subject to complete satisfaction of the sanctioning authority as regard to the
earning/income vis--vis repayment capacity of the borrower in this category by
subjective/objective means available at his command. Housing Loan, to this
category of borrower with a maximum limit of Rs. 2 lacs is permitted.

In such cases, branches may accept income as declared by prospective borrower
in a duly notarized affidavit as the gross income.

4. For farmers/rural artisans:
In rural and semi-urban areas where income of the applicant cannot be
ascertained on the basis of documents, it may be worked out as follows:

a. Income from Agriculture: The following income per acre of land per annum
may be taken as base for ascertaining the total amount of income. However,
these rates are notional which may be updated with available authenticated
income per acre of land provided by NABARD or approved rate of DLCC.

Further, the income from other horticulture/medicinal crops may be considered in
all areas, wherever such crops are grown. In case of sugarcane income shall be
worked out on the basis of average yield per acre and minimum/special support
price (MSP/SAP) declared by the concerned State Government.

These rates may vary from place to place. The loan sanctioning authority should
be satisfied with the monthly income and repaying capacity of the individual
farmers.

Type of land/Crop Income per acre per annum
For irrigated land Rs.20000/- to Rs.25000/-
For un-irrigated land Rs.5000/- to Rs.7500/-
For Horticultural crops Grapes Rs 95000/-
Litchi Rs 29000/-
Coconut Rs 27000/-
Citrus Rs 32000/-
Tea Rs 46000/-
For Medicinal crops - Mulethi Rs 84000/-
Mentha Rs 69000/-
Master Cir_Home Loan

8
b. Income from Allied activities : _______________________
c. Income from Services/Business : _______________________
d. Income from other sources (Salary & wages): _______________________
Total Income : _______________________

Detail of Deductions :

1. On account of Crop Loan : __________________
2. On account of Tractors/ Tube-well/Thresher loan etc. : __________________
3. On account of any other loan : __________________

Net Income or Surplus = Gross Income All Deductions including instalment of
proposed loan.

5. For HUF

Home Loan to HUF concerns may be considered on selective basis, provided the
income of HUF only is reckoned for the purpose of arriving at eligible loan amount. In
individual case, income of HUF shall not be added to arrive at eligible loan amount.

However, in view of privileges available to MINOR and to safe guard Banks interest
requisite undertaking from all coparcener of HUF/family shall be obtained in
consultation with Banks panel Advocate.

6. Loan to Pensioners

Loans to pensioners can be considered up to 40 times of the pension/income.
Pension amount upto 65 years of age shall be taken into account for calculation of
eligible amount and repayment period.

Repayment period shall not exceed 10 years and loan must be completely liquidated
within 65 years of age of pensioner. However, where co-borrower is taken, maximum
repayment period can be extended up to 25 years provided the loan is repaid within
65 years of age of the elder borrower (pensioner) & 60 years of age of the younger
borrower having capacity to service the loan.

NOTE:

1. IT IS REITERATED THAT THE ACCEPTANCE OF GROSS INCOME IN THE
ABOVE MANNER SHOULD BE TO THE ENTIRE SATISFACTION OF THE
SANCTIONING AUTHORITY, TO ENSURE CONTINUANCE OF ADEQUATE
FUTURE INCOME FOR REPAYMENT OF LOAN INSTALMENT.

2. HOWEVER, FUTURE RENT FROM THE PROPOSED PROPERTY (THE
HOUSE THAT IS GOING TO BE FINANCED) SHALL NOT BE INCLUDED FOR
CALCULATION OF LOAN ELIGIBILITY AS PER INCOME CRITERIA IN ALL
OF THE ABOVE CASES.

3. IN PROCESS NOTE INVARIABLY THE COMPUTATION OF ELIGIBLE LOAN
AMOUNT BE GIVEN ON TABULATED SHEET.
Master Cir_Home Loan

9
RELAXATION IN ELIGIBLE LOAN AMOUNT

1) Loan upto 60 times of Gross Monthly Income in case of Doctors, who enjoy good
reputation and have repayment capacity, can be considered at Branch level after
ensuring safety/security of banks fund and risk profile of the borrowers.

2) In case of select business class of High Net Worth Individuals, who enjoys good
reputation and have repaying capacity, loan upto 60 times of Gross Monthly
Income can be considered by the Regional Head on case-to-case basis after
ensuring safety/security of banks funds and accessing the risk profile of
borrowers.

3) In case of Individual/co-borrower the income of spouse, son/sons and
daughters-in-law may also be considered for arriving at the maximum amount of
the loan provided they have a steady income. Further, the income of parents (up
to 65 years of age) residing with their only son who intend to borrow home loan,
can be considered for assessing the maximum loan amount of the son. However,
the particular person whose income has been added to arrive at maximum loan
amount will stand either as co borrower or guarantor of the loan account.
Further, the criteria of minimum take home income shall be applicable to all
the borrowers/ co borrowers/ guarantors individually.

4) The income of the joint owner of the property irrespective of relationship
with the borrower may be considered for computation for maximum
permissible Housing Loan. Note that the joint owners shall essentially be
the co-borrowers. Accordingly, in such circumstances the spouse, son &
daughter in laws income is also permitted to include while computing maximum
eligible loan amount.

5) Depreciation if any, claimed in the income tax return may be considered as a part
of gross income for computation of eligible loan amount. Existing rental income
as per income tax return may be taken into consideration. However, if the
applicant intends to let out the proposed property to be purchased and requests
for inclusion of expected rental income in the gross income of the party, the same
shall not be eligible for home loan, as the same be treated as income producing
real estate.

EXAMPLE FOR CALCULATING MAXIMUM PERMISSIBLE BANK FINANCE
(MPBF):-

Illustration-1

Mrs. X, aged 58 years having no source of income intends to avail housing loan payable
in 25 years along with her son, Mr. Y, 25 years of age, working with a public sector
company of Rs. 65.00 Lacs on gross monthly emoluments of Rs. 90000/- and
deductions of Rs. 20000/-. Her husband, Mr. Z, 60 years, stands as a co-borrower
having gross annual income of Rs. 4.80 Lacs from his business and having monthly
deductions like income tax and others of Rs. 8000/-.
Master Cir_Home Loan

10
She also wanted to add the income of her daughter-in-law, Mrs. A, 23 years, who is
working with a private company having gross monthly income of Rs. 25000/- and
deductions of Rs. 1000/-. The proposed cost of flat is Rs. 90.00 Lacs.

It shall be presumed as if all the four borrowers have approached for housing loan
independently and their housing loan requirement shall be assessed independently:-

1) On Margin criteria
(Amt. In Lacs)
Total Cost of the Flat/House Rs. 90.00
Margin (25% as the loan is above Rs. 20.00 Lacs) Rs. 22.50
MPBF Rs. 67.50

2) Gross Monthly Income Critieria:
(Amt. in Rs.)
Name of the Borrower Gross Monthly salary MPBF (in individual capacity)
I (Mrs. X) 0 0
II (Mr. Y) 90000 90000*60=54,00,000
III (Mr. Z) 40000 (480000/12) 40000*40=16,00,000
IV (Mrs. A) 25000 25000*60=15,00,000
Collectively - Eligibility of X+Y+Z+A 8500000


3) Net Take Home Criteria
(Amt. in Rs.)
S.No. Particulars Mrs. X Mr. Y Mr. Z Mrs. A
a. Age Profile 58 25 60 23
b. Repayment Years 7 25 5 25
c. Gross Annual Income 0 10,80,000 4,80,000 3,00,000
d. Gross Monthly Income 0 90,000 40,000 25,000
e. Monthly Net take Home(%age) 0 30% 40% 40%
f. Monthly Net take Home (Amt.) 0 27,000 16,000 10,000
g. Funds available before deductions
(d-f)
0 63,000 24,000 15,000
h. Monthly Deductions
(Without proposed Loan EMI)
0 20,000 8,000 1,000
i. Fund Available for EMI (g-h) 0 43,000 16,000 14,000
j. EMI per Lac 0 998 2187 998
MPBF [(i *1,00,000)/j] 0 43,08,617 7,31,596 14,02,806


Collectively- Eligibility= 0 + 43,08,617/- + 7,31,596/- + 14,02,806/- = 64,43,019/-

MBPF, on the basis of whichever is less criteria, of all above 3 methods, shall be Rs. 64.43 Lacs.

The example and EMI are illustrative only. The actual EMI per lac shall be computed on
prevailing ROI on proposed loan and available repayment period of respective
borrowers.


Master Cir_Home Loan

11
Illustration-2
Mrs. X, aged 62 years having annual income of Rs.4.80 Lacs and monthly deduction of
Rs.3000/- intends to avail housing loan payable in 25 years along with her son, Mr. Y,
42 years, having average gross annual business income of Rs.60.00 Lacs and monthly
deduction of Rs.1,50,000/-. Her husband, Mr. Z, 63 years, stands as a co-borrower with
average gross annual income of Rs.24.00 lac from his business and have statutory
obligations like income tax and other deductions of Rs. 50,000/- per annum. She also
wanted to add the income of her daughter-in-law, Mrs. A, 23 years, who is working in a
private company having on monthly income of Rs. 1.00 Lacs and statutory obligation of
Rs.20,000/- .

It shall be presumed as if all the four borrowers have approached for housing loan
independently and their housing loan requirement shall be assessed independently:-

1) On Margin criteria
(Amt. in Lacs)
Total Cost of the Flat/House Rs. 500.00
Margin (25% as the loan is above Rs. 20.00 Lacs) Rs. 125.00
MPBF Rs. 375.00

2) Gross Monthly Income Criteria:
(Amt. in Rs.)
Name of the Borrower Gross Monthly salary MPBF (in individual capacity)
I (Mrs. X) 40,000 40,000*40 = 16,00,000
II (Mr. Y) 5,00,000 5,00,000*40 = 2,00,00,000
III (Mr. Z) 2,00,000 2,00,000*40 = 80,00,000
IV (Mrs. A) 1,00,000 1,00,000*60 = 60,00,000
Collectively - Eligibility of X+Y+Z+A 3,56,00,000

3) Net Take Home Criteria
(Amt. in Rs.)
S.No Particulars Mrs. X Mr. Y Mr. Z Mrs. A
a. Age Profile 62 42 63 35
b. Repayment Years 3 23 2 25
c. Gross Annual Income 4,80,000 60,00,000 24,00,000 12,00,000
d. Gross Monthly Income 40,000 5,00,000 2,00,000 1,00,000
e. Monthly Net take Home(%age) 40% 20% 25% 30%
f. Monthly Net take Home (Amt.) 16,000 1,00,000 50,000 30,000
g. Funds available before deductions
(d-f)
24,000 4,00,000 1,50,000 70,000
h. Monthly Deductions
(Without proposed Loan EMI)
3,000 1,50,000 50,000 20,000
i. Fund Available for EMI (g-h) 21,000 2,50,000 1,00,000 50,000
j. EMI per Lac 3298 1033 4684 1016
MPBF [(i *1,00,000)/j] 6,36,750 242,01,355 21,34,927 49,21,260

Collectively- Eligibility (in Lacs) = 6.37 + 242.01 + 21.35 + 49.21 = Rs. 318.94

MBPF, on the basis of whichever is less criteria, of all above 3 methods, shall be Rs. 318.94 Lacs.
The example and EMI are illustrative only. The actual EMI per lac shall be computed on
prevailing ROI on proposed loan and available repayment period of respective
borrowers.
Master Cir_Home Loan

12
Note:-

The above examples are illustrative. If loan is considered in favour of single individual,
then the repayment period and installment shall be govern according to his/her
individual eligibility. However, in case loan is given jointly in favour of more than 1
borrower having different repayment period, then the installment shall be calculated on
the basis of their individual repaying capacity & subsequently clubbed to form a single
installment. Initially this clubbed installment shall be of higher amount and subsequently
it may be of lower amount. (Please refer step down option given in point no.-IX & X
under repayment of loan section)

DISBURSEMENT-

a) Release of instalment in case of purchase of ready built house.

Payment be made in lump sum directly to the seller in consultation with borrower.

In case loan for insurance premium is considered the same may be released in
favour of the insurance company after ensuring compliance of margin/loan to
value ratio.
In case the house proposed to be purchased is under construction stage and
builder / Government agency issues a demand letter of payment, under such
circumstances the loan shall be released in accordance to the terms of said
demand letter or schedule of construction limited payment.

b) Release of instalment in case of construction of house /floor

The Loan for construction of house will be disbursed in stages in accordance with a
phased programme according to sanctioned plan as under:

25% when the relative plan is sanctioned

25% for construction upto the plinth level against production of certificate from
architect certifying the amount spent on construction. The architect shall also
certify that construction has been done strictly as per sanctioned plan.

25% for construction upto the ceiling level against production of certificate from
the architect certifying the amount spent on construction. The architect shall also
certify that construction has been done strictly as per sanctioned plan.

Balance on completion of roof against production of certificate from architect.

The loan for petty expenses of construction can be released to the account of borrower
directly so as to facilitate him to effect petty payments. However, the Branch Incumbent
shall ensure that borrower does not misutilize funds and all other necessary precautions
such as site visit, Architect Certificate before release of loan and other terms and
conditions of Housing Loan Scheme are meticulously complied with.


Master Cir_Home Loan

13
INTRODUCTION OF REIMBURSEMENT OF ADVANCE AMOUNT ALREADY PAID BY
THE BORROWERS:

In case of flats allotted by Govt. agencies like DDA, HUDA, PUDA, NOIDA etc. the
applicants are required to deposit the entire/ part amount within a limited period for
registration of flats in their names. Sometimes it is not possible for them to raise home
loans despite their best efforts, within the specified time. In such cases, the applicants
are left with no option but to arrange funds from other sources including friends and
relatives. With a view to enable such applicants to avail Housing Loan it has been
decided to allow reimbursement of the advance amount already paid by them subject to
compliance of following terms and conditions:

(i) In such cases, where part/advance payments have been effected, the amount
deposited with the Government Agency may be treated as margin money and the
Bank may reimburse the amount in excess of margin.
(ii) The reimbursement shall be restricted only in those cases, where flats are allotted
by Government agencies and not in case of private builders.
(iii) The borrowers should be able to provide clear documentary evidence of having
paid the amount in advance from sources, which should be clearly identifiable.
(iv) The funds raised should not be older than six months.

SECURITY

The loan shall be secured by Registered / Equitable Mortgage of the property
(House/Flat) created out of bank finance.
However, where Registered / Equitable Mortgage cannot be created immediately-

a) The borrower may give an alternate property/ tangible securities of having a value
which is more than loan limit with clear titles for interim period.

b) In case the borrower is in no position to offer any alternate security and it is expected
that the title deed/security document for creation of mortgage will be available in one
or two weeks time from registrar office then on merit of the case the sanctioning
authority in such situations may permit obtention of a letter of authority (special
power of attorney) from the borrower authorizing the bank to collect the title-deeds
from the office of the sub-registrar as and when the same is ready for delivery. The
receipt/ counter foil issued by the sub registrar office shall invariably be obtained
along with such authorization. The loan disbursing Branch shall maintain a track
record of such authorization and ensure to collect the title deeds from the sub
registrar office on prescribed future date.

However, all relevant loaning documents for creation of registered / equitable
mortgage shall be obtained at the time of release of loan.

c) In case of purchase of flat etc. under construction stage, from co-operative society/
builder/developer or from public sector/ Govt. agencies like DDA, NOIDA, HUDA,
PUDA etc. where the borrower is having only share certificate/allotment
letter/agreement to sell etc. (as the case may be) as document to sanctify the
transfer of property.
Master Cir_Home Loan

14
In such cases loan can be secured by obtaining undertaking, as per Annexure-14
and security documents like tripartite agreement Annexure-17&18, power of attorney
as per Annexure-6, letters from the borrower in order to reinforce the right of the
bank to recover its dues as a stopgap arrangement. These provisions are
comparatively for shorter duration.

All above option be exercised in consultation with Banks panel advocate. Further,
to obviate any contingent situation and eventualities which may arise in various
parts of the country because of local practices/law and also to make system fool
proof, Regional Heads/branches shall obtain the opinion of their legal retainers to
suggest additional document if any, to supplement the above documents.
Since the registered mortgage of immovable property is better option for creation of
Banks charge, as such, the preference shall be given for registered mortgage over the
equitable mortgage if the same is not creating operational difficulties as well as not
attracting excess stamp duty as compared to duty on equitable mortgage.

Further, in certain States the Government has made provision for registering equitable
mortgage charges with nominal fee, in the books of Registrar. The Branches shall avail
the benefit of such provision in consultation with Penal Advocate.

OBTENTION OF NEC FROM ADVOCATES AND VALUATION CERTIFICATE OF
PROPERTY FROM APPROVED VALUERS

As per system in vogue, the branches are required to obtain NEC, Legal Opinion, Legal
Vetting and Valuation Certificate (of plot/built up house/flat). Accordingly, the job of
obtaining NEC and valuation certificate of the property shall be assigned to Advocates /
Valuers on the panel of the Bank only.

While perusing the legal opinion, the field functionaries must ensure that the
seller has bonafide title to sell the property and the prospective buyer derives
better/valid title, besides other compliance.

Branches should ensure that advocate on panel of the Bank submits his opinion
as per the standard format of Model Legal Opinion circulated vide Head Office
Circular No. HO/RMD/10/2011-12/73 dated 09.05.2011 format enclosed as per
Annexure-27.

The instructions communicated by circular number HO/MKTG./RT/39/2011-12/596
dated 24.11.2011 & HO/RMD/51/2011-12/626 dated 05.12.2011 on obtention of
valuation certificate shall be perused and comply.

EXTENSION OF CHARGE ON HOUSE PROPERTY TO OTHER CREDIT FACILITIES:

Sanctioning authority may allow extension of charge of the house property to cover
other credit facilities of the borrower subject to the condition that the banks total
exposure towards the borrower(s) housing loan is adequately covered with 30% margin
as per banks norms.

It should invariably be ensured that the terms and condition of credit policy and housing
scheme of the Bank are complied with.
Master Cir_Home Loan

15
CONSIDERATION OF HOUSING LOAN ON A HOUSING PROPERTY HELD AS
COLLATERAL SECURITY IN THE BUSINESS ACCOUNT

Regional Head may consider/sanction housing loan on properties already mortgaged
with the bank in business account within their existing discretionary powers on housing
loan. However, it shall be ensured that:

i) Business account has been running satisfactorily during the last one year and is
a standard asset.
ii) Sufficient collateral security is available to cover over-all exposure in the
business as well as in housing loan account in terms of the credit policy of the
bank issued from time to time.
iii) However, in all circumstances the housing loan account shall remain 143%
backed by value of acquisition cost of the house / flat and residual value will be
available for collateral security in other loan accounts.
iv) The Branch incumbents are not authorized to consider such specific proposals
even though the proposal falls with their discretionary powers.

Minimum margin/contribution of the borrower in such cases shall be 30% instead of
existing 15% and 25% as the case may be.

CENTRAL REGISTRY

Banks charge of mortgage shall be noted in the Central Registry System within 30 days
of creation of such charge. The increase in limits or modification of charge shall also be
got registered within 30 days. The procedural aspects communicated vide HO. Circular
No. HO/RMD/ 25 /2011-12 dated 17.06. 2011 shall be meticulously complied with by all
field functionaries.

RATE OF INTEREST

a) Table of present interest rate:

S.No Particulars Up to 5 years
1 Loans up to Rs. 30.00 lac BR + 0.25%
2 Above Rs. 30 lacs and up to Rs. 75 lacs BR + 0.50%
3 Above Rs. 75 lac and up to Rs. 3 crores BR + 0.75%
4. Loan above Rs. 3 crores. Rate of interest shall be decided by
the sanctioning Authority at Head
Office, subject to minimum of Base
Rate.



Master Cir_Home Loan

16
b) Concession in Rate of Interest

The Regional Head is empowered to permit concession of 0.25% in rate of
interest over & above the normal rate of interest to the followings:

1. To captive/loyal customers who are having annual average balance in their
saving account Rs. 1.00 Lacs or in current account Rs.5.00 Lacs and above. As
well as to Directors, Partners or Proprietor of all Cash Credit account holders
having Credit Rating upto 4 for last 24 months.
2. To the existing standard Home Loan Borrowers having regular repayment
(minimum 24 months).
3. In case party is offering collateral security in shape of term deposit upto 75% of
loan amount.
4. In case of loan proposal received from group of employees(minimum 5) where
the employer undertake to deduct and remit loan instalment to the Bank
Note:
i) The above concessions will not be merged with any existing customized scheme.
ii) In any case after allowing concession in interest rate the effective rate shall not
fall below the Base Rate.
iii) The Branch Incumbents, after considering the housing loan on normal rates may
recommend to their Regional Offices for grant of such concessions.
These rates of interest shall be applicable only on fresh Home loans.

c) Calculation of interest:-

1. Interest on the amount of the loan will be applied at the prevailing rate per annum
on daily reducing balance with monthly rests.
2. In case any fresh additional/supplementary loan (excluding the home furnishing
loan) is considered in favour of existing borrower and during the currency of
existing loan, the rate of interest in such accounts shall be determined as per the
slab falling in respective categories after clubbing the outstanding of existing
accounts plus proposed loan limit. If the derived Rate of Interest is higher, then
the existing rate, the new rate will be applicable on both the accounts or if the
new rate is lesser than the existing rate, then two different rate on existing
account (prevailing rate) and new account (fresh rate) shall be applicable.

3. The rate of interest shall be on floating rate basis as well as on monthly rest.

4. Interest during moratorium period shall be paid as & when it becomes due. In
case borrower exercises the option of not paying interest during moratorium
period, interest component charged in the account for the moratorium period will
be added to the loan amount and would be spread over EMIs for the entire
repayment period.

5. Rate of interest is subject to change as per RBI/Banks guidelines circulated from
time to time.
6. With a view to facilitate the branches calculation of equated monthly instalments
instantaneously, a comprehensive chart showing EMIs on applicable interest
rates for loan of Rs 100000/- is enclosed as per Annexure-1.
Master Cir_Home Loan

17
d) Intimation of change in Interest Rate:-

The borrower shall be deemed to have notice of changes in the rate of interest
whenever there are changes in Base Rate either increase or decrease. By
display of Base Rate on the website of Bank/Notice Board of the Branch or
published in news papers or made through entries of the interest rate charged in
the passbook/statement of account furnished to the borrower and the borrower is
liable to pay such revised rate of interest. A condition clause to this effect be also
incorporated in sanction letter (Annexure-31).

However, the field functionaries shall also comply the instructions in this regard
as are mentioned in particular circular communicating changes in Base Rate.

e) Penal Interest

i) The application of penal interest clause shall be governed in accordance to
Banks loan policy. Presently the penal interest shall be charged at the rate of
2% over and above the normal rate of interest on irregular amount of loan and
for the period of irregularity.

ii) In case construction of the house is not completed within 24 months* from the
date of possession of the plot/land or the plot/land is alienated, commercial
rate of interest shall be charged from the date of disbursement of the loan and
loan shall be recalled as per the normal procedure of the bank.

* The General Manager (Regional Head) & General Manager (Retail) shall be
empowered to extend construction period upto 36 months on merit of the case


f) Pre-payment penalty

NIL - The prepayment penalty clause is completely waived. None of the
occasion the pre payment penalty will be applied in the account, even the
borrower opts to switch his home loan account to other bank/financial institution.

INTEREST SWITCH OVER OPTION

The interest switch over option shall be available to existing borrowers on any
occasion, when they feel the current prevailing card rates of Home loan interest is in
their favour as compared to interest actually applied in their account. They may
exercise the interest switch over option subject to paying onetime fee as under:

S.No. Loan limit Switch over option fee(payable one time)
a) Upto Rs.25.00 Lacs 0.50% of outstanding as on the date of switch over
b) Above Rs.25.00 Lacs 0.75% of outstanding as on the date of switch over


Master Cir_Home Loan

18
Note:
1. The fee shall be governed in accordance to sanctioned limit and not on the basis
of outstanding in particular account.
2. This option shall be available only once during the currency of the loan.
3. The respective sanctioning authority of the loan may permit the switchover
option.
4. The facility will be extended only in standard regular accounts.
5. The fee recovered shall be credited to Commission Received Miscellaneous.
6. While considering switchover option the terms of original sanction shall not be
changed i.e. the repayment period, interest rate slab/ group etc. and accordingly
the new rate of interest shall be determined.
Further, there would be some borrowers (normally high value/ important
customers), who could still plead for a complete waiver of such charges. In such
cases the following authority can permit deviation in accordance to discretion
given below:

Authority Deviation
ED & CMD Authorized to permit 100% waiver in switch over fee.
GM(Retail) Authorized to permit 50% waiver in switch over fee.
Regional Head
(GM/DGM/AGM)
Authorized to permit 25% waiver in switch over fee

The field functionaries are advised to note the above new provision in the scheme
and not only check any takeover of Home loan from our Bank but by extending above
benefits to valued customer explore the possibility of fetching more business from
them.

PREPONEMENT OF REPAYMENT IN EXISTING ACCOUNTS AND ADJUSTMENT
OF INTEREST RATES

The sanctioning authority is permitted to consider reschedulement of repayment period
taking the 1
st
date of disbursement as the base and to arrive at applicable interest rate
as available in a particular time-segment. However, the newly determined interest rate
shall be applicable only from prospective effect i.e. for the remaining period of loan as
proposed by the borrower(s) after considering the satisfactory conduct of the account in
past and future source of payment.

However, this option can be exercised only once during the currency of the loan by the
borrower.

It must be ensured that after exercising this option, if any borrower(s) proposes to
shift/transfer his loan account at any stage to some other bank/financial institution, the
benefits so availed by him in the process shall be withdrawn and interest-differential
shall be recovered.

In the event of borrower(s) failing to repay the loan as per the new schedule, penalty of
2% shall be charged for the period of default on overdue amount.
Master Cir_Home Loan

19
An undertaking, as per the format (Annexure-9) shall be obtained from the borrower(s)
and shall be retained with the loaning documents. Intimation shall be sent to the
borrower(s) as per Annexure-10 and duly acknowledged copy of the same shall be kept
along with the loaning documents.

PROCESS FEE/ DOCUMENTATION CHARGES*

Loan limit Process fee / Documentation Charges
Irrespective of any
limit
Process fee - 0.50% of the loan amount, subject to
maximum of Rs. 20000/- plus service tax, if any
Documentation charges -NIL

* Does not include advocate charges, valuer fee and insurance charges which shall be
borne by the applicant on actual basis.
* The process fee shall be recovered as per banks existing guidelines on the basis of
above rates.
* The process fee shall not be recovered from staff/ex-staff members if they avail home
loan under general public scheme.

INSPECTION CHARGES - Nil

BOUNCED CHEQUE/ECS OR STANDING INSTRUCTION DISHONOURS:-

A penalty of Rs 250/- + service tax will be charged for every bounced cheque/ECS or SI
dishonors. The rate may vary from time to time.

INSPECTION CLAUSE

The property financed under Home Loan shall be inspected at yearly interval or at
irregular interval in case of need after giving due notice to the borrower. This inspection
is besides pre and post sanction visit.

It is also relevant that in case of salaried employee, details of employee from employers
be obtained including employers ID/PF number, permanent address, date of joining,
retirement etc. besides other details. Further, now a days particularly in multinational
companies, the employees are switching over from one company to another or the
nature of their employment is on contractual basis for a particular period. In such type of
employment due care be taken by the sanctioning authority to ensure continuity of
adequate income of the borrower for serving the loan instalment / interest.

Time to time circular/guidelines issued in this regard shall also be complied.

REPAYMENT OF LOAN

i. The entire loan shall be repaid in maximum of 300 months preferably in
equated monthly instalments including the moratorium period subject to the age
criteria of the borrowers.

ii. For Service class: Up to 60 years of age or date of superannuation, whichever
is earlier. However in case of availability of joint / co borrower and one borrower
is having comparatively younger age in consonance with repayment period, then
it can be considered upto 65 years of age of elder borrower & 60 years of age of
the younger borrower.
Master Cir_Home Loan

20
iii. For Non-Service class: Upto 60 years of age, however in case of loan
considered in favour of joint/ co borrower and one borrower is having
comparatively younger age in consonance with repayment period, then it can be
considered up to 65 years of age of elder borrower & 60 years of age of the
younger borrower.

iv. For Pensioners Class: Repayment period shall not exceed 10 years and loan
must be completely liquidated within 65 years of age of pensioner. However,
where co-borrower is taken, maximum repayment period can be extended up to
25 years provided the loan is repaid within 65 years of age of the elder borrower
(pensioner) & 60 years of age of the younger borrower having capacity to
repay the loan.

v. Due diligence on repaying capacity and financial soundness be exercised by the
sanctioning authority while considering loans upto repayment age of 65 years of
the borrower.

vi. Repayment of loan by the agriculturist may be by way of monthly/quarterly/ half
yearly instalments so as to be commensurate with generation of income cycle.
However, preference be given to recover monthly instalment in case the
agriculturalist is having repaying capacity.

vii. In case of takeover of home loan from other financial institution / Bank, the
original repayment period shall not be rescheduled. The takeover amount shall
be recovered in remaining period of repayment as mentioned in terms of sanction
of other Banks, subject to the maximum of 300 months.

viii. The Equated Monthly Installment (EMI) are/shall comprise of principal and interest.

ix. Step Down Option- In case of joint borrowers, with different age profile,
where one or more borrower will attain maximum permissible age during
currency of loan, the step down option shall apply. EMIs will be fixed
according to number of years, each co-borrower shall pay within maximum
permissible age limit/repayment period. The EMI of each co-borrower shall
be clubbed to form a single installment. The clubbed installment shall be
higher during the available repayment period of elder borrower and may
reduce thereafter.
x. All the borrowers shall be jointly and severally liable to repay the loan irrespective
of the fact whether they are joint owners of the property or not.

In case of joint borrowers in different age groups and varied income, maximum
permissible loan shall be the sum total of permissible loan to each individual
borrower as if each one has applied independently for housing loan. Similarly
EMI will be fixed for each joint borrower & clubbed to arrive at total EMI.

xi. The above said Maximum age limit of borrower/ co borrowers is permissible
subject to the age by which the loan should be fully repaid, availability of
sufficient, regular and continuous source of income for servicing the loan
repayment to the satisfaction of Loan sanctioning authority.
Master Cir_Home Loan

21
xii. The repayment of loan shall be made through the Electronic Clearance System
(ECS)/standing instructions/Auto Collection Procedure from the operative
accounts of the borrower with us, given the mandate to collect the EMI. The
use of post dated cheque be discontinued as per government guidelines in
context to compliance of Go Green Concept.

xiii. PDCs obtain in existing accounts may retain and presented for recovery
instalment as per existing terms. However, the borrower be given option to switch
over to ECS/ standing instructions/Auto Collection Procedure for payment of
future instalment.
xiv. Although the repayment period is allowed upto 300 months, however, in view of
upward fluctuation in rate of interest, the sanctioning authority is permitted to
exercise following two options subject to expressed consent of the borrower(s):

a) To recalculate / revise the existing EMI amount for recovery of the then
outstanding in remaining existing repayment period taking in to account the
increase in rate of interest.
b) To recommend Head Office for increasing the repayment period of loan with
same / revised EMI wherever required subject to a maximum of 360 months.
However, while recommending, it be ascertain that the borrower is having
repaying capacity to pay future instalment.


TERMS OF PAYMENT

The borrower may choose any of the under noted three options to suit his convenience:

1. EMI (Uniform Instalments for entire repayment period).
2. Payment of only interest for first five years and thereafter in EMI for next 20 years.

3. In case moratorium period is permitted, the borrower can exercise his option to
repay the interest amount during moratorium period or at a subsequent date i.e
instalment commencement date.
4. In case the borrower has adequate repaying capacity and request of preponment
of repayment period the same can be permitted by the sanctioning authority after
considering the satisfactory conduct of account and ensuring future source of
repayment. However, this option can be exercised only once during the currency of
the loan.

An undertaking as per Annexure 9 shall be obtained from the borrower(s) and be
retained with loaning documents. An intimation shall also be sent to the
borrower(s) as per Annexure 10 and its duly acknowledged copy be kept on
record.
5. In all such cases where the borrower makes a lump sum/bullet payment in
advance and request for reducing future EMI, then the sanctioning authority may
revise the existing EMI subject to compliance of the followings:




Master Cir_Home Loan

22
a) The account is standard & regular
b) After receipt of lump sum/bullet payment from borrower, the EMI be
restructured in a manner that the residual outstanding balance stand
liquidated within the original residual repayment period.
c) The terms of original sanction (more particularly interest rate & repayment
period) will not be changed.
6. However, to universalize the repayment period, preference will be given for EMI
based repayment of uniform instalments.

MORATORIUM PERIOD

a) Maximum permissible moratorium period is 18 months from the date of first
disbursement or
b) Upto the date of possession of flat subject to Maximum permissible moratorium
period is 18 months from the date of first disbursement or
c) The above moratorium period shall be permitted within the overall repayment
period (the repayment period shall be inclusive of moratorium period).
d) In case of take over Home loan account from other Banks/FI the repayment shall
commence from the following month of disbursement/take over date of loan.

NOTE: However, in all above circumstances, the option be preferred for recovery of
accrued interest during moratorium period, if EMI is not served since inception.
Alternatively, the accrued interest during moratorium period be capitalized as on the
date of commencement of installments.

CONSTRUCTION PERIOD

a) Construction period is different from moratorium period i.e the moratorium period
is a holiday period for EMI whereas the construction period is time involve in
construction.
b) In case of purchase of ready to move flat/house the construction period be
treated as nil.
c) In case of purchase of house from Govt. Agencies/Builders, the permissible
construction period is 24 months from the date of first disbursement.
d) In case of purchase of plot & construction there upon, the permissible
construction period is 24 months from the date of first disbursement.
e) In specific cases on merit the the General Manager in Regions & General
Manager (Retail) can extend the construction period upto 36 months from
the date of first disbursement.
f) In case of take over Home loan account from other Banks/FI, the construction
period shall not be allowed as NIL.
g) In case the construction is not completed within the stipulated period the penal
provision shall be applicable in the account.


TREATMENT OF RESCHEDULING OF REPAYMENT PERIOD

Where the borrower has initially opted for a shorter repayment period but later on
intends to extend the same because of shrinkage of income/repayment capacity due to
unforeseen circumstances, sanctioning authority may extend repayment period upto a
maximum of 25 years inclusive of lapsed period on case to case basis on merits.
Master Cir_Home Loan

23
Interest rate as well as EMI shall be re-worked on balance outstanding for the proposed
remaining extended repayment period on the current applicable interest rates or on the
rates applicable as on base date (the date on which the loan was originally sanctioned)
whichever is higher.

The re-schedulement of accounts on above lines shall only be permitted in standard
regular accounts. In such cases branch incumbent can defer the overdue instalments
for 2-3 months and in case rescheduling is required for more that 2-3 months, request of
the borrower along with the recommendations of the Branch Incumbents should be sent
to the Regional Office for their approval. If a rescheduling is done in standard irregular
account based on written request giving genuine reasons of the borrower, the status of
the account shall not be downgraded to substandard category as already clarified vide
our Circular No. HO:SL&PS:63/2005-06/300 dated 4.10.2006.

Illustration

A borrower opting initially for 5 years repayment period proposes to switchover to 20
years repayment period after 3 year. Sanctioning Authority may consider rescheduling
by switching the borrower from relevant existing repayment period i.e. 5 years to
proposed repayment period i.e. 20 years. However, the interest rate as per the
repayment period shall also be apply according to new slab and will be applicable from
the original date of sanction and the arrear of interest for the past period (in this case,
for the last 3 years) shall be recovered while giving permission for such re-
schedulement.

INSURANCE

An insurance cover under the agreed Banks clause as per system in vogue of house /
flat (structure) financed under home loan scheme of the Bank, be obtained.

The insurance scheme- Group Loan Protection Plan (GLPP) Scheme for Home
Loan Customers launched by our Marketing Department vide CIRCULAR No.
HO/Mktg./JV2010-11/678 dated 15.01.2011, shall be perused and its benefit be
informed to the prospective home loan customers for cross selling of this product.

Insurance premium amount in both cases shall be borne by the borrower.

TIME FRAME FOR DISPOSAL OF LOAN PROPOSAL

The maximum time frame for disposal of applications has been prescribed as under:

For Loans under Branch Manager Discretionary Powers:

3 to 7 days after submission of full set of documents by the borrower.

For Loans under Regional Head Powers:

Maximum upto 15 days after submission of full set of documents by the borrower.


Master Cir_Home Loan

24
DISCRETIONARY POWERS

(Rs in Lacs)

The field functionaries are also eligible to sanction home loan to directors/partners (in
their individual capacities) of a company/firm, whose original limits are sanctioned by
higher authorities.

DEVIATION MANAGER

S.No. Deviation
Manager
Deviation(s)
1. CMD Concession in ROI upto 2.00%, subject to minimum of
Base Rate
2. ED Concession in ROI upto 1.00%, subject to minimum of
Base Rate
3. GM(Retail) at H.O Scheme related deviations except ROI & Process Fee
4. Authority as per
Loan Policy
Process Fee (Authority as per discretionary powers
vested with them as defined in Loan Policy issued from
time to time)

Note: The respective Authority shall permit deviations in the Scheme/interest
rate/process fee on merits within the overall objective and prescribed guidelines of
RBI/Bank issued from time to time.



LOAN FOR ADDITIONAL CONSTRUCTION/TOP-UP LOAN ON THE EXISTING
HOUSE

Whereas we have stipulated requirements for fresh loans, position in respect of loans
for additions to house owner requires separate classification as under

1. Fresh loanees i.e. who have not availed any housing loan earlier or have repaid
their existing loans.
2. Persons who have availed housing loan from us or from any other financial
institutions and seek additional loans.

In case of borrowers falling in the first category, their loan entitlement, repayment, etc.
shall be considered in accordance to the terms of fresh Housing Loans. However, in
case of additional loans to existing loanees, their overall entitlement shall remain the
same i.e. 40 / 60 months gross income and the repayment guidelines also shall be the
same. However, for computing their entitlements for additional loan, the difference
between the amount of existing home loan and the fresh assessment of MPBF based
on gross income (at the time considering additional loan) shall be worked out to arrive at
the maximum entitlement for the additional loan.

CMD ED
GM
(HO)
Regional Head Branch Incumbent- (Scale)
GM DGM AGM VI V IV III II I
FULL FULL 300 300 150 100 150 100 40 25 10 10
Master Cir_Home Loan

25
In case of those borrowers whose first housing loan is outstanding with us and the
additional loan is for additions in the same house, the repayment of the additional loan
shall be so fixed that both the loans are repaid within the repayment period fixed for the
first loan.

Further, in case of applicants who are availing housing loan from our bank, the security
shall be the existing properties mortgaged with us otherwise formalities be completed as
in fresh sanctions.

In case of salaried persons who have availed loan for construction/ acquisition of
accommodation from their own department and need supplementary finance, bank may
consider housing loan after obtaining parri-passu or second charge over the property
mortgaged in favour of first lender. The amount of loan to be allowed shall be based on
net income after catering to the existing loan and overall repayment capacity.

SUPPLEMENTARY LOAN AND CREATION OF SECOND CHARGE

Present scheme permits supplementary housing loan to salaried persons who have
availed housing loan for construction/acquisition/renovation from their own
Employer/Department but need supplement sources to meet their additional cost of
construction/renovation etc. The security in such cases remains to be the second
charge over the property mortgaged in favour of the first lender.

As per the system in-place, the document required to create second charge, necessitate
physical delivery of the title documents by the first lender to the bank. It has been
experienced by the branches that while the Central govt. ministries readily agree to part
with the title-documents to Bank but other departments/PSU do not generally agree to it
and hence good business potential is lost in this process.

To overcome this difficulty, document for creation of second charge without insistence
of physical delivery of title documents from 1
st
lender have been devised and copy of
the documents to be obtained in such cases is enclosed with this circular as Annexure
20 to 26.

However, this option shall be exercised only where it is not feasible to obtain delivery of
title document from the first lender.

HOUSING LOAN LINKED TO VARIOUS GOVERNMENT SPONSORED SCHEME/
CUSTOMIZED SCHEME OF LOCAL/STATE GOVERNMENT.

The Branches shall continue to extend financial assistance under above said existing
specific scheme by complying the norms, terms & conditions defined in particular
scheme, within the broad parameters of Banks Home Loan Scheme.

In case of any new scheme, launched/formulated by any Government/ Development
Authorities or NHB, the same shall be referred to Head Office for approval and its
implementation.
Master Cir_Home Loan

26
SECOND HOME LOAN

Loan to existing home loan borrowers for purchase/construction/repair/ renovation of a
second house can be considered provided the net take home income/salary after
instalments of both the loans and other deductions is in accordance to minimum gross
take home income stipulation. It shall, however, be ensured that existing account is
running regular and the facility is not misused for speculative purposes. The second
home is not for the purpose of its commercial utilization.

TAKE OVER OF HOME LOAN ACCOUNT

In view of our cost effective scheme topped with many other attractions, persons who
have already availed home loans from other FIs/Banks, may express willingness to
switch their home loan accounts to our bank. The above request may be considered
only by the next higher authority according to delegated discretionary power as defined
in Banks Loan Policy issued time to time, subject to the following conditions.

All the terms and conditions as are defined &updated on takeover account in Banks
loan policy shall be complied with.

i) It shall be ensured that the conduct of the account with the existing FI/Bank
had been strictly regular and borrower had neither defaulted/delayed in
payment of any installment nor had there been any rephasement /
reschedulement in the loan account.

ii) Before considering such requests, it shall also be ensured that the house
property can be validly charged to the bank. However, mechanism of
charging of property may be devised by the Regional Office in consultation
with the legal retainer in case of any localized problem.

iii) To safeguard against the falling/stagnant property prices, it shall be ensured
that the value of the property vis--vis balance in the existing loan account is
sufficient to cover margin requirement as per our home loan scheme.

iv) The original repayment period shall not be extended.

v) It shall also be ensured that such proposals confirm to all the parameters of
our home loan scheme/guidelines circulated from time to time.

vi) The Branch incumbent shall have no discretionary powers for takeover
of housing loan accounts.

vii) The collateral securities charge to the existing Banker should not be diluted
however, the sanctioning authority, in its best judicious wisdom, may consider
waiving of third party guarantee only in select cases where risk-profile of the
account is anticipated to be negligible.

Master Cir_Home Loan

27
HOUSING LOAN TO STAFF UNDER GENERAL PUBLIC SCHEME

Vide HO Circular Estt./Per/60/49/2003/174 11.08.2003 Housing loan to staff can be
sanctioned as to general public with the following additional conditions

1. The minimum take-home salary shall not be less than the stipulated norms for
different income slabs. However, the minimum take home income shall be taken
40% for all slab of income in case the staff is availing overdraft limit/Contingency
Loan under staff scheme as against the stipulated norms to general public.
2) Loan can be availed for purchase/construction/renovation for own residential
purpose and not for commercial/speculative purpose.
3) The terms& conditions i.e. rate of interest Compounding factor and Repayment
period shall be same as to general public.
4) The loan earlier availed should be fully adjusted with interest. (The condition
stands modified under General Public Scheme as mentioned below in point no.
5).
5) In view of legitimate self occupancy purpose, a second loan to general public is
introduced. On similar lines, the staff members may avail second housing loan
under general public scheme for acquiring house/ flat for their need base self
occupancy purpose. However, the second loan shall be subject to their eligibility
and repaying capacity under general public home loan scheme as well as
minimum take home salary.
6) If spouse of the staff member intends to avail loan under general public scheme,
staff member can become co-borrower after taking necessary permission from
vigilance / HRD department, wherever required. Security under staff housing loan
shall also be acceptable under general public scheme.
7) Staff members shall also be eligible for loan for renovation purposes on the terms
applicable to general public.
8) If the home loan is also availed under the staff home loan scheme the general
terms & conditions of the staff loan shall be complied with.

HOME LOAN FOR NON-RESIDENT INDIANS

Eligible NRIs

Reserve Bank of India vide its notification no. FEMA 21/2000 RB dated 3
rd
May 2000
and as amended master circular no 15/2010-11 dated 01.07.10 has notified the
regulations applicable to a person resident outside India for acquiring and transferring
immovable property in India.

There are two categories of Non-residents who have been given general permission by
Reserve Bank of India to acquire immovable property other than
agricultural/plantation/farm house in India. They are:

1. Indian citizens
2. Person of Indian origin

Note: Person of Indian origin for the purpose of this general permission means an
individual (not being a citizen of Pakistan or Bangladesh or Srilanka or Afghanistan
China or Iran or Nepal or Bhutan), who

Master Cir_Home Loan

28
i) At any time held an Indian passport, or
ii) Who or either of whose father or whose paternal grandfather was a citizen of
India by virtue of the constitution of India or the citizenship Act 1955 (57 of 1955)

NRIs not covered under above will be required to obtain prior permission of the Reserve
Bank of India for purchase/acquisition of residential premises in India.

Persons who require prior approval

Regulation 7 of FEMA notification no. 21/2000 dated 03.05.2000 prohibits any person
who is a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or
Bhutan to acquire or transfer immovable property in India, other than lease, not
exceeding five years, without the prior approval from Reserve Bank. In other words, a
person whether resident in India or Resident outside India who is a citizen of any of the
above countries require prior approval of Reserve Bank for acquisition of immovable
property in India.

Branches may therefore, allow housing loan facility only to those NRIs who either fall
under the general permission or have obtained prior approval from Reserve Bank.

Apart from the conditions specified in the Housing Loan scheme of the bank following
additional conditions shall also be applicable.

a. The quantum of loan, margin money and the period of repayment shall be at
par with those applicable to housing finance provided to a person resident in
India.
b. The loan amount shall not be credited to Non-Resident External (NRE)/
Foreign Currency Non-Resident FCNR)/ Non-Resident Non repatriable
NRNR) account of the borrower.
c. The loan shall be fully secured by registered / equitable mortgage of the
property proposed to be acquired, and if necessary, also by lien on the
borrowers other assets in India.

Repayment of loan

The instalment of loan, interest and other charges may be paid by the borrower from
any of the following sources.

1. By inward remittances from abroad through normal banking channels viz.
NRE/FCNR(B)/NRO

2. Out of funds lying in his non-resident accounts with banks in India or out of rental
income derived from the renting out of the property acquired by utilization of the loan

Additional documents/papers required from the eligible NRIs

In addition to the documents/papers/application, form etc. required as per the housing
loan scheme of the bank, following additional documents/papers/ information shall be
obtained from eligible NRIs.

Master Cir_Home Loan

29
1. Approval of Reserve Bank, wherever required.
2. Certified copy of relevant pages of passport with visa stamped on it.
3. Copy of valid work permit.
4. Copy of appointment letter and employment contract, in English, duly attested
by employer/Consulate/Embassy, in case, it is in any other language.
5. Copy of Continuous Discharge Certificate (CDC) for applicants from Merchant
Navy.
6. Details of previous employment.
7. Bank statements for the last six months both domestic and international.
8. General Power of Attorney duly attested by the Indian Consulate in case NRI/
PIO is not in India. If the NRI/PIO is in India, then the Power of Attorney can
be locally notarized.
9. Copy of labour card/identity card (translated in English and countersigned by
the consulate) if employed in the Middle East.
10. Salary Certificate specifying name, date of joining, designation and salary
details.
11. Undertaking cum declaration that the loan shall not be utilized for
acquisition of Agricultural/plantation/farm house in India and that he is eligible
to acquire immovable property in India in terms of FEMA 99 and
rules/regulations made there under.
12. Status of the NRI i.e. whether Indian citizen or person of Indian origin.

However, branches may also refer the guidelines/instructions issued from
International Banking Division, Head Office from time to time for its meticulous
compliance.

TIE-UP ARRANGEMENT WITH BUILDERS FOR FINANCING HOME LOANS

The Regional Heads are empowered to approve the projects of reputed builders for
extending Home Loans to the prospective buyers/borrowers. The need and importance
of having such tie-up arrangements for marketing of bulk housing loan proposals have
been emphasized from time to time. However, the progress in this regard has not been
encouraging and not many reputed builders/projects could be approved / marketed by
the Bank.

In certain other instances, it has been found that no proper due diligence was made
before approving the Builders and their projects which exposed the bank to greater
financial risks.

In order to ward off such operational risks, it is decided to standardize the processing
system of approving the tie up arrangements with the Builders/Housing Projects at the
Regional Office level. We enclose a copy of the process note format (Annexure-26),
which may be amended according to requirement. The format shall be used while
considering a specific Housing Project/Builder for tie-up arrangement.




Master Cir_Home Loan

30
REVISED GUIDELINES ON TIE UP ARRANGEMENT

1. Henceforth the tie-up arrangement with builder shall not be mandatory for
considering Home Loan.

2. The Tie-up arrangement will be applicable for Bulk marketing of proposal only on
existing terms & guidelines. In case a tie-up with builder is approved then fresh
legal opinion & valuation certificate from each customer is need not to be obtained.
Consequently the prospective buyers save cost & time on extraction of legal opinion
and valuation certificate. The concern branches relying upon such tie-up may
expeditiously dispose the loan proposals received under such project.

3. Wherever clear title deeds and favourable legal opinion is available, the single loan
proposal can be considered by the sanctioning authority with or without builders tie-
up.

4. In all cases, due diligence guidelines should be adhered to by the Sanctioning
Authority to avoid any chances of fraud, delinquencies or acquisition of disputed
property etc.

5. The respective sanctioning authority while considering such Home loan proposals
as per Scheme must ensure that the Builder is a reputed one, all statutory
clearances including possession are available to ward off any multiple sales of flats
and No Objection Certificate from financing bank (to builder), if any shall be
obtained. Further, the project approved for Home loan financing by other Banks
may be given preference.

6. In case where the Builder has availed loan facility for their residential projects from
our bank, the sanctioning authority (of project financing) will stipulate a term that our
branches shall be authorized to automatic financing of housing loan without any tie-
up arrangement Further, similar projects of the same Builder shall also qualify for
financing Home loan by the branches subject to favorable legal opinion & statutory
compliance by the builders.

7. Regional Head shall explore all possibilities to tie up with all reputed builders in his
Region. Marketing Manager may be given specific target to market Home Loan
borrowers.

8. As a Post approval formalities the approving Regional Office shall communicate the
details of approval to Head Office, Retail Credit Deptt. as well as to branches of
their Region for exploring the benefit of such tie-up. The adjacent Regional Offices
be also informed about such tie-up for their onward communication to the branches
situated in nearby vicinity of such project.
Master Cir_Home Loan

31
CASH DOWN PAYMENT TO BUILDER/GOVERNMENT AUTHORITY

To consider request for cash-down payment in case of those buyers who plan to
purchase flats from reputed builders in order to facilitate borrowers to take advantage of
the huge cash discount being offered by builders.

The matter has been considered and it has been decided to permit branches to
entertain such request from home-loan aspirants. However, before undertaking such
request, branches shall ensure that particular builder has approval of Regional Office
and unblemished track record and enjoys sound reputation, credit worthiness and has
never been a defaulter of any bank. Branches shall further ensure that the builder has
not defaulted in constructing/delivery of possession of the flats, in past the builders of
very high repute who have made a name for themselves like Unitec in Delhi, Rahejas
/Lokhandwala in Mumbai etc. (These names are of simply illustrative to stress upon the
importance of reputation of the builders and does not confer approval of the bank). In
such cases the decision shall be taken by the Regional Head

CLASSIFICATION OF HOUSING LOANS UNDER PRIORITY SECTOR :

Housing loan to individuals etc. upto Rs.25.00 lacs shall be classified under Priority
Sector subject to classification guidelines/ directives issued by RBI from time to time.
However all staff loans granted to the employees of the bank including loans
granted under consumer banking (home loan granted under general public
scheme) are not to be classified as priority sector.
MIS Code for Housing (Priority Sector) is HSGPS

GENERAL TERMS & CONDITIONS FOR HOUSING LOANS SANCTIONS

1. Cost/Expenses of mortgage, legal costs, cost of other documents & registration
expenses etc. shall be borne by the borrower/s.
2. Repayment shall be made in accordance to the option exercised by the borrower.
3. Disbursement of the loan shall be effected only after all documentation
formalities are completed and all the terms and conditions of the sanction are
complied.
4. Disbursement of the loan will be effected only by Account Payee Pay
Order/Demand Draft directly in favour of the seller/builder/vendor/co-operative
Housing Society/Government House Building Agency after recovery of the
margin under confirmation of the borrower.
5. The construction should be exactly according to the approved plan and
specification on the basis of which the advance was sanctioned. Prior
concurrence of the competent authority be obtained for any deviation from
approved plan.
6. The construction should be completed within maximum period upto 24 months
(or 36 months wherever permission granted by the General Manager in Regions
& General Manager (Retail), of the date on which the first drawl/disbursement of
the loan was made.
Master Cir_Home Loan

32
7. That the borrower shall during the entire currency of the loan, maintain the
house/flat in good condition at his/her own cost and keep the same free from all
encumbrances, pay all taxes and other statutory dues and that he/she will permit
any representative of the Bank to inspect the property from time to time at the
Banks option/discretion with advance intimation to the borrower.
8. In case of lease hold property, in addition to the original lease deed lessors
consent must be obtained before mortgage of the property.
9. As the land in cantonment area belong to the cantonment authority, equitable
mortgage of land in cantonment area is not considered to be a good security and
as such only registered mortgage should be insisted upon.
10. In case of specified Lal Dora property, in the absence of availability of requisite
documents, under normal circumstances, the loan shall not be considered.
11. The housing loan interest certificate for income tax purpose has been made
available in the system which can be generated through Finacle DR site by using
option INT-RET RETAILGENINTCERLA

PRECAUTIONS TO BE TAKEN FOR PREVENTION OF FRAUDS IN HOME LOAN
ACCOUNTS

Of late, large number of frauds has been reported in advances of housing sector. A
study of behavioral pattern of this indiscretion leads us to believe that in most of the
cases laxity has been exercised in pre/post sanction follow up. With a view to check
prevention of frauds, Pre/Post sanction follow up format has been devised for Home
loans as circulated vide HO circular No. HO/SL& PS/61/04/455 dated 26.03.2004 and
the same are annexed as per Annexure 2&3 respectively.

Branches are advised to adhere to the guidelines strictly.

Before considering a housing loan proposal, sanctioning authority shall ensure the
following.

A. Identification of Borrower

1) An officer shall be deputed to visit residence/work place of the applicant to observe
and report in writing (as per Annexure-2&3) his findings/impression about general
reputation of the applicant at work place/neighborhood by meeting one or two
colleagues/ neighbors etc.
2) Verification of Income Criteria
i) Shall obtain income tax return/Form no.16/financial papers (in case of self
employed) and verify their genuineness by contacting respective authorities.
ii) Shall obtain self-verified Salary Slip preferably cross-verified by
Employer/Superior officer.
iii) Shall obtain Bank statement of business / salary account of the applicant for the
last twelve months and verify its genuineness by calling the bank branch over
phone/by personal visit.
iv) Scrutinize the operations in the statement of account and ensure that applicant
genuinely meets 30% take home criteria.
v) Shall correlate the above information to ensure genuineness of Income.

Master Cir_Home Loan

33
B. Verification of Builders reputation

i) Shall ensure that the vendor builder enjoys a sound reputation in business
circles as per format enclosed (Annexure-2&3). The antecedents and past
track record of the vendor builder should be verified by making local enquiries
from reputed persons/other builders operating in the area.

ii) Ensure that pay order for housing loan is delivered personally by an authorized
officer to the vendor builder against serially numbered printed receipt on
letterheads of the builder.

iii) Ensure that the pay order on account of housing loan is invariably drawn as
account payee and is collected through the main account of the builders
bank as per our record. (In case the pay order is collected through some other
account of the builder or through an endorsement, branch should be alarmed
that a foul play might be afoot.)

iv) Record the name and account number of the main banker of the builder.

C. Index searching / property verification

i) Ensure that the index search is not perfunctory by empanelling advocates of
exemplary integrity.

ii) Ensure obtaining affidavit from applicant that he has not obtained loan from
any other bank/FI as per format enclosed.

iii) Ensure that chain of ownership/title of the property is clear and marketable.

iv) Shall invariably read through the index report/ non-encumbrance certificate
issued by the advocate and ensure that the particulars mentioned there in
matches with the particulars as appearing in the title documents.

v) Ensure that non-encumbrance certificate / index report is not qualified and in
case it is so, then shall obtain papers / documents mentioned in the report.

vi) Shall ensure that search receipt is obtained and placed on record.

Other Precautions

i) Authenticity / genuineness of the documents of title to property should be
verified from the concerned sub-registrar office by obtaining copy and verifying
stamps of registration and photographs of the owners. Special caution to be
exercised if there are material alterations in amount / names after registration
of sale deeds.

ii) Market value of the property should be verified from adjoining areas while
conducting pre-sanction visit.
Master Cir_Home Loan

34
iii) Banks lien on the flat should be marked in the record of co-operative house
building societies or permission for mortgage of leased property be obtained
from the concerned urban housing development authority (wherever,
applicable)

iv) The borrowers be called to the branch for signing of loan documents and if this
is not possible then some bank official should visit the place of borrowers and
get the loaning documents executed in his presence.

v) Strict adherence to the terms and conditions as stipulated in the legal opinion
obtained for creation of valid charge be ensured.

vi) Due diligence of builder be conducted and a negative list be prepared so as to
aid sanctioning staff that credit facilities are not extended to the venture floated
by the builders with doubtful credentials.

vii) The agreements between landowner and builder or the power of attorney
executed in favour of builder be thoroughly scrutinized and their authenticity be
established before proceeding further.

viii) Special care be observed in case of group borrowers approaching for loans.

ix) Wherever, concurrent auditors are posted in Branch, they be instructed to
verify housing loan accounts, its documents and on going basis for timely
prevention and detection of fraud.

x) The physical verification/ inspection of the property be also conducted by
concurrent auditor as per guidelines in vogue.

Additional precautions For Mumbai/Pune cities

In cities like Mumbai/Pune, facility of obtaining scanned-copy of last registered
agreement to sale/deed is available in the office of Sub-registrar of assurances.
A close scrutiny/comparison be made of the original agreement to sale/deed handed
over by the applicant with this scanned copy to ensure that there are no variations in
placement/fixation of rubber-stamps or in the signature of the authorized officer of sub-
registrar on both copies. In case of slight variation, branches should be alarmed, as it
could be a possible case of cheating.
Empanelled advocates searching Index/title be requested to invariably obtain such
scanned copy.

Besides, Mumbai/Pune wherever this facility is available, it should be made use of to
frustrate the design of scamsters.

The identification / verification as mentioned above shall be recorded in a pre-sanction
visit report as per the format enclosed.


Master Cir_Home Loan

35
HOME FURNISHING LOAN

With a view to give leverage to the valued customers to carry out essential alterations or
furnish as per their requirements, a new concept of home furnishing loan has been
introduced.

ELIGIBILITY

Individuals having house/flat in his/her name which can be validly charged to the bank
having assured source of income viz. Salaried / self-employed persons, professionals,
businessmen, farmers and HUF etc. Staff members shall also be eligible to avail the
loan as applicable to general public (subject to compliance of Staff Housing Loan
Scheme)

However, while considering proposal for HUF entities due diligence be exercised and as
far as possible loan to HUF be discouraged.


MAXIMUM ELIGIBLE LOAN AMOUNT

1. However, loan is restricted upto 75% of the total cost of renovation/furnishing
subject to a maximum amount of Rs. 10.00 lac.
2. Further, if the applicant is also availing Housing Loan the maximum amount shall
be the difference between his/her fresh eligibility for home loan minus the
existing home loan outstanding subject to a maximum amount of Rs. 10.00 lac.
3. The loan shall be restricted upto 30% value of existing House/Flat subject to a
maximum amount of Rs. 10.00 lac.

The MPBF shall be calculated as per alternatives given in main Home Loan Scheme as
well as taking into consideration of above three aspects by applying whichever is less
formula.

PURPOSE

Change of flooring Remodeling of bathrooms/kitchen POP work Wood work i.e.
wardrobes / wooden cabinets /doors / windows / grills / gates/ plastering of walls/all
repairs/Removal of structural defects/electric works Painting/polishing of house

DISCRETIONARY POWERS OF FIELD FUNCTIONARIES:

Loan limit upto Rs.5.00 Lacs- Branch Incumbent
Loan limit above Rs. 5.00 Lacs- Regional Head

These powers are within the overall discretionary powers vested with the Branch
incumbents/Regional Head for purchase/ construction of the house/flat and shall not
be treated as over/additional discretionary powers.

The Branch Managers are also permitted to sanction (within the power vested with
them) home loan to Directors/Partners of a Company/Firm whose original limits are
sanctioned by Higher Authorities.

Master Cir_Home Loan

36
RATE OF INTEREST

As applicable under housing loan scheme of the bank. Interest shall be calculated at
monthly rests and recovered in equated monthly instalments as per EMI chart. While
fixing applicable interest rate for the existing borrowers, outstanding shall be added to
the proposed loan and interest rate shall be determined accordingly.

REPAYMENT OF LOAN

The size of the monthly instalment shall depend on the quantum of loan and the interest
rate applicable. The Equated Monthly Instalment (EMI) shall comprise of principal and
interest. The repayment shall commence not later than 6 months from the date of first
disbursement. Interest during moratorium period shall be recovered as and when due.

Maximum period of repayment of loan shall be 10 years, which can be extended upto
15 years in certain cases based on merit and keeping in view age/means of
borrower/co-borrower as per the prudent judgment of the sanctioning authority.
Repayment of loan by the agriculturist may be by way of monthly/quarterly/half yearly
instalments so as to commensurate with generation of income cycle.


SECURITY

Registered / equitable mortgage (fresh/extension) of property proposed to be furnished
shall be charged as per the guidelines embodied in main Housing Loan Scheme.

MARGIN

25% of the total cost of the renovation/furnishing as per estimate duly verified by a
qualified architect. To ensure contribution of margin money, borrower will invest the
margin prior to release of loan

PROCESS FEE/DOCUMENTATION CHARGES

Same as per the Home Loan scheme.

MODE OF DISBURSEMENT

The loan amount shall be disbursed on the strength of certificate issued by architect.
Based on this certificate, the loan amount may be credited to borrowers SB Account.

OTHER CONDITION

In the case of applicants, who are availing housing loan from us, the security shall be
the existing properties mortgaged with our bank.

LOANING DOCUMENTS

As stipulated under Home loan scheme.
Master Cir_Home Loan

37
LIST OF DOCUMENTS TO BE OBTAINED ALONG WITH LOAN APPLICATION

The following list containing a model of papers / documents required which can
vary from case to case and additional documents be obtained, wherever required.

I Loan application Form-cum-process note LF-2
ii Passport size photograph of applicant and co applicant with specimen Signature
on the front and back of the photograph
iii Proof of age photo copy of valid passport or valid driving license or birth
Certificate or school leaving certificate or pan card, voter ID card or ration card.
iv Copy of bank account statement for last 12 months
a. Where salary is credited , for salaried applicants
b. Saving as well as current accounts, if any for self employed applicants.
v In case of takeover of loan, copy of home loan account statement for the entire
period shall be obtained. A certificate shall also be obtained from the lending
institution providing pre-closure amount.
vi Affidavit as per Annexure 5


In case of Employed Person :

i. Latest salary slip/certificate duly authenticated by employer
ii. Proof of Dividend/Interest/other Income (to be specified)
iii. If job is transferable, details of permanent address where all communication can
be done.
iv. An undertaking from the employer to deduct the monthly instalment from the
salary towards repayment of loan (As per Bank format). This undertaking be
obtained wherever possible and in case the employed person is not in a position
to furnish the same, reason for the same be recorded.
v Latest Income Tax Return wherever applicable
vi Detail of occupation (in case employed for less than 3 years in present
employment, detail of previous occupation as well.
vii The details of employee from employers be obtained including employers ID/PF
number, permanent address, date of joining, retirement etc. besides other
details.


In case of Self-Employed :

i) Financial statements along with copies of Individual Income Tax Returns of tax
payee for the last 2 years duly certified. Copies of last two assessments shall
also be insisted upon. However, copies of Income tax returns are not to be
obtained for loans upto Rs. 2.00 Lacs.

ii) A note on nature of business/profession, clientele etc. to be provided with future
business prospects available.
Master Cir_Home Loan

38
In case of Farmers and other Rural Borrowers :

i) Co-operative Book in case of Milkmen
ii) Land holding revenue record proof like, 7/12, Fard / Jamabandi / khatoni / land
passbook as applicable in respective states.
iii) In case of farmers whose loan amount does not exceed Rs.2.00 lac, self-drawn
copy of drawings / cost estimates required.
iv) Where no title deeds are available, local advocate should be consulted to find out
whether duplicable of documents of grant / SANAD can be obtained or
alternatively release deed: family settlement/partition deed can be obtained for
creation of valid registered / equitable mortgage.
v) Details of income from farming / allied activities and any other activity (to be
specified)

1. Free Hold Land:
i) Copies of Agreement to sell/ Sale Deed in favour of the borrower.
ii) Legal opinion cum search certificate/chain of Title Deeds (for minimum last 13
years), if any, in respect of property to be mortgaged.
iii) Copy of Possession letter.
iv) Copy of Approved Drawings/Site plan of proposed construction issued by the
competent authority.
v) Estimate of proposed construction from an Architect.
vi) Proof of advance payments made, if any, by the borrower to the seller for
purchase of the plot / house.

2. Land Allotted by DDA/Govt. Authority viz. HUDA,PUDA,MAHADA, Noida,
Greater Noida, GDA etc.:
i) Copy of allotment Letter in favour of the borrower/seller/allottee.
ii) Copy of Possession letter.
iii) Permission from and/or Intimation given to the Allotment Authority to create
charge over the said plot / for creating a mortgage in favour of the bank duly
acknowledged as received by Allotment Authority.
iv) Copies of Receipts of advance Payments made by allottee and/or borrower, as
the case may be.
v) Copy of Approved Drawings/Site Plans of proposed construction issued by the
competent authority.
vi) Estimate of proposed construction from an Architect.
vii) Legal opinion cum search certificate/chain of Title Deeds (for minimum last
13years, subsequent to date of original allotment, if any, in respect of land to
be mortgaged in Original.

3. Plot purchased /Sub leased from Co- operative Housing Societies as
member:
i) Copy of Share certificate issued to the borrower by the society.
ii) Copy of Registered Sale / Sub lease deed in favour of the borrower.
iii) Copy of Possession letter.
iv) Legal opinion cum search certificate/chain of Title Deeds, (for minimum last
13 years), if any, in respect of land to be mortgaged.
Master Cir_Home Loan

39
v) Permission to mortgage in favour of bank / its security trustee from the
appropriate authority such as DDA, NOIDA, GREATER NOIDA, GDA etc
vi) No objection certificate from the Society .
vii) Proof of advance payments made to the society till date.
viii) Copy of Approved Drawings/Site Plans of proposed construction issued by
competent authority.
ix) Estimate of proposed construction from an Architect.

Additional documents to be submitted in cases when the plot/house is
acquired by way of RE-SALE / GIFT / TRANSFER.

i) Copies of complete correspondence with respect to the Transfer permission
from Govt. Authority viz. HUDA etc.
ii) Copies of Previous Conveyance Deeds / Transfer permissions.
iii) Copy of transfer deed in favour of the borrower stamped and registered with
Govt. Authority viz. HUDA etc.
iv) Proof of payments in respect of stamp duty / applicable taxes, etc.

4. Purchase of flat from Delhi Development Authority (DDA)

i) Copy of Allotment / allocation letter issued by DDA. The terms of allotment
attached to it should also be submitted.
ii) Copies of all challans for payments made to DDA in original.
iii) Copy of registered deed (wherever applicable).

In case of RE-SALE OF A FREE HOLD FLAT, all the above-mentioned documents
must be submitted along with:

i) Copy of Stamped and Registered conveyance deed between the seller and
borrower in original.
ii) Copies of receipt for the advance payments made to the seller till date.
Margin has to be brought in and paid to the seller equivalent to the
agreement value less the bank loan before the bank disburses the loan
amount in part or in full.
iii) Copies of previous Conveyance Deeds/Transfer permissions, if any.

5. Purchase of flat from Development Authorities of various cities, Housing
Boards, Improvement Trust, GDA, NOIDA, GREATER NOIDA, etc.

i) Copy of Allotment/allocation letter issued by the Housing Development
Authority.
ii) Copy of Possession letter.
iii) Copy of Stamped and registered conveyance deed
iv) Permission from concerned Housing Development Authority to mortgage the
plot in favour of bank.
v) Non encumbrance certificate from Housing Development Authority.
vi) Copies of Receipts/Proof of the advance payments made to Housing
Development Authority till date.
Master Cir_Home Loan

40
In case of these flats being sold in resale, all the above-mentioned
documents must be submitted along with:

i) Copy of Stamped and registered conveyance deed between the seller and
the borrower, if any.
ii) Copies of receipts for the advance payments made by the borrower to the
seller till date.
iii) Permission to mortgage in favour of the Bank.
iv) Copies of Previous Conveyance Deeds/Transfer permissions, if any.


6. Purchase of flat / Portion from BUILDER

i) Copy of stamped agreement of borrower with the builder. Copies of Receipts
/ Proof of the advance payments made by original allottee and complete
chain of documents till date.
ii) Copies of Original receipts for advance payments made by borrower to the
builder.
iii) Copy of approved plan and sanction letter from the concerned authority
issued by the competent authority.

In case of these flats being sold in resale:-

Case 1: The seller has a registered sale deed in his favour.

In this case the borrower, in addition to aforesaid documents as the case may be,
is required to submit: -

i) Copy of stamped and registered original sale deed between the builder and
the seller, who sold the said property/plot to the said builder.

Case 2: The seller has only an agreement to sell between him and the builder.

In this case the borrower, in addition to aforesaid documents as the case may be,
must submit:

i) Copy of stamped sale agreement between the seller of the plot/property and
the borrower and/or an undertaking to deposit the same, in original with the
bank as and when the same is ready.

7. Flat acquired as a member of a coop. group housing society.

i) Copy of share certificate issued to the borrower by the society.
ii) Copy of all receipts for the advance payments made by the borrower to the
society.
iii) No objection certificates from the society on its letterhead.
iv) Certificate from the society in respect of the cost of the flat along with the
schedule of payments.
v) Copy of the bye laws of the society.
vi) Copy of the lease deed in the name of the society.
vii) Copy of the approved plan issued by the competent authority.
Master Cir_Home Loan

41
In case these flats/portions being sold in resale, all the above-mentioned
documents must be submitted along with

i) Copy of transfer of share certificate in the borrowers favour.
ii) Copy of chain of Title Deeds, if any, in respect of property to be mortgaged in
Original.

LIST OF LOANING DOCUMENTS TO BE OBTAINED BEFORE DISBURSEMENT OF LOAN

COMMON SECURITY DOCUMENTS

1) Agreement for Home Loan as per Annexure-4
2) Common agreement i.e. DOC 38
3) Affidavit as per Annexure 5
4) Power of Attorney as per Annexure 6
5) Intention to create mortgage as per Annexure-14
6) Memorandum of deposit of title deeds alongwith original title deeds, non-
encumbrance certificate, search receipt and other papers related to title of
property.
7) Agreement of guarantee i.e. DOC-11 wherever applicable
8) In case loan is allowed against registered mortgage of property, mortgage deed as
per Annexure 19 to be got registered with sub-registrar.
9) The mandate for recovery of installment by way of ECS/SI /NEFT/ Auto recovery
from existing accounts from the borrower shall be obtained and kept on record as
per Annexure 8
10) In case Home Loan is allowed against second charge / parri-passu charge over
the property, documents as per Annexure 20to24 to be obtained.


DETAIL OF DOCUMENTS TO BE OBTAINED FOR CREATION OF MORTGAGE / CHARGE IN
CASE OF BORROWERS FALLING UNDER FOLLOWING CATEGORIES:

1. Free Hold Land:

Agreement to sell and Sale Deed in favour of the borrower in Original
1) Copy of chain of Title Deeds (for minimum last 13 years), if any, in respect of
property to be mortgaged. Last deed, in original, must be obtained.
2) Search Fee Receipt and Title Clearance Certificate from Banks approved
advocate.
3) Possession letter in original.
4) Original Approved Drawings/Site plan of proposed construction issued by the
competent authority.
5) Original proof of advance payments made, if any, by the borrower to the seller for
purchase of the plot / house.
6) Stamped undertaking from the borrower stating that FORM-D or similar other
document/completion certificate shall be given to the bank as and when received
by him (Annexure-11).
7) In case original sale deed is lying with Sub-Registrar, the memorandum to create
registered / equitable mortgage be got registered with Registrar of Assurances,
wherever applicable to strengthen Banks security, since it attracts nominal
charges subject to State Local Laws.
Master Cir_Home Loan

42
2. Land Allotted by DDA/Govt. Authority viz. Noida, Greater Noida, GDA etc.:

1. Allotment Letter in favour of the borrower/seller/allottee in Original.
2. Possession letter in Original.
3. Permission from and/or Intimation given to the Allotment Authority to create
charge over the said plot / for creating a mortgage in favour of the bank duly
acknowledged as received by Allotment Authority.
4. Original Receipts of advance Payments made by allottee and/or borrower, as the
case may be.
5. Original Approved Drawings/Site Plans of proposed construction issued by the
competent authority.
6. Copy of chain of Title Deeds (for minimum last 13years, subsequent to date of
original allotment, if any, in respect of land to be mortgaged in Original.
7. Search Fee Receipt and Title Clearance Certificate from Banks approved
advocate.
8. Memorandum for creation of registered / equitable mortgage be got registered
which attracts nominal charges applicable subject to State Local Laws.
9. Stamped undertaking from the borrower stating that FORM-D or similar other
document/completion certificate shall be given to the bank as and when received
by him (Annexure-14).

3. Plot purchased /Sub leased from Co- operative Housing Societies as member :

1. Share certificate issued to the borrower by the society in original.
2. Registered Sale / Sub lease deed in favour of the borrower in original.
3. Possession letter in original.
4. Copy of chain of Title Deeds, (for minimum last 13 years), if any, in respect of
land to be mortgaged.
5. Permission to mortgage in favour of bank / its security trustee from the
appropriate authority such as DDA, NOIDA, GREATER NOIDA, GDA etc
6. No objection certificate from the Society.
7. Proof of advance payments made to the society till date.
8. Copy of Approved Drawings/Site Plans of proposed construction issued by
competent authority.
9. Search Fee Receipt and Title Clearance Certificate from Banks approved
advocate.
10. Memorandum for creation of registered / equitable mortgage be got registered
which attracts nominal charges applicable subject to State Local Laws.
11. Stamped undertaking from the borrower stating that FORM-D or similar other
document/completion certificate shall be given to the bank as and when received
by him (Annexure-14).

4. House Constructed on plot allotted by Haryana Urban Development Authority
(HUDA).

1. Allotment letter in original.
2. Possession letter in original.
3. Stamped and registered conveyance deed in original.
4. Permission from HUDA to mortgage the plot in favour of bank.
5. Non encumbrance certificate from HUDA.
6. Original Receipts/Proof of the advance payments made to HUDA till date.
Master Cir_Home Loan

43
7. DPC/ROOF level certificate from the HUDA.
8. Search Fee Receipt and Title Clearance Certificate from Banks approved
advocate.
9. Memorandum for creation of registered / equitable mortgage be got registered
which attracts nominal charges applicable subject to State Local Laws.
10. Copy of Approved Drawings/Site Plans of proposed construction issued by
competent authority.
11. Re-allotment letter in favour of the borrower.
12. Stamped undertaking from the borrower stating that FORM-D or similar other
document/completion certificate shall be given to the bank as and when received
by him (Annexure-14).

Additional documents to be submitted in cases when the plot/house is acquired
by way of RE-SALE / GIFT / TRANSFER.

i) Complete correspondence with respect to the Transfer permission from
HUDA in original.
ii) Previous Conveyance Deeds / Transfer permissions in Original, if any.
iii) Transfer deed in original in favour of the borrower stamped and registered
with HUDA.
iv) Proof of payments in respect of stamp duty / applicable taxes, etc.

If a conveyance deed between HUDA and the seller has been executed, then sale /
conveyance deed shall be executed by the seller in favour of the borrower after
obtaining the permission for transfer of property from HUDA.
If no conveyance deed between HUDA and the seller has been executed, then the
borrower will get the sale / conveyance deed executed from HUDA after getting the
transfer permission from HUDA and an agreement to sell with the seller.

5. Purchase of flat from Delhi Development Authority (DDA)

1. Allotment / allocation letter issued by DDA in original. The terms of allotment
attached to it should also be submitted.

2. All challans for payments made to DDA in original.

3. Permission from and/or Intimation given to, the DDA to create charge over the
said flat / for creating a mortgage in favour of the bank duly acknowledged as
received by DDA (Annexure-12)

4. The original registered deed (wherever applicable).

5. Stamped undertaking from Borrower to handover the possession letter and
conveyance deed as and when the same is received from the DDA.

6. Search fee receipt and title clearance from Banks approved advocate.


Master Cir_Home Loan

44
In case of RE-SALE OF A FREE HOLD FLAT, all the above-mentioned documents
must be submitted along with:

i) Stamped and Registered conveyance deed between the seller and borrower
in original.
ii) Original receipt for the advance payments made to the seller till date. Margin
has to be brought in and paid to the seller equivalent to the agreement value
less the bank loan before the bank disburses the loan amount in part or in full.
iii) Search fee receipt and title clearance from Banks approved advocate for the
last 13 years in detail indicating the chain of ownership and encumbrances, if
any.
iv) Previous Conveyance Deeds/Transfer permissions in Original, if any.


6. Purchase of flat from Development Authorities of various cities, Housing
Boards, Improvement Trust, GDA, NOIDA, GREATER NOIDA, etc

i) Allotment/allocation letter issued by the Housing Development Authority in
original.
ii) Possession letter in original.
iii) Stamped and registered conveyance deed in original or Stamped
undertaking from the borrower to hand over possession letter and
conveyance deed as and when it is received by him (Annexure-14).
iv) Permission from concerned Housing Development Authority to mortgage
the plot in favour of bank.
v) Non encumbrance certificate from Housing Development Authority.
vi) Original Receipts/Proof of the advance payments made to Housing
Development Authority till date.
vii) DPC/ROOF level certificate, if any from the Housing Development Authority.
viii) Search Fee Receipt and Title Clearance Certificate from Banks approved
advocate.
ix) Memorandum for creation of registered / equitable mortgage be got
registered which attracts nominal charges applicable subject to State Local
Laws.


In case of these flats being sold in resale, all the above-mentioned documents
must be submitted along with:

1. Stamped and registered conveyance deed between the seller and the borrower
in original, if any.
2. Original receipts for the advance payments made by the borrower to the seller till
date.
3. Permission to mortgage in favour of the Bank.
4. Search fee receipt and title clearance report from Banks approved advocate.
5. Previous Conveyance Deeds/Transfer permissions in Original, if any.



Master Cir_Home Loan

45
7. Purchase of flat / Portion from BUILDER

1. Tripartite Agreement (Annexure-17)
2. Original stamped agreement of borrower with the builder. Original Receipts /
Proof of the advance payments made by original allottee and complete chain of
documents till date in Original.
3. Stamped undertaking from the borrower to hand over possession letter and
conveyance deed as and when it is received by him (Annexure-14).
4. Original receipts for advance payments made by borrower to the builder.
5. No objection certificate in respect of borrowers right to mortgage the flat/portion
being purchased by the borrower, from the builder on his letter head (Annexure-
15)), to our bank and if required Permission from concerned Authority to
mortgage in favour of bank.
6. Approved plan and sanction letter from the concerned authority issued by the
competent authority.
7. Advocates title report for the last 13 years in detail indicating the chain of
ownership and encumbrances if any, on the plot which should be available
stating the cost of the flat / house, type, schedule of payments, etc.
8. Memorandum for creation of registered / equitable mortgage be got registered
which attracts nominal charges applicable subject to State Local Laws.

In case of these flats being sold in resale:-

Case 1: The seller has a registered sale deed in his favour.
In this case the borrower, in addition to aforesaid documents as the case may be, is
required to submit: -

1. Stamped and registered original sale deed between the builder and the seller,
who sold the said property/plot to the said builder.
2. Stamped and registered sale agreement/conveyance deed between the seller of
the said property/plot and the borrower in original as and when executed.
3. Advocates title report for the last 13 years in detail indicating the chain of
ownership, along with original documents, and encumbrances, if any, on the
plot/property/flat/portion, which should be available with builder.

Case 2: The seller has only an agreement to sell between him and the
builder.

1. In this case the borrower, in addition to aforesaid documents as the case may be,
must submit:
2. The original stamped sale agreement between the seller of the plot/property and
the borrower and/or an undertaking to deposit the same, in original with the bank
as and when the same is ready.
3. Stamped and registered conveyance deed between the builder and the borrower
in original as and when executed. Since no sale deed was made between the
builder and the seller the transfer takes place between the builder as an attorney
of the seller and the borrower.
4. Letter from the builder on his letter head (Annexure-16).
5. Advocates title report for the last 13 years in detail indicating the chain of
ownership, along with original documents, and encumbrances, if any, on the
plot/property/flat/portion, which should be available with builder.
Master Cir_Home Loan

46
8. Flat acquired as a member of a coop. group housing society.

i) Tripartite Agreement (Annexure-18).
ii) Share certificate issued to the borrower by the society in original.
iii) All receipts for the advance payments made by the borrower to the society in
original.
iv) No objection certificates from the society on its letter head (Annexure-13).
v) Certificate from the society in respect of the cost of the flat along with the
schedule of payments.
vi) Copy of the bye laws of the society.
vii) Copy of the lease deed in the name of the society.
viii) Copy of the approved plan issued by the competent authority.
ix) Stamped undertaking from the borrower to hand over the possession letter
and the conveyance deed/lease deed as and when received by him
(Annexure-14).
x) Letter of declaration by the society that the said flat is not subject to any
charge or lien to any bank / financial institution /authority and society has not
raise any loan against the said flat. (Annexure-13).
xi) Memorandum for creation of registered / equitable mortgage be got
registered which attracts nominal charges applicable subject to State Local
Laws.

In case these flats/portions being sold in resale, all the above-mentioned
documents must be submitted along with

i) Transfer of share certificate in the borrowers favour in original
ii) Stamped undertaking from the borrower for submission of conveyance deed
to our bank as and when received by him.
iii) Original receipts issued by the seller for the payments received by him from
the borrower.
iv) Legal opinion cum search certificate/chain of Title Deeds, if any, in respect of
property to be mortgaged in Original.

9. Purchase of Flat/House from AWHO (Army Welfare Housing Organization)

i) Allotment/allocation letter issued by AWHO
ii) Copy of building plan
iii) Where the construction of flat/house is not completed tripartite agreement is
to be taken.
iv) Possession letter in original or stamped undertaking from the borrower to
hand over possession when it is received by him
v) Stamped and registered conveyance deed in original or Stamped undertaking
from the borrower to hand over the conveyance deed as and when it is
received by him.
vi) Permission from AWHO to mortgage the flat/house in favour of bank.
vii) Non encumbrance certificate from AWHO
viii) Original Receipts/Proof of the advance payments made to AWHO
ix) Search Fee Receipt and Title Clearance Certificate from Banks approved
advocate.
x) Memorandum for creation of registered / equitable mortgage be got registered
which attracts nominal charges applicable subject to State Local Laws.

Master Cir_Home Loan

47
In case the flat/house is being sold in re-sale following documents are required:

i) Allotment/allocation letter issued by AWHO to the original allottee.
ii) Possession Letter in original
iii) Copy of building plan
iv) Permission from AWHO for sale and purchase
v) Permission from AWHO for mortgage of the flat/house in favour of the Bank
vi) Previous title deeds/chain of Title Deeds
vii) Non-encumbrance certificate from AWHO
viii) Search Fee Receipt and Title Clearance Certificate from Banks approved
advocate.
ix) Memorandum for creation of registered / equitable mortgage be got registered
which attracts nominal charges applicable subject to State Local Laws.
x) Stamped and registered conveyance deed in original or Stamped undertaking
from the borrower to hand over the conveyance deed as and when it is
received by him.
Master Cir_Home Loan 48
Annexure-I
Comprehensive chart of EMI on applicable interest rate for loan of Rs. 100,000/- with zero moratorium period.
ROI 4yr. 5yr. 6yr. 7yr. 8yr. 9yr. 10yr. 11yr. 12yr. 13yr. 14yr 15yr. 16yr. 17yr. 18yr. 19yr. 20yr. 21yr. 22yr. 23yr. 24yr. 25yr.
8.00% 2441 2028 1753 1559 1414 1302 1213 1142 1082 1033 991 956 925 898 875 855 836 821 807 794 783 772
8.25% 2453 2040 1766 1571 1426 1315 1227 1155 1096 1047 1006 970 940 913 890 870 852 837 823 810 799 789
8.50% 2465 2052 1778 1584 1439 1328 1240 1169 1110 1061 1020 985 954 928 905 885 868 853 839 827 816 806
8.75% 2477 2064 1790 1596 1452 1341 1253 1182 1124 1075 1034 999 969 943 921 901 884 867 855 843 832 823
9.00% 2489 2076 1803 1609 1465 1354 1267 1196 1138 1090 1049 1014 985 959 936 917 900 885 872 860 849 840
9.25% 2500 2088 1815 1622 1478 1368 1280 1210 1152 1104 1064 1029 1000 974 952 933 916 901 888 877 866 857
9.50% 2512 2100 1827 1634 1491 1381 1294 1224 1166 1119 1078 1044 1015 990 968 949 932 920 905 893 883 874
9.75% 2524 2113 1840 1647 1504 1395 1308 1238 1181 1134 1093 1060 1031 1006 984 965 949 935 922 911 900 892
10.00% 2536 2125 1853 1660 1517 1408 1322 1252 1195 1148 1108 1075 1046 1021 1000 981 965 951 939 928 918 909
10.25% 2548 2137 1865 1673 1531 1421 1335 1266 1210 1163 1123 1090 1062 1037 1016 998 982 968 956 945 935 927
10.50% 2560 2149 1878 1686 1544 1435 1349 1280 1224 1178 1138 1105 1077 1053 1032 1014 998 985 973 962 953 945
10.75% 2572 2162 1891 1699 1557 1449 1363 1295 1239 1192 1154 1121 1093 1069 1049 1031 1015 1002 990 980 971 963
11.00% 2585 2174 1903 1712 1571 1463 1378 1309 1254 1208 1169 1137 1109 1085 1065 1047 1032 1019 1008 998 989 981
11.25% 2597 2187 1916 1725 1584 1476 1392 1324 1268 1223 1185 1152 1125 1102 1082 1064 1049 1037 1025 1015 1006 999
11.50% 2609 2199 1929 1739 1598 1490 1406 1338 1283 1238 1200 1168 1141 1118 1098 1081 1066 1054 1043 1033 1024 1017
11.75% 2621 2212 1942 1752 1612 1504 1420 1353 1298 1253 1216 1184 1157 1135 1115 1098 1084 1072 1061 1051 1043 1035
12.00% 2633 2224 1955 1765 1625 1518 1435 1368 1313 1269 1231 1200 1174 1151 1132 1115 1101 1089 1078 1069 1061 1054
12.25% 2646 2237 1968 1779 1639 1533 1449 1383 1329 1284 1247 1216 1190 1163 1149 1133 1119 1107 1096 1087 1079 1072
12.50% 2658 2250 1981 1792 1653 1547 1464 1398 1344 1300 1263 1233 1207 1185 1166 1150 1136 1125 1114 1105 1098 1091
12.75% 2670 2263 1994 1806 1667 1561 1478 1413 1359 1315 1279 1249 1223 1202 1183 1167 1154 1143 1133 1124 1116 1110
13.00% 2683 2275 2007 1819 1681 1575 1493 1428 1375 1331 1295 1265 1240 1219 1200 1185 1172 1161 1151 1142 1135 1128
13.25% 1695 2288 2021 1833 1695 1590 1508 1443 1390 1347 1311 1282 1257 1236 1218 1203 1180 1179 1169 1161 1153 1147
13.50% 2708 2301 2034 1846 1709 1604 1523 1458 1406 1363 1328 1298 1274 1253 1235 1220 1207 1197 1187 1179 1172 1166
13.75% 2720 2314 2047 1860 1723 1619 1538 1473 1421 1379 1344 1315 1291 1270 1253 1238 1225 1215 1206 1198 1191 1185
14.00% 2733 2327 2061 1874 1737 1633 1553 1489 1437 1395 1360 1332 1308 1287 1270 1256 1244 1233 1224 1217 1210 1204
14.25% 2745 2340 2074 1888 1751 1648 1568 1504 1453 1411 1377 1349 1325 1305 1288 1274 1262 1252 1243 1235 1229 1223
14.50% 2758 2353 2087 1902 1766 1663 1583 1520 1469 1428 1394 1366 1342 1322 1306 1292 1280 1270 1262 1254 1248 1243
14.75% 2770 2366 2101 1916 1780 1678 1598 1535 1465 1444 1410 1383 1359 1340 1324 1310 1298 1289 1281 1273 1267 1262
15.00% 2783 2379 2115 1930 1795 1692 1613 1551 1501 1460 1427 1400 1377 1358 1342 1328 1317 1308 1299 1292 1286 1281
15.25% 2790 2392 2128 1944 1809 1707 1629 1567 1517 1477 1444 1417 1394 1375 1360 1346 1336 1326 1318 1311 1306 1301
15.50% 2808 2405 2142 1958 1824 1722 1644 1582 1533 1493 1461 1434 1412 1393 1378 1365 1354 1345 1337 1331 1325 1320
15.75% 2821 2419 2155 1972 1838 1737 1660 1598 1549 1510 1478 1451 1429 1411 1396 1383 1373 1364 1356 1350 1344 1340
16.00% 2834 2432 2169 1986 1853 1753 1675 1614 1566 1527 1495 1469 1447 1429 1414 1402 1391 1383 1375 1369 1364 1359
Master Cir_Home Loan

49
Annexure -2
Format of Pre - Sanction Visit

Name of the Branch -
Name of the Visiting Officer -
Name of the applicant -
Amount of Loan Applied For -

Identification of applicant

1. Have you visited the present residence of the applicant? Yes/No
2. Date of visit :
Address & Phone no. :

3. Have you visited the work place of applicant? Yes/No
Date of visit :
Address & Phone no. :

4. Have you visited the proposed Site/Flat/House Yes/No
5. Dates of visit
Address:

6. Present stage of construction:

7. Did you call on his immediate superior/ Yes/No
colleague for courtesy?

Name of the person contacted _____________
(In case of person in service) Designation: _________________

What is your impression about general reputation of applicant borrower?

8. Did you meet two/three persons in neighborhood to form your opinion?
(In case of self-employed persons) Yes/No
Name of the person contacted with their address______________.
Is the applicant living in a reputable locality? Yes/No
(If not, then the credit decision should be taken with utmost caution).

9. Have you obtained bank account statement for last 12 months Yes/No
(Name of the Bank_________Branch_________)

10. Have you verified its genuineness from bank Yes/No

11. Does the balances/inflow/outflow of funds indicate
that applicant is reasonably liquid to service the
proposed loan? (Attach separate sheet)

12. Record your own observation/impression about the
life-style/general reputation/integrity and repaying
capacity. (Attach separate sheet)


Master Cir_Home Loan

50
13. What is the numerical order of flats arranged by the builders
(For example like A-1, 101, 001 or G-1 etc.)
Is the flat no. indicated in agreement to sale/deed Yes/No
matches with the above chronology.
If no, reasons thereof:

Reputation & Integrity of Builder

1. Name of the Builder :
2. Name of Promoter :
3. Brief Information about Previously completed projects be obtained through local enquiries
and recorded :

4. Is the builder/developer a member of the association/body of builders generally operative in
area/city? Yes / No

Name of the association _______________
President ___________________________
Secretary ___________________________

(Please obtain a list of members from the office of association and cross-check the credentials
of the builder from reputed persons)

What is the reported general reputation of the builders?

Names of the main bankers of the builders.
Name of the bank ________________Branch___________________
Title of the account ______________Account no. ________________

Whether the applicant has deposited advance Yes/No
money with the Builder
If Yes, Please ensure the genuineness of advance money deposited

Index scrutiny by empanelled advocate

Branches must avoid perfunctory scrutiny. Advocates of high-caliber and good reputation be only
engaged since their report forms the very basis of creation of security to bank and credit-decision.
For Mumbai/Pune cities
i) Have you obtained the scanned copy of last registered Yes/No
Agreement/Sale Deed from the office of the Sub-Registrar.

ii) Have you matched scanned copy with the Agreement/ Yes/No
Sale deed as produced by the applicant.

iii) Do you find both the copies identical, particularly the
back page which is stamped by the office of the Yes/No
Sub-Registrar (If not, then branch should be
alarmed that some foul play may be afoot)




Master Cir_Home Loan

51

Annexure -3
Post sanction follow-up

i) Have you ensured that the housing loan Pay-order
has been crossed as A/C Payee. Yes/No

ii) Have you ensured that pay order has been delivered
in the office of the builder by a responsible officer of Yes/No
Bank against receipt.

iii) Have you ensured that the pay-order has been presented for payment through clearing
house from the main A/C of the Builder as per our record. Branches shall ensure that it is
collected only through the bank where builder is maintaining its account. (If not, branches
should be alarmed and payment be denied taking the presenting bank into confidence)
Yes/No

Charging of the Primary/Collateral Security

1. Date of Creation of charge/ registered / equitable mortgage _________.
2. Page no. of short recital register ________.
3. The basis of creating registered / equitable mortgage be furnished.

(a) Whether the complete chain of original title deeds of the property has been taken (if
not, record reasons) Yes/No

(b) Whether all the formalities stated in Non-Encumbrance certificate has been
complied with. Yes/No

(c) Date of Memorandum of Deposit of title deeds_______.Occupancy status of the
house/flat:

Whether our Banks lien/charge has been noted with Society Yes/No
Whether confirmation letter has been obtained from the Society Yes/No
I) Date of Noting Lien/charge________.
II) Date of Confirmation letter of the society___________.

4. Whether permission from the lessor has been obtained Yes/No
(In case of lease property)
5. Whether details of the property mentioned in the last
tittle deed tally with the details as mentioned in present Yes/No
agreement/ sale deed.
6. Has the tittle deed been collected & placed on records. Yes/No
7. If not, reasons thereof and likely date of its obtention.
8. Whether the valuation of the property (as shown in the
Valuation report) is reasonable as per the present market
rate. Yes/No


(Signature) (Signature)
Name of the Loan Officer Branch Incumbent
Date _________
Master Cir_Home Loan

52

ANNEXURE-4 (Loan doc -48)













AGREEMENT FOR INDIVIDUAL HOUSING LOAN


This agreement is made at on this . day of 20.between
Oriental Bank of Commerce, a body corporate constituted under the Banking Companies
(Acquisition & Transfer of undertakings) Act No.40 of 1980 having its Head Office at E-Block,
Harsha Bhawan, Connaught Place, New Delhi- 110 001 and amongst others a branch at
.(hereinafter referred as The Bank) of the
first part.
And
Shri/Smt./Ms...Son/Wife/Daughter of Shri
..r/o
..(hereinafter referred to as The Borrower) and
Shri/Smt./Ms....Son/Wife/Daughter of Shri
.r/o(hereinafter referred to as The Co-
Borrower) collectively of the second part.


Note: The expression The Bank & The Borrower & The Co-Borrower, unless repugnant to the
context, shall include their assigns, nominees, executors, administrators, successors and legal
heirs.

WHEREAS at the request of the Borrower & Co-Borrower(s) the Bank has allowed / agreed to
allow housing loan for a sum of Rs. .(Rupees
.only) to the Borrower for purchase / construction / repairs /
renovation / additions / alterations of his / her house / flat on the terms and conditions as
hereinafter appearing.

In consideration of the aforesaid housing loan, including enhancement thereof, if allowed
from time to time, The Borrower & the Co-Borrower(s) agree(s) with the Bank as under:-


1. That the bank shall advance a sum of Rs. ..
(Rupees..only) to the borrower either in lumpsum or in parts
as may be decided by the Bank for the purpose

To be stamped as agreement (Not to be
witnessed)
(To be pasted only)

Photograph of the borrower
to be signed across the
photo by the Borrower as
well as by the Manager /
Sr. Manager / Chief
Manager/Assistant General
Manager.
Master Cir_Home Loan

53
(a) to purchase a plot of land bearing No. .situated at
.admeasuringsq. mtrs and for
construction of a house thereon and / or

(b) to purchase a built up house / flat bearing No. . situated
at..covering an area of ..sq. mtrs.
and / or

(c) for construction of house on his / her plot of land admeasuring .sq mtrs situated
at and / or

(d) for repairs, renovation or additions & alterations of his / her house / flat bearing No.
..situated at
2. That the bank reserves the right to disburse the sanctioned amount on behalf of the borrower
directly to the concerned parties as per the details furnished by the borrower. The bank shall
disburse the said amount only after the borrower makes his contribution (margin) of
percent of total cost or such other margin as may be prescribed.
3. That in case of finance for construction of house / flat, the borrower undertakes to submit a
copy of the sanctioned plan issued by the competent authority in the name of the borrower. The
borrower further undertakes that he shall not violate the sanctioned plan, the construction shall be
strictly as per the sanctioned plan and it shall be the sole responsibility of the borrower to obtain
completion certification within 3 months on completion of the construction. The loan shall not be
disbursed to the borrower until submission of said sanctioned plan. The loan shall be disbursed
depending upon the progress of construction on furnishing of a certificate by a qualified architect
appointed by the Bank about the progress of the construction at various stages as acceptable to
the Bank certifying that the construction of the house / flat is strictly as per the sanctioned plan.
Subsequently, at relevant point of time, the borrower shall furnish a certificate issued by a qualified
architect appointed by the Bank that the completion certificate of the house / flat issued by the
competent authority has been obtained. It is specifically agreed by the borrower that in case of
any violation of sanctioned plan or the construction not being strictly as per sanctioned plan or
failure of the borrower to obtain completion certificate within three months of completion of
construction or non furnishing of requisite certificates by the qualified architect as aforesaid, the
loan shall not be further disbursed to the borrower and the Bank shall have the power and authority
to recall the entire loan already disbursed with interest, cost and other usual bank charges.
OR
That in case of finance for purchase of constructed / built up house / flat, the borrower declares
that the built up house / flat has been constructed as per the sanctioned plan and / or building bye
laws and also has a completion certificate. The borrower further undertakes to furnish a certificate
from a qualified architect appointed by the Bank before disbursement of the loan certifying that the
built up house / flat is strictly as per the sanctioned plan and / or building byelaws. In case the built
up house / flat to be purchased by the borrower falls in the category of unauthorized colonies, the
borrower shall provide proof to the satisfaction of the Bank that the said unauthorized colony has
been regularized and development and other charges have been paid. The borrower further
declares that the built up house / flat is meant for residential house and will not be used for any
commercial purpose. It is specifically agreed by the borrower that in case the built up house / flat
is found not to be constructed as per sanctioned plan and / or building bye laws or the completion
certificate of the house / flat is not available or on failure to furnish requisite certificates from
qualified architect or failure to provide proof of regularization of the unauthorized colony or in case
of misuse of residential house / flat for commercial purpose, the loan shall not be further disbursed
to the borrower and the Bank shall have the power and authority to recall the entire loan amount
already disbursed with interest, cost and other usual bank charges.
Master Cir_Home Loan

54
4. That in case of finance for repairs, renovations, additions and alterations of the house / flat, the
loan shall be disbursed as per the demands raised by selling agency or need of the borrower
subject to furnishing of sanctioned plan for the house / flat and certificate by a qualified architect
appointed by the Bank certifying that the house / flat is built strictly in accordance with the
sanctioned plan and / or building bye laws.
5. That the borrower further covenants that the work of construction of the house / flat shall
be completed within 24 months from the first disbursement of loan or from the date of possession
of the plot whichever is earlier failing which interest @PLR+3.50%per annum shall be charged by
the Bank from the date of disbursement of loan and loan shall be recalled as per normal procedure
of the Bank.
6.That the Borrower undertakes and agrees to construct and build the said property in accordance
with approved plan and maintain and keep the property in marketable state and in good condition
and not to alter or make variance upon the structure without previous written consent of the Bank.
7. That the Bank shall have the right, power and authority to look, monitor and view and
assess proper utilization of the loan to be disbursed/paid, to inspect the construction, renovation,
addition & alternation etc., before disbursing / release of initial as well as further amount of the
housing loan.
8. Rate of Interest
(a) That the Borrower exercises the fixed interest rate option and agrees to
pay interest at the rate of .% per annum with monthly rests.
In case of fixed rate of interest option exercised by the Borrower, the Bank shall have the right in
its absolute discretion to re-set the rate of interest after period of every years.
OR

That the Borrower exercises the floating interest rate option and agrees to pay interest at the
rate of .percent per annum over/below prime lending rate of the Bank, with a minimum
of per annum calculated on the daily balance due to the Bank in the said account
and charged on monthly rests.

(b)That the option of fixed interest rate or floating interest rate 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 the Bank.

(c)That in case the change of option is allowed by the Bank at any time from fixed rate to floating
rate, the floating rate of interest applicable to the said house loan would the prevailing floating rate
of interest at the time of change of option or as may be prescribed by the Bank from time to time

(d) That in case the change of option is allowed by the Bank at any time from floating rate to fixed
rate, the fixed rate of interest to be charged would be the prevailing fixed
interest rate at the time of change of option or as may be prescribed by the Bank from time to time.
(e) That 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(s) to switch over from one option
to other. If no intimation of change of option is received it shall be presumed that the borrower(s)
continue(s) with the option which the borrower is then availing.
(f) That the borrower agrees to bear and pay any charge for switch over of the option in respect of
rate of interest at the rate as prescribed by the bank from time to time.
9. That in case of floating rate of interest option exercised by the Borrower, the rate of interest shall
be subject to change from time to time with the changes in Prime Lending Rate / Internal Policy of
the Bank at its absolute discretion to decide or on receipt of any directive from Reserve Bank of
India regarding rate / rests at which the interest is to be charged.
10. That the Bank shall have the right to recover interest tax or any other tax or charges levied or
to be levied at the rate specified by the Government of India or any authority for the time being in
Master Cir_Home Loan

55
force, from time to time. The Bank shall have the discretion to decide the manner of computation of
said tax or charges and charging thereof to the account.
11. That the interest accrued at periodical rests under either option will form part of the principal
and the amount so calculated shall become the principal for next period / rest and so on and carry
interest with agreed rests and rates under either of the options exercised by the Borrower.
12. That the borrower shall pay interest and other charges and expenses, if any, as and when the
same fall due. The amount of the loan shall be paid regularly in..monthly /
quarterly / half yearly installments of Rs. .. each, the first installment of payment to fall due
on* The amount and / or the number of installments may be changed on account of
change in rate of interest or change of option of interest or on request of the Borrower if accepted
by the Bank at its sole discretion.
13. That it is specifically agreed by the Borrower that the Bank shall be entitled to charge penal
interest at the rate of 2% per annum over and above the normal rate of interest with monthly rests
on the amount then outstanding under the loan, in case Borrower defaults in repayment of any of
the instalments, in case of any violation of any terms, conditions, provisions and undertakings by
the Borrower under this agreement including schedules attached thereto, more particularly of
clause No.19, on the amount(s) in default from the date of default, on the amount outstanding from
the date of demand without capitalization, in case the entire dues/ sum outstanding is recalled by
the Bank, till the date of adjustment/ liquidation of the entire sum due/ outstanding.
14. That the borrower agrees that if the loan is pre paid in part or full over and above the regular
instalments in any manner whatsoever, the borrower will bear and pay the prepayment charge @
2% per annum on the amount outstanding under the said Housing Loan. However, the borrower
can prepay upto maximum of 25% of the Housing Loan amount then outstanding in any particular
year. This facility can be availed by the borrower only once in a financial year.
15. That the borrower undertakes to have exclusive dealing with the Bank and not to raise any loan
for purchase / construction / repairs / renovation / additions / alterations of house / flat from any
other Bank/Institution without obtaining prior approval from the Bank.
16. That the Borrower hereby agrees that he shall execute a legal mortgage deed and get the
same registered in the office of Registrar of Assurance under the provisions of the law at his cost,
expenses and charges including stamp duty charges, in favour of the Bank in a

form, type and manner acceptable to the Bank or if acceptable to the bank, shall create registered
/ equitable mortgage and shall deposit with the Bank all original documents of title of the property
to the Bank with the intention to create registered / equitable mortgage of the above mentioned
property to secure the repayment of the loan, interest, expenses, costs, fees and other usual Bank
charges immediately upon the execution of the title deed in respect of the said property in favour of
the Borrower. The Bank shall have the right, power and authority to look, monitor and view and
assess proper utilization of the loan to be disbursed/paid, to inspect the construction, renovation,
addition & alteration etc., before disbursing /release of initial as well as further amount of the loan
amount/advance instalments. In case, the security is not created by the Borrower as required by
the Bank, further installments of loan amount shall not be disbursed by the Bank and the amount
already disbursed by the Bank shall become immediately repayable by the Borrower.
17. That in case of default of the borrower in fulfilling its aforesaid obligation of executing mortgage
deed / creation of mortgage by deposit of title deeds, the bank, without prejudice to its other rights
of recalling the entire outstanding dues etc. may also take legal recourse at the cost of the
borrower for enforcing the specific performance of the said obligation of the borrower.
18. That the borrower will execute an irrevocable power of attorney in favour of the Bank, if so
required, inter alia, authorizing the bank, in its name and on behalf of borrower to complete the
transaction of purchase of the said house, to pay such sums as may be necessary out of the
amount of the loan to the vendor to meet the agreed sale price, to get the sale / title deed executed
and registered in the name of the borrower, to receive and take delivery of the sale / title deed from
the vendor and / or from the office of the Sub-Registrar after Registration, to deposit the original
Master Cir_Home Loan

56
registered sale deed / documents of title of the aforesaid house / flat with the bank to create
security thereon by way of mortgage by deposit of title deeds and to do all such other acts, deeds
and things as may in the opinion of the bank be necessary or desirable for the due fulfillment and
carrying out the obligations of the borrower in this behalf and under this agreement towards the
bank.
19. Notwithstanding anything to the contrary herein contained and upon happening of any of the
events as provided hereinafter of which the Bank shall be the sole judge, the entire amount/sum
due/amount outstanding in the account together with interest to be charged as agreed and costs,
expenses and other usual Bank charges, shall become due on demand being made in writing and
the Bank will be entitled to realize the same and enforce the security, if any, at the cost and
expenses of the Borrower;
a. Any default in payment of any of the instalments on the due date;
b. Any representation or statement in the Borrowers loan application being found to be incorrect;
c. The Borrower committing any breach or default in the performance or observance of any term,
condition, provision or any clause contained in these presents or in the loan application or
Banks sanction letter, as the case may be;
d. Execution or distress or other process being enforced or levied upon or against the whole or
any part of the Borrowers property whether secured to the Bank or not;
e. The Borrower being adjudicated insolvent or taking advantage of any law for the relief of
insolvent debtors or entering into any arrangement or composition with the creditors or
committing any act of insolvency;
f. In case of diversion of funds/amount of loan/advance or attempt to divert the same, so
disbursed/paid;
g. In case the Borrower changes its constitution, more particularly in promoter directors or in the
core management team or any merger/acquisition/amalgamation without the previous written
permission of the Bank;
h. If the Borrower, without the previous written consent of the Bank, create or attempt or purport to
create any mortgage, charge, pledge, hypothecation, assign or lien or encumbrance on the said
property agreed to be mortgaged to the Bank;
i. If the building/property is damaged by fire, floods or otherwise and does not remain fit for use;
j. If the Borrower fails to mortgage the property so acquired in favour of the Bank, for any reason
whatsoever;
k. If any other event or circumstances shall occur which shall in opinion of the Bank be prejudicial
to or endanger or be likely to prejudice or endanger its security hereunder.
On the question whether any of the matters, events or circumstances mentioned in sub-clause (a)
to (j) above has happened, the decision of the Bank shall be conclusive and binding on the
Borrower.
20. That in case of loan given for the purchase / acquisition of house / flat from Development
Authority / Housing Board / Private Builders / Group Housing Society, the bank shall not be
responsible or liable to ensure or ascertain the progress of construction and mere demand for
payment would be sufficient for bank to effect disbursements as aforesaid. Without prejudice to
the above and notwithstanding anything to the contrary contained herein, the Bank may in its sole
discretion refuse to disburse the loan and /or recall the entire outstanding dues with interest, costs
and other charges, if
(i)The Borrower has failed to pay margin i.e. the cost of house/flat (including escalation, if any) less
the loan, and / or
(ii) Progress of the construction work is not satisfactory (Bank being the sole judge thereof.)
21. That the borrower shall fully insure comprehensively the property to be purchased /
constructed against loss, damage by fire, riots and other hazards like earthquake, floods and if
required by the bank against any other insurable risk in the joint name of borrower and the bank as
mortgagor and mortgagee respectively with the usual bank clause till realization in full of the loan
liability of the borrower. In case the borrower fails to insure the said property, it will be open to the
Master Cir_Home Loan

57
Bank, but no binding on the Bank, to get the same insured as aforesaid and debit the amount of
premium to the Borrowers account which shall thereupon for the purposes of this agreement be
treated as part and parcel of the principal amount advanced.
Provided, however, that in the event of rejection of any claim against such insurance wholly or
partly for the omission / deficiency of any type whatsoever, to insure any risk the Bank shall not be
held responsible as insurance, including its renewal from time to time, of the said property, the
entire liability & obligation of the Borrower towards the Bank shall continue notwithstanding such
rejection of the claim as aforesaid and or any such omission to insure or deficiency of insurance
and the Bank shall not be held liable and responsible for such act of omission to insure or
deficiency of insurance as aforesaid. The Borrower shall keep the Bank fully indemnified in this
respect. All such expense, costs and incidental incurred by the Bank shall form part of the sum
due recoverable from the Borrower and subject to interest as applicable and be debited to the
Borrowers account. Further, that all the sums received under any such insurance as aforesaid
shall be received by the Bank and applied in or towards the liquidation of the balance due to Bank
for the time being due and in the event of there being a surplus the Bank shall be entitled to
appropriate such surplus. Provided further that the Bank shall not incur any liability to the Borrower
if it fails to lodge any claim under the policy within the
prescribed time or for any reason whatsoever. Nor shall the Bank incur any liability to the Borrower
for not bringing any suit for recovery of insurance money or allowing such suit to be time barred. In
case of any dispute arising with the insurance company, the Bank shall have the absolute right to
adjust, settle, compromise the same without reference to or consent of the Borrower and same
shall be valid and binding on the Borrower but shall not impair the right of the Bank to otherwise
recover its dues from the Borrower.
22. That it will be duty and responsibility of the borrower to obtain the necessary permission of the
Vendor and or any authority and the permission from the competent authority under the Urban
Land (Ceiling and Regulation) Act 1976, if required, to create 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 / are obtained and submitted to the bank.
23.That the Borrower assures and declares that the plot of land herein mentioned is freehold /
lease hold and is his / her full and absolute property having good marketable title free from all
encumbrances, attachment, court order or is not under any restrained order passed by any court or
authority for the time being in force and the Borrower declares that he / she can legally without any
hindrance of any type whatsoever can create registered mortgage or registered / equitable
mortgage with all accretions thereto as security with the Bank for the repayment of the term loan,
interest, costs, expenses and other usual Bank charges. 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
his own sources. Such original conveyance/transfer deed executed after conversion from
leasehold to freehold shall be deposited with the Bank as security for the loan advanced.
24. That the borrower hereby agrees as a pre condition of the loan / advance given to them by the
bank that in case they commit default in the repayment of loan / advance or in the repayment of
interest thereon or any of the agreed installments of the loan on due date(s), the bank and / or the
Reserve Bank of India or any other agency authorized by the Bank will have an unqualified right to
disclose their names or the names of their company / firm/ unit and their respective Directors /
Partners / Proprietors as defaulter in such manner and through such medium as the bank or
Reserve Bank of India in their absolute discretion may think fit.
25.That the Borrower agrees that he shall not during the continuance of this loan and / or
agreement, part with the possession of the property or any part thereof without the previous written
consent of the Bank nor the Borrower shall sell, mortgage, assign, gift, transfer, alienate or
otherwise deal with the said property or any part thereof without the previous written consent of the
Bank.
Master Cir_Home Loan

58
26.That the Borrower agrees to pay all public demands, dues and charges in respect of the
property which may be levied by any Government of any local authority during the continuance of
the loan. The Borrower agrees to bear the entire cost of execution, registration and stamp paper
including legal fee or any other charges required for the mortgage deed to be executed. The
Borrower also declares that the said property is not subject to any court dispute and no tax dues of
any nature is due against the said property from any authority for the time being in force. The said
property is situated in the authorized colony and is not subject to acquisition nor any such
acquisition proceeding is pending before any authority or court of law and the said property is not
subject to any demolition or other order, affecting the superstructure or land underneath, of the
Court / Tribunal / Authority for the time being in force.

27.That it is undertaken and declared by the Borrower that he shall not execute any agreement to
sell, any type of power of attorney or any other document in respect of the said property which
prejudice and affect the rights, power and authority of the Bank till the entire sum due / debt /
outstanding amount in the loan account is fully adjusted and liquidated.

SCHEDULE I TO THE AGREEMENT FOR TERM LOAN
(Schedule of Repayment)
(In Rupees)
Amount of instalment Due date of payment Number & Periodicity of
of first instalment instalments


(The installment amount may change in accordance to variance in applicable Rate of Interest )
Details of property Mortgaged

The Plot/ House/ No. situated in Block
.at
.acquired by the Mortgagor / Borrower vide
.deed dated (registration particulars) and so also the
construction and superstructure built / to be built thereon and bounded as given below:


North
South
East
West

IN WITNESS HEREOF the parties hereto have set their hands on the day, month and year above
written.


(Borrower)


(Bank)






Master Cir_Home Loan

59
ANNEXURE-5

NOTE : Affidavit is a model format which may be amended accordingly to terms of sanction.

AFFIDAVIT


I/We ____________s/o ________________ r/o ____________ confirm that on my/our request
letter dated __________ I/we have been sanctioned a housing loan of Rs._________ by Oriental
Bank of Commerce having its Head Office at Harsha Bhawan, E-Block, Connaught Place, New
Delhi and among others a Branch Office at ___________ [hereinafter referred to as OBC].
Now I/we submit as under:-.

1) That I/We have not taken any other housing loan from any bank or financial institution and
shall not avail any such loan without written permission from OBC.
2) That the house/flat acquired from the loan taken from OBC shall be used for own use and
not for any commercial consideration.
3) That the house/flat shall be kept in good condition and the OBC officials will be permitted to
inspect the same at my/our cost.
4) That the Income declared in my/our tax returns/balance sheet/profit and loss account/ salary
slip is true and correct.
5) That I/We shall be responsible for the consequences including return of the housing loan to
OBC, if the above is not found in order at any future date.
6) That I/We are not related to any of the officers of OBC.
7) That I/We have not defaulted in repayment of any loan with any bank or institution and
accounts maintained by us with OBC, other banks, and/or other institutions. We have not
been categorized as non performing asset in any of the bank/institution, neither we have
sought any rebate or concession or relief from OBC at any time.
8) That I/We authorize OBC to divulge any information about me/us to any bank/ institution/law
enforcing agencies without any intimation to me/us.
9) That I/We authorize OBC to debit my/our account _________________ with OBC or any of
its other branch for the installment and interest.
10) That In the event of default in repayment of two consecutive installments OBC shall have
the liberty to take all suitable steps including taking possession of the house and or selling
the same to recover the dues. All expenses in this regard shall be borne by me/us.
11) That I/We declare and confirm that no proceedings are pending or contemplated against
me/us under Chapter XVII-B of the Income Tax Act, 1961 as on the date of creation of
registered / equitable mortgage.
12) That I/We irrevocably undertake and confirm that in the event of my/our failing to repay the
installment/interest of OBC, OBC will be at liberty to appropriate my/our salary with my/our
employer without any prior intimation to us and shall continue to receive the salary till the
loan is adjusted/regularized or OBC gives in writing to the contrary.
13) That I/We have submitted post-dated cheque for repayment of the loan. In the event of any
of the cheque being dishonoured OBC will be authorized to proceed against me/us under
section 138 of the Negotiable Instruments Act.



Deponent


Master Cir_Home Loan

60
Verification

Verified at ___________ on _________________ that the contents of the above affidavit are true
to the best of my knowledge, no part of it is false and nothing material has been concealed
therefrom.



Deponent











































Master Cir_Home Loan

61
ANNEXURE-6
Power of Attorney

This irrevocable Power of Attorney is executed on the _____ day of ______ 20____ by (i)
Shri/Km./Smt._________________________ S/o, D/o, W/o Shri ________________________
R/o _____________________________ ______________________________ and (ii)
Shri/Km./Smt./. ___________ _____________________ S/o, D/o, W/o Shri
________________________ R/o __________________________________
____________________________(hereinafter called the EXECUTOR(s) which term shall unless
repugnant to the context hereof, includes his /her/their heirs, successors, administrators and
assigns) in favour of Oriental Bank of Commerce, a body corporate constituted, under Banking
Companies (Acquisition & Transfer of Undertakings) Act, 1980, having its Head Office at Harsha
Bhawan, E Block, Connaught Place, New Delhi, and amongst others are BO:
_________________________ (hereinafter referred to as Bank, which team shall include its
successors and assigns).

WHEREAS
1) The Executor(s) has/have entered into loan agreement dated _________ (hereinafter
referred to as the said agreement) with the Bank for obtaining a loan of Rs. _____________
for the purchase/construction/repairs/renovations/alterations/additions of /to the house/flat
mentioned in the said agreement to be mortgaged to the bank and also described in the
Schedule I hereto (hereinafter referred to as the said property).
2) Vide the said agreement, the Executor(s) has/have agreed, inter-alia, to deliver to and
deposit with the Bank all documents of title and further documents as prescribed by the
bank and stated in the Schedule II hereto, relating to the said property as and when it
comes into his/her/their possession with intent to create a security thereon for the purpose
of repayment of the loan, interest, interest tax, cost and other charges, and for the due
fulfillment of his/her/their other obligations under the said loan agreement.
3) Vide the said loan agreement, the Executor(s) has/have also agreed to give an irrevocable
Power of Attorney to and in favour of the Bank to carry out the obligations of the Executor(s)
under the said agreement inter-alia, in regard to the creation of the aforesaid security, etc.

NOW THIS DEED WITNESSTH THAT the Executor(s) hereby appoints/nominate & constitute(s)
Oriental Bank of Commerce to act through any of its officers (hereinafter severally called the
attorneys) to be his/her/their true and lawful attorneys in his/her/their names and on his/her/their
behalf to do any/all acts, deeds or things and, execute all or any of the following instruments;
1) To make payment of the said advance that may be sanctioned to the Executor(s) pursuant to
the said Agreement as per the rules of the Bank applicable to grant of such advance to the
vendor towards the agreed purchase price for the said property.

2) To take all steps as may be necessary or required for the completion of the purchase of the
property.

3) To obtain and procure proper conveyance/transfers and other assurances of the said
property from the vendor, to get the leasehold property converted into free hold and get the
conveyance/transfer deed executed and registered and in particular and without prejudice to
the generality of the foregoing, if necessary, to sign sale/title deeds and other connected
documents. To appear before the Sub-registrar, to admit execution, to get the sale/title 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 office of the Registrar and in this regard, to take all legal steps as may
be deemed necessary by the Bank.
Master Cir_Home Loan

62
4) To execute mortgage deed and deliver and deposit the aforesaid registered sale deeds
executed by the Vendor and/or each and every of the other documents of title of the said
Property with intent to create security thereon (by way of mortgage by deposit of the title
deeds) for the repayment of the loan, interest and other charges and for the due fulfillment of
the Executor(s)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
completion of the creation of the aforesaid security.
5) To apply for and obtain permission, sanction or certificate of competent authority or any other
authority or office for creating mortgage and for the purpose, swear and file affidavits or
applications, make statements and do such other acts, as may be necessary.
6) Generally, to do such acts, deeds and things not herein specially authorized, as any of the
attorneys may deem proper or expedient for or in relation to all or any of the purpose of
matters aforesaid.
And the Executor(s) hereby agree(s) to ratify and confirm whatsoever the said attorney or any of
them shall lawfully do or cause to be done by virtue of this Power of Attorney which shall be
deemed to have been done by the Executor(s) and the Executor(s) hereby declare that this Power
of Attorney shall be irrevocable till all the repayments under the said Agreements have been duly
made by the Executor.

SCHEDULE I

( Details of the property to be purchased)

SCHEDULE II

(Documents of title and further documents as prescribed by the bank)

IN WITNESS WHEREOF the within named Executor ______________ has/have executed this
Power of Attorney on the day, month and the year first above written.




WITNESS EXECUTOR


















Master Cir_Home Loan

63

ANNEXURE-7 ( Loan doc -49)

MORTGAGED DEED

This Deed of Mortgage is made at ..on this ..day
of.20between.(Full description of the
borrower), hereinafter referred to as The Borrower / Mortgagor (which expression shall include
his / her/ their legal heirs, executors, administrators, and assigns) of the one part and Oriental
Bank of Commerce, a body corporate constituted under the Banking Companies (Acquisition &
Transfer of undertakings) Act No.40 of 1980 having its Head Office at E-Block Harsha Bhawan,
Connaught Place, New Delhi 110 001 and amongst others, a branch at
.hereinafter referred to as The Bank or The Mortgagee (which
expression shall include its successor and assigns) of the second part.

WHEREAS at the request of the Borrower / Mortgagor the Bank has advanced / agreed to
advance a sum of Rs.(Rupeesonly) to the
Borrower / Mortgagor by way of housing loan (including the enhancement thereof) upon securing
the repayment thereof together with interest, cost and other charges as stipulated in the
Agreement of Housing loan and documents executed by the Borrower / Mortgagor in the manner
as hereinafter appearing.

AND WHEREAS the Borrower / Mortgagor has acquired through the aforesaid loan or otherwise
and is the absolute owner in possession of the properties fully described in the schedule
hereunder; (hereinafter referred to as the subject property)
NOW THIS DEED OF MORTGAGE WITNESSETH AS FOLLOWS:
1. That in consideration of the sum of Rs.advanced / agreed to be advanced
by the Bank to the Borrower / Mortgagor as per the loaning documents executed in Banks favour,
the Borrower / Mortgagor, hereby mortgages upto the Bank the subject property more fully
described in the schedule hereunder by way of simple mortgage to secure the repayment of the
loan amount aforesaid together with interest, charges and all other expenses due to the Bank
payable as per the terms and conditions contained in the agreement of housing loan and
documents executed by the Borrower / Mortgagor.
2. That all the expenses for execution and registration of the aforesaid simple mortgage of the
subject property in favour of the Bank shall be borne by the Borrower / Mortgagor and if paid by the
Bank on behalf of Borrower / Mortgagor, the same will form part of the principle amount and will
carry interest at the rate applicable in respect of the amount advanced.
3. That the Borrower / Mortgagor agrees to keep the subject property fully insured for its full
market value in the joint names of the Borrower / Mortgagor and the Bank as the Mortgagee with
agreed Bank clause, against any damage or loss due to destruction by fire, civil-commotion, riots,
floods, earthquake and any other insurable risk and keep alive the such insurance until the amount
due under this deed is paid in full to the mortgagee. The cost of insurance will be borne by the
Borrower / Mortgagor. In case the

Borrower / Mortgagor fails at any time to get it insured and pay the necessary premium, the Bank
may, but it will not be bound to, get it insured and debit the cost of the premium to the Borrowers /
Mortgagors account. The amount of premium as paid will form part of the principal amount and
will carry interest at the rate applicable in respect of amount advanced.
4 That the Borrower / Mortgagor shall also continue to pay all rates and taxes accruing due in
respect of the subject property under any law or rule for the time being in force.
Master Cir_Home Loan

64
5. That the Borrower / Mortgagor covenants that the subject property is free from all
encumbrances and that the Borrower / Mortgagor is entitled to mortgage the same unto the
Mortgagee.
6. That the Borrower / Mortgagor shall not sell, alienate, lease out or part with possession of
the subject property or create any further charge, mortgage or encumbrance on the same in favour
of any other person without prior consent of the Bank in writing.
7. That in case of default / breach of any of the terms and conditions contained in this Deed or
in the Loaning Documents executed by the Borrower / Mortgagor, the Bank shall have the option
and the right to realize all its dues outstanding in the account and cause the subject mortgaged
property to be sold with all its accretions, without being bound to proceed against other securities
or sureties, if any, held by the Bank.
8. That on payment of all the dues secured through the said mortgage under these presents,
the mortgagee shall be bound to re-convey the said subject property free from all encumbrances to
the Borrower / Mortgagor and execute deed of discharge; transfer and every other writing in favour
of the mortgagor at the expense of the Borrower / Mortgagor necessary for this purpose.
IN WITNESS WHEREOF the Borrower / Mortgagor and the Mortgagee have set their hands on the
day, month and the year hereinabove first written.

SCHEDULE
(Description of the property hereby mortgaged)
a. The Plot No. situated in Block .at
Scheme No. ensuring
.acquired by the Mortgagor / Borrower vide
.deed dated (registration particulars) and so
also the construction and superstructure built / to be built thereon together with all
rights of easements of all kinds appertinent thereto and bounded as given below:

North
South
East
West

WITNESSES: MORTGAGOR

1.


2.



MORTGAGEE










Master Cir_Home Loan

65
Annexure-8


LETTER FOR SUBMISSION OF ECS/SI /NEFT/ AUTO RECOVERY FROM EXISTING ACCOUNTS

Place :
Date :

The Manager
Oriental Bank of commerce
B/o




Dear Sir,


Re : My Home Loan Account.


To facilitate due payment of instalments in the above Home loan account, I/We undertake to give
ECS/SI /NEFT/Auto recovery from existing accounts towards the agreed Equated Monthly
instalments, etc.

I/We am/are aware that dishonor of any ECS/SI /NEFT/ Auto recovery from existing accounts due
to insufficiency of funds will entail criminal action, as per provisions of law, without prejudice to
Banks other rights. Tendering of ECS/SI /NEFT/ Auto recovery from existing accounts will in no
way absolve my/our obligation to pay the instalments or the amount due as per terms.




Date of ECS/SI /NEFT/ Auto recovery from existing accounts Amount



Yours faithfully,




(Borrower(s))









Master Cir_Home Loan

66

ANNEXURE-9

UNDERTAKING FROM THE BORROWER FOR PREPAYMENT OF LOAN

On a Stamp Paper of Requisite Value

The Branch Manager, Date _______________

_______________________

_______________________

Dear Sir,

Reg : My/Our Housing Loan Account No.

On my/our request, you kindly sanctioned and released a Housing Loan of Rs.___________ lac as
per the terms and conditions of the Loan Agreement dated ___________ executed by me/us.

As per one of the terms, the loan is to be repaid by me/us within a period of ____ years.

However, on the basis of my/our present and foreseeable future income, I/We propose to repay
the loan within a period of _____ years from the date of first disbursement.

I/We, as such, request you to adjust my Future rate of interest as per prevalent policy of the Bank.

I/We undertake as follows:-

1. That benefit in interest rate, as above, made available to me shall be withdrawn and
interest-differential shall be recovered in full in the event of my/our switching loan to other
bank/FI. Beside the above, a penalty of 1% over the outstanding balance shall be
recovered in case of prepayment through other bank/FI.

2. That in the event of my/our failing to repay the loan as per new schedule, a penalty of 2%
shall be charged on outstanding balance for the period of default.

We understand that interest rate linked to the tenure are subject to change as per the discretion of
the bank. I/We further understand that interest rate in my Housing Loan account shall be governed
by the policy of the bank, which is subject to change from time to time.

Yours faithfully,



(Borrower (s))

Address:




Master Cir_Home Loan

67
ANNEXURE-10

ACKNOWLEDGEMENT LETTER FOR ACCEPTANCE OF THE REQUEST OF THE
BORROWER FOR PREPAYMENT OF LOAN

Shri/Smt. Date ______________

________________________

________________________

Dear Sir/Madam,


Reg : Housing Loan Account No.

In reference to your letter dated _____________, we are pleased to inform that your request has
since been acceded and future repayment period in your Housing Loan Account
No._________________ has been revised from ________ years to ______ years. Accordingly,
future rate of interest in the account has been adjusted at _____ for the present.

However, the revision shall be effected from Ist day of the succeeding month and is subject to the
following conditions:

1. That you shall submit 48 post dated cheque for revised EMI i.e. Rs.____________.

2. That the benefit in interest rate, if any, made available to you shall be withdrawn and
interest-differential shall be recovered in full in the event of your switching loan to other
bank/F.I. Beside the above, a penalty of 1% over the outstanding balance shall be
recovered in case of prepayment through other bank/F.I.

3. That in the event of your failure to repay the loan as per new schedule, a penalty of 2% shall
be charged on outstanding balance for the period of default.
Please note that interest rate linked to the tenure are subject to change as per the discretion of the
bank. Please further note that interest rate in your Housing Loan account shall be governed by the
policy of the bank, which is subject to change from time to time.


Yours faithfully,



Branch Manager









Master Cir_Home Loan

68

ANNEXURE-11

UNDERTAKING / AFFIDAVIT FORM THE BORROWER TO BE OBTAINED ON STAMP PAPER

Place:
Date :
To,
Oriental Bank of Commerce
B/o

Dear Sirs,

You have sanctioned a loan of Rs. _______________ (Rupees ___________
____________________) for construction on Plot No. _________________ hereinafter referred to
as the said plot.

I/We the undersigned agree and undertake that:

1. I/We shall carry on construction as per the duly sanctioned plans sanctioned on
_______________ vide letter dated _____________.
2. I/We shall obtain the Form D/Occupancy/Completion Certificate from the
authority/authorities concerned immediately upon completion and/or upon occupying the
built up premises over my said plot and shall deposit the original/certified copy of the same
with your Branch.
3. Any breach of a stipulation of the banks policy and/or the borrowers undertaking shall be
deemed to be a breach of conditions on which the aforesaid loan was agreed to be granted
by the bank. Any breach of conditions may be treated as a default under the loan
agreement and the bank shall be entitled to charge penal interest over and above the
agreed rate of interest on the outstanding loan amount and to take such further action
against the borrower as the bank may deem fit including recalling of the loan amount
forthwith and initiating the recovery proceedings in accordance with law.


Yours faithfully,



(Borrowers/Co-borrower/Mortgagor)

Address :

Master Cir_Home Loan

69
ANNEXURE-12

Letter from Customer to DDA

Place :
Date :

To,

Delhi Development Authority
Vikas Sadan,
INA, New Delhi.


Dear Sir,


Please note that I have been sanctioned a housing loan of Rs. ____________ by Oriental Bank of
Commerce B/o _______________________, for the purchase of a DDA flat under category
_______________ at ____________ allotted by the Delhi Development Authority vide allotment
letter No. _____


This is to inform you that I intend to mortgage the above said flat allotted to me to Oriental Bank of
Commerce / its security trustee as security for the loan sanctioned to me. This may be kindly
noted in your records and the permission for the same may please be granted.


Yours faithfully,


(Borrowers/Co-borrower/Mortgagor)


Name and address



cc to: The Branch Manager, OBC.







Master Cir_Home Loan

70
ANNEXURE-13

Draft of N.O.C. to be obtain from the society on its letterhead

Place :
Date :

To,

Oriental Bank of Commerce

B/o



Dear Sirs,

Re : Flat/Plot No. _______________ of Mr./Ms. ______________________ in the building
called ____________ of the ____________ housing society Ltd., situated at
________________________________________________

This is to confirm that the above society is registered under No. __________ dated ___________.
The Sale deed / Lease deed dated ___________ in respect of the land bearing Plot No.
____________ has been executed in favour of the society under Registration No. _____________
dated _______ and as such the society is the owner of the Plot of land and the building thereon.

The society has allotted / transferred / agreed to transfer the above Flat / Plot to Mr./Ms.
___________________________. We confirm that Mr./Mrs. ________________________ is a
bonafide member of the society.

We undertake to submit the deed document to the Bank if not already done, once it is registered in
favour of this allottee and received from the concerned authorities.

We hereby assure you that the said flat / plot, as well as the said building and the land appurtenant
thereto are not subject to any encumbrance, charge or liability of any kind whatsoever and that the
entire property is free and marketable.

We further confirm that we have a clear, legal and marketable title to the said property and every
part thereof, and that all taxes and dues in respect thereof have been paid upto date.

We confirm that there are no restrictive / negative covenants in the Bye-laws/Rules of the above
mentioned society concerning the transfer of shares/members interest in the society and other
related matters.

We hereby confirm and agree that we have No Objection to your giving a loan to the said allottee
/ transferee / proposed transferee and his/her/their mortgaging the said flat/plot to you/your
security trustee by way of security for the loan.

We also inform you that the share certificates have been issued/transferred to the said allottee /
transferee.

Master Cir_Home Loan

71
We confirm to you that we undertake to comply with the provisions of the Apartment Ownership Act
and the Rules therein as applicable to the society.

We have noted the aforesaid lien on the property. We undertake that as soon as the registration
formalities are completed, we will send the registry documents to the Bank directly.



Yours faithfully,



Authorized Signatories
(Secretary AND Chairman/President)
with seal of society









Master Cir_Home Loan

72
ANNEXURE-14

Undertaking to execute the Agreement for Sale/Deed of Conveyance and have the same
registered in the office of the relevant Registrar/Sub-Registrar of Assurances and to deposit
the same with the bank.
To
Oriental Bank of Commerce
B/o


Dear Sirs,

You have sanctioned a loan for an amount of Rs. ___________ (Rupees
____________________________) under the terms and conditions of the Loan Agreement dated
____________ in respect of property _____________________________ (hereinafter referred to
as the said property). The Agreement for Sale/Deed of Conveyance in respect of the said property
has not as yet been executed and registered in my/our favour by Haryana Urban Development
Authority [HUDA].

I/We, the undersigned hereby agree and undertake that

1. I/We shall promptly have the Agreement for Sale/Deed of Conveyance executed in my/our
favour and shall pay and discharge all dues and charges in respect thereof and have the
same registered in the office of the relevant Registrar/Sub-Registrar of Assurances.

2. I/We shall deposit the said Agreement for Sale/original Registered Deed of Conveyance
with you and shall execute and sign all such document/documents that may be required to
be executed by you in the form and manner as suggested by you for creation of the
necessary security in your favour / in favour of your security trustee.

3. Any breach of a stipulation of the banks policy and/or the borrowers undertaking shall be
deemed to be a breach of conditions on which the aforesaid loan was agreed to be granted
by the bank. Any breach of conditions may be treated as a default under the loan
agreement and the bank shall be entitled to charge penal interest over and above the
agreed rate of interest on the outstanding loan amount and to take such further action
against the borrower as the bank may deem fit including recalling of the loan amount
forthwith and initiating the recovery proceedings in accordance with law.


Yours faithfully,



(Borrowers/Co-borrower/Mortgagor)
(Name & Address)
Master Cir_Home Loan

73

ANNEXURE-15

Draft of N.O.C. to be obtained from the Builder on his letter-head

Place :
Date :

To,

Oriental Bank of Commerce
B/o


Dear Sirs,

Re : Permission to mortgage Flat No. ___________________ on the floor of the building
proposed to be named as / named as ______________________ situated at
__________________________________________.

This is to confirm that we have sold Flat No. ______________ admeasuring ___________ Sq. ft.
(carpet/built-up area) on the __________________ floor of the building proposed to be named as /
Known as ___________________ situated at ______________________ under construction /
constructed by us to Mr./Mrs./Ms. ____________________________ for a total consideration of
Rs. ____________(Rupees _____________________________) under an Agreement for sale
dated ______________.

We confirm that we have obtained necessary permissions / approvals / sanctions for construction
of the said building from all the concerned competent authorities and the construction of the
building as well as of the Flat are in accordance with approved plans. We have not made any sub
division in the flat after the plans have been approved by the Municipal Corporation. The flat is
meant for residential purposes as per the sanctioned plan.

We assure you that the said flat as well as the said building and the land appurtenant thereto are
not subject to any encumbrance, charge or liability of any kind whatsoever and that the entire
property is free and marketable. We have a clear, legal and marketable title to the said property
and every part thereof.

We are aware that the said Mr./Mrs./Ms. __________________ has approached you for a loan for
purchasing / acquiring the said flat and that you have agreed to sanction / grant the loan to
Mr./Mrs./Ms. ____________ to purchase / acquire the above flat and Mr./Mrs./Ms.
___________________ has agreed to mortgage the said flat in your favour / in favour of your
security trustee as security for the said loan. We hereby confirm that we have No Objection to
Mr./Mrs./Ms. _____________________ mortgaging the said flat to you / in favour of your security
trustee by way of security for repayment of the said loan.


AND Notwithstanding anything to the contrary in the said Agreement for sale, we hereby agree to
note your charge in our books in respect of the said flat and Mr./Mrs./Ms. ____________________
will not be permitted to cancel, transfer, assign, sell off or in any other way / manner deal with the
said flat prejudicial to the interest of the Bank / the security trustee nominated by the Bank, without
the prior written consent of the Bank / the security trustee nominated by the Bank. We undertake
Master Cir_Home Loan

74
that as soon as the registration formalities are completed, we will send the registry documents to
the Bank / the security trustee nominated by the Bank directly.

We also undertake to inform and give proper notice to the co-operative housing society as and
when formed, about the flat being so mortgaged.


Yours faithfully,



For _________________(Builders)




(Signatures)










Master Cir_Home Loan

75
ANNEXURE-16

Letter from Builder to the Bank

Place :
Date :

To,

Oriental Bank of Commerce
B/o



Re : Transfer of property

Dear Sirs,

This is to confirm that we are in receipt of the original Sale Agreement of the property No.
_______________ situated at _______________________ which belongs to Mr. /Mrs./Ms.
_________________________ at present.

We also confirm that we are in receipt of the request from Mr./Mrs./Ms. _____________________
to transfer the property to Mr./Mrs./Ms. _________________________________________. We do
hereby undertake to send the original sale agreement duly endorsed in favour of Mr./Mrs./Ms.
_______________________________________ directly to the Bank or handover to the
authorized representative of the Bank within 15 days from the date of this letter.

We also undertake to note a lien on the property in favour of the Bank /the security trustee
nominated by the Bank and send the original registry document to the Bank /the security trustee
nominated by the Bank directly as and when it is executed.

Yours faithfully,


For _______________(Builders)




(Signatures)











Master Cir_Home Loan

76
ANNEXURE-17

TRIPARTITE AGREEMENT WITH THE BUILDER

This agreement made at ______ on this _____day of___________ between
(i)________________s/d/o__________________ Resident of
______________________________ hereinafter referred to as the borrower (which expression
shall unless excluded by or repugnant to the context be deemed to include, as the case may be,
his/her co-borrower, heirs, executors, administrators, assigns and legal representatives) of the
FIRST PART,

b. ______________ S/o_____________________ of ___________________________________
hereinafter referred to as the Builder (which expression shall unless excluded by or repugnant to
the context be deemed to include, as the case may be, his/her heirs, executors, administrators,
assigns and legal representatives) of the SECOND PART,
and
(iii) Oriental Bank of Commerce, a body corporate constituted under the Banking Companies
(Transfer and Acquisition Of Undertakings) Act 1980, with its Head Office at Harsha Bhawan, E
Block, Connaught Place, New Delhi represented by its Branch Manager at Branch Office
__________________ hereinafter referred to as OBC (which expression shall unless excluded by
or repugnant to the context be deemed to include its executors, administrators, assigns) of the
THIRD PART.

Whereas by an indenture of freehold plot executed by ______________ and
_______________S/o________________ R/o________________________ known as owner of a
Plot of land measuring ________ Sq. Mtrs. known as Plot No. _________________, the said
plotwas granted/conveyed and transferred by way of a sale deed to
_______________S/o_______________ R/o
______________________________________________. A registered sale deed dated
_________entered in book No.__________ of Sub Registrar-__ was duly executed in favour of
______________________,

And Whereas the Builder has acquired and constructed / shall acquire and construct a dwelling
unit at the cost of the borrower and has given an undertaking to the effect that the said building has
been/shall be built in accordance with the layout plan sanctioned by the competent authorities.
And whereas the borrower has approached OBC for rendering financial assistance to him in order
to make payment to the builder of the price of dwelling unit and OBC has agreed to do so in
accordance with its lending policies and terms and conditions for the grant of loans, which have
been read and understood by the Borrower/Co-borrower/ as well as the Builder. The borrower and
the builder who have gone through the said policies of OBC agree to the terms and conditions set
out therein and as such have agreed to the mortgage of the flat, disbursement of the loan in
instalments, rate of interest on loan, repayment terms, payment of additional penal interest in case
of default, providing of collateral securities, etc. (hereinafter collectively referred to as the said
Housing Loan Scheme).
And whereas the borrower/co-borrower has represented that he/she would create mortgage of the
flat/dwelling unit allotted to him/her by the builder in favour of OBC by depositing with OBC all
documents of title as stated in the said housing loan scheme of the OBC, such as the allotment
letter, receipts for payment made etc., issued by the builder to the borrower by which the borrower
claims title to the aforesaid flat/dwelling unit, till the execution of conveyance deed/sale deed in
respect of the flat/dwelling unit allotted/purchased from the builder.
Now in the above premises and in consideration of sum of Rs. __________ (Rupees
______________________________________) / already deposited by the borrower as initial
Master Cir_Home Loan

77
amount of registration deposit with the builder under the scheme for purchase of ready built flat, it
is hereby agreed to by and between the parties here to as follows:-
1. The borrower hereby authorizes OBC to make disbursement of the sanctioned loan to the
builder directly on his behalf against demand by the builder as construction progresses.
2. On behalf of the borrower, OBC shall make payment of the loan / instalment thereof to the
builder directly and all payments so made to the builder shall be deemed to be payments
made to the borrower.
3. The above covenant shall not be construed to mean and fasten any responsibility upon
OBC to observe some schedule for release of loan, either at one time or in instalments, if
any between the builder and the borrower or make payment to the builder as requested.
OBC shall not be responsible for any delay or omission in disbursements. The borrower
shall be responsible to follow up with OBC to make disbursement on his behalf as per any
agreement he may have with the builder.
4. The borrower agrees that notwithstanding anything to the contrary contained herein OBC
shall not be responsible or liable to answer or ascertain the progress of construction and a
demand for disbursement by the builder would be sufficient for OBC to effect disbursement
as aforesaid.
5. The borrower agrees that notwithstanding any thing to the contrary therein OBC may in its
sole discretion refuse to disburse the loan until: -
(a) The borrower has paid his own contribution in full to the builder (i.e. the cost of dwelling
units less the loan) and

(b) Progress and need of construction justifies (OBC being the sole judge thereof) the
disbursement requested for.
(c) As authorized by the Borrower the builder shall hold, all the rights, title, interests, claims
of the borrower in respect of the dwelling unit and/or the agreement in respect thereof
and/or any money paid to or deposited with the builder under the said agreement or any
allotment letter in respect of the said dwelling unit, for and on behalf of and in favour of
OBC.
(d) The builder further agrees to total subrogation of borrowers right to refund of all the
moneys received by builder from the borrower to the right of OBC on behalf of the
borrower, in favour of OBC in any event in which such refund becomes due and
payable to the borrower under the agreement/arrangement/executed made between
builder and the borrower.
(e) The builder in particular agrees not to pay any amount on any account to the borrower
by way of refund or otherwise, in any manner whatsoever, without the written consent of
OBC.
(f) The borrower as well as the builder also agree that as soon as the dwelling unit is
completed and is fully paid for the mortgage/charge in favour of OBC shall fasten on the
said dwelling units and the same shall continue (notwithstanding its allotment,
completion and occupation) until the loan of Oriental Bank of Commerce is fully repaid
with interest and all other dues.
(g) The borrower as well as the builder also agree that the necessary documents for
creation of the charge shall also be executed within 15 days of the building being
complete / handing the possession of ready built up premises purchased by the
borrower.
6. All the movable and immovable assets of borrower including the said property, mortgaged
by the borrower, shall form part of the security for the housing loan granted by OBC and as
soon as the sale deed is executed by the builder, the builder shall send the same
immediately directly to OBC and the borrower shall execute necessary documents for
creation of mortgage of the house/property immediately to Oriental Bank of Commerce as
Master Cir_Home Loan

78
security for the housing loan. The borrower shall also furnish all the necessary documents
for the purpose of registration.

7. If the borrower desires to withdraw from the scheme or if he fails to pay the balance amount
representing the difference between the loan sanctioned by OBC and the actual purchase
price of the house/property or in case of death of the borrower, before the execution of the
sale deed, the entire amount advanced by the Oriental Bank of Commerce will be refunded
together with interest thereon to OBC by the builder forthwith. In the event of the builder
canceling the allotment of any member for any reason whatsoever the builder shall refund to
OBC forthwith the entire amount received from it together with interest thereon on account
of the said member.
8. If for any reason there is an increase in the cost of the dwelling unit, such increase shall be
paid and borne by the borrower and until such payment is made OBC shall have the right to
suspend further disbursement of the sanctioned loan.
9. The borrower shall diligently and faithfully observe and comply with all the rules/regulations
and instructions of the builder and he shall comply with all the requirements of OBC and he
shall fulfil all his obligations under this agreement.
10. The builder and/or other occupants of the said property have given their consent that OBC
shall have lien on the house/property and that the borrower may furnish the house/property
as security for loan to be obtained from OBC and create mortgage in favour of OBC.
11. The liabilities of the builder and the borrower shall not be affected in any manner
whatsoever in the event of the borrower ceasing to be a member of builder notwithstanding
anything to the contrary contained in any constitution, articles, memorandum rules, byelaws,
agreements, regulations, documents etc. PROVIDED that in the event of the death of the
borrower OBC may refuse to disburse the loan if not already disbursed or refuse to disburse
further amount if only a part of the loan has been disbursed.
12. So long as the loan advanced by OBC or any part thereof is outstanding the house property
shall continue to be the security thereof and the builder shall not part with any document of
title pertaining to the property or hand them over to the borrower although the borrower has
paid all the dues and demands of builder.
13. The builder shall not exercise any right of re-entry in respect of the house/property allotted
to the borrower, whether or not such right has been reserved to itself by builder expressly
under any agreement with the borrower, without making payments of all amounts due to
Oriental Bank of Commerce in the first instance and only thereafter the builder shall be
entitled to deal with the house property or realise the proceeds of the sale thereof.

In witness whereof the parties above named hereunto set their hands on the day, month and the
year first above written.

Witnesses:

1. Signature of Borrower (First Party)

2.
Signature on behalf of builder (Second Party)


. Signature on behalf of Oriental Bank of Commerce (Third Party)


Officer Branch Manager

Master Cir_Home Loan

79
ANNEXURE-18
TRIPARTITE AGREEMENT WITH GROUP HOUSING SOCIETY

This agreement made at ______ on this _____day of___________ between
(i)________________s/d/o__________________ Resident of
______________________________ hereinafter referred to as the Borrower (which expression
shall unless excluded by or repugnant to the context be deemed to include, as the case may be,
his/her co-borrower, heirs, executors, administrators, assigns and legal representatives) of the
FIRST PART,
(ii) ______________ Co-operative Group Housing Society Ltd. and having its Registered Office at
____________________________ represented by its President Shri/Smt.
___________________________ and its Secretary Shri/Smt. ___________________________
both duly authorised to execute these presents on its behalf by a resolution passed by its
Management Committee at its meeting held on ______________ hereinafter referred to as the
Society (which expression shall unless excluded by or repugnant to the context be deemed to
include its executors, administrators, assigns) of the SECOND PART, and
(iii) Oriental Bank of Commerce, a body corporate constituted under the Banking Companies
(Transfer and Acquisition Of Undertakings) Act 1980, with its Head Office at Harsha Bhawan, E
Block, Connaught Place, New Delhi represented by its Branch Manager at Branch Office
__________________ hereinafter referred to as the Bank (which expression shall unless excluded
by or repugnant to the context be deemed to include its executors, administrators, assigns) of the
THIRD PART.
WHEREAS
The Society has acquired under the terms of the Lease Agreement/Deed executed / made on
___________ between the President of India/Governor of ___________________ or under the
terms and conditions of letter no. ______________________________________, a piece of land
admeasuring about______________acres, situated at ____________________ for the
construction of dwelling units/flats etc. to be built at the cost of its members and to be occupied by
such members on leasehold / ownership basis and also for constructing other buildings to house
community facilities which shall be owned


by the Society in accordance with the layout plan sanctioned by the competent authority.
The Borrower had applied to the Bank for a loan to purchase a dwelling unit/flat allotted to him by
the Society for contributing towards the cost of the said dwelling unit/flat to be constructed by the
society.
The Bank on considering the application of loan made by the Borrower has sanctioned a loan of
Rs. _____________ (Rupees _________________________________) to the Borrower on the
terms and conditions agreed vide Loan Agreement dated _______________, one of the conditions
thereunder being that the Borrower shall mortgage, the dwelling unit/flat allotted by the Society, in
favour of the Bank. The Society has also agreed to render all assistance to the Borrower/Bank to
comply with this condition and in particular has agreed to obtain/assist to obtain permissions from
any person/authority as may be needed for purposes of the execution of the said Mortgage in
favour of the Bank.
NOW THIS AGREEMENT WITNESSETH AS UNDER:
In consideration of the Bank granting a loan of Rs. _________ (Rupees
____________________________) to the Borrower for making payment in respect of the dwelling
unit/flat constructed or to be constructed by Society and allotted to the Borrower under its scheme,
it is hereby agreed amongst the parties hereto as under:
1. The Bank will make disbursement of the sanctioned loan by making payment to the Society
directly by Cheque/Pay Order etc. on behalf of the Borrower as and when demanded by the
Society on the basis of the actual progress of the work connected with the acquisition of the
Master Cir_Home Loan

80
land/construction, subject to the Loan Agreement entered into between the Borrower and the
Bank and the covenants hereunder agreed to amongst the parties hereto. Any payment made
to the Society in pursuance of this agreement shall be deemed to be a payment made to the
Borrower and the Borrower shall in each case be liable for the amount of the loan disbursed on
his behalf to Society as though the same had been disbursed directly to the Borrower. It is
further agreed by the Borrower that the Bank shall not be responsible or liable to ensure or
ascertain the progress of construction and mere demand for payment by the Society giving
details of progress of construction would be sufficient for Bank to effect disbursement as
aforesaid.
2. The Borrower will not further mortgage/charge/let out/part with the possession of the dwelling
unit/flat allotted as aforesaid to any person/financial institution for raising any loan without the
prior written consent of Bank.
3. The Society will maintain a separate account of the Borrower and adjust the payment received
by it from the Bank/Borrower against the cost of the particular category of dwelling unit/flat
applied by the Borrower and shall periodically send statement of a/c pertaining to Borrower's
account in the books of the Society to the Bank.
4. The above covenants shall not be construed to mean and fasten any responsibility upon the
Bank to observe the payment schedule, if any, between the Society and the Borrower or make
payments to the Society as requested. Bank shall not be responsible for any delay or omission
in disbursements of any kind whatsoever. The Borrower alongwith the Society shall be
responsible to follow-up with the Bank to make disbursement in pursuance to this agreement
and/or as per any agreement the Borrower may have with the Society.
5. It is further agreed by the Borrower that the Bank shall not be responsible or liable to ensure or
ascertain the progress of construction and mere demand for payment would be sufficient for
Bank to effect disbursements aforesaid. Without prejudice to the above and notwithstanding
anything to the contrary contained herein, Bank may in its sole discretion refuse to disburse the
loan until:
i). The Borrower has paid his/her own contribution in full to Society i.e. the cost of the dwelling
unit/flat (including escalation, if any) less the loan sanctioned, and/or
ii). The Borrower has failed to provide the agreed security to the Bank, as agreed by Borrower
separately in the mortgage agreement (Annexure I to this agreement), and/or
iii). The Progress of the construction justifies the disbursement requested (Bank being the sole
judge thereof).

6. The Society undertakes that the Title Deed/Sale Deed/Deed of Apartment in favour of the
Borrower by the Society shall be executed and shall be applied for registration within
___________ days after the date of delivery of possession under intimation to the Bank or
within 30 days of allotment of the dwelling unit/flat, as the case may be. The Society shall
deposit the said Title Deed/ Sale Deed/ Deed of Apartment directly with the Bank.
7. Soon after the Title Deed/Sale Deed/ Deed of Apartment is executed and registered, the
Borrower undertakes to take steps for creation of mortgage of the dwelling unit/flat in favour of
the Bank in the form and manner required by the Bank and as stipulated under the Loan
Agreement.
8. The Society does not have any objection in creation of mortgage of the dwelling unit/flat by
Borrower in favour of the Bank and agrees to give the necessary consent/ no objection as and
when required.
9. The Borrower shall diligently and faithfully observe the terms of this agreement as well as
comply with all the rules, regulations, and bye-laws of the Society alongwith any other
documents or agreements executed by the Borrower with the Bank.
10. If for any reason there is an increase/escalation in the cost of the dwelling unit/flat, such
increase shall be paid and borne by the Borrower without any reference to the Bank or this
Master Cir_Home Loan

81
agreement unless otherwise agreed to by the parties to this agreement. Until such payment is
made, the Bank shall have the right o suspend further disbursement of the sanctioned loan.
11. In the event of default by the Borrower in repayment of dues of the Bank, the Bank will be
entitled to sell the flats and the Society will have no objection to any such change and it shall
have to accept the purchaser of dwelling unit/flat as member of the Society.
12. The Society shall note the creation of mortgage on the relevant books & records of the society
and shall not transfer the dwelling unit/flat of the Borrower to any other member of the society
without the prior written consent of the Bank.
13. If the Borrower withdraws from the scheme of Society or in the event of cancellation of
Borrower's name by the Society or death of Borrower, the Society will refund the entire amount
standing to the credit of the Borrower (including Borrower's contribution) to the Bank. The Bank
shall refund the balance, if any, to the Borrower after adjusting the entire outstanding dues of
the Borrower with interest, costs and other amounts payable by the Borrower to Bank. In any
event in which any refund becomes due and payable under the Agreement/arrangement
executed/made between the Borrower and Society or otherwise, the Society agrees not to pay
any amount on any account to the Borrower by way of refund or otherwise without the written
consent of the Bank.
14. Both the Bank and the Society shall be under obligation to keep each other informed and
provide copies of any communication made with the borrower.
In witness whereof the parties above named hereunto set their hands on the day, month and the
year first above written.

Witnesses:


1. Signature of Borrower (First Party)


2.
Signature on behalf of Society (Second Party)



President Secretary



Signature on behalf of Oriental Bank of Commerce (Third Party)




Officer Branch Manager








\
Master Cir_Home Loan

82

ANNEXURE-19

(LETTER CEDING SECOND CHARGE BY THE FIRST CHARGE HOLDER)
From ( First Charge Holder)
. .
. .
Date:-.
To

The Manager
Oriental Bank of Commerce
BO:-.

Dear Sir,

Reg: Letter ceding second charge over immovable property situated at
..in respect of housing loan facility sanctioned to Sh./Smt.
..(Borrower / Mortgagor)

Please refer to your letter dated

We (mention the name of the first charge holder) do hereby confirm
that Sh./Smt..(hereinafter referred to as The Borrower / Mortgagor )has
created / agreed to create mortgages and charges in our favour in respect of his / her / their
immovable properties situated at to secure our
..
..
(mention the facilities)

together with interest and other moneys payable by the Borrower / Mortgagor.
We do hereby agree that the said Borrower / Mortgagor may create second charge on his / her /
their aforesaid immovable property situated
at.in your favour to secure your housing loan
facilities:
.
..
(mention the facilities)

together with interest and other monies payable by the borrower. You may take necessary steps
as may be necessary to execute required documents / create securities in this connection in your
favour.
We further agree and undertake and confirm that we shall execute an agreement with you
to provide that the aforesaid securities created / or to be created by the Borrower / Mortgagor in
your favour will rank as second chare in your favour subject to the first charge created / or to be
created by the Borrower / Mortgagor on their aforesaid security in our favour.
Yours faithfully,



(FIRST CHARGE HOLDER)

Master Cir_Home Loan

83

ANNEXURE-20
(LETTER CEDING PARI PASSU CHARGE)

From (pari passu charge holder)

.

.
Date:-
To

The Manager
Oriental Bank of Commerce
BO:-

Dear Sir,

Reg: Letter ceding pari passu charge over immovable property situated at
..in respect of housing loan facility sanctioned to Sh./Smt.
..(the Borrower / Mortgagor)

We.(mention the name of the first charge holder) do hereby agree
and confirm that notwithstanding anything to the contrary contained in or by virtue of the
mortgages and charges created and or to be created by Sh. / Smt.
..(hereinafter referred to as The Borrower / Mortgagor) in our favour in
respect of the Borrowers / Mortgagors aforesaid immovable properties both present and future to
secure our:-
-
-
(mention the facilities)
together with interest and other monies payable by the Borrower / Mortgagor, the mortgages and
charges in our favour shall rank pari passu with the mortgages and charges created or to be
created by the Borrower / Mortgagor in your favour with interest thereon and monies payable to
you under the respective loan agreements, sanction letters etc. for all purposes and intents.

We further agree and undertake and confirm that we shall execute an interse pari passu
agreement with you to provide that securities created by / to be created by the Borrower /
Mortgagor in favour of us shall rank pari passu without any preference and priority of one over the
other and including the usual provisions of insurance, custody of title deeds, appropriation of the
realization of the proceeds of sale etc.

Please arrange to issue suitable letter ceding pari passu charge in our favour at an early date on
similar lines, if not issued earlier.


Yours faithfully,



(Pari Passu Charge Holder)

Master Cir_Home Loan

84
ANNEXURE-21

LETTER APPOINTING THE PARI PASSU / FIRST CHARGE HOLDER AS AGENT OF THE
BANK TO ACCEPT DEPOSIT OF TITLE DEEDS AS SECURITY ON BEHALF OF THE BANK

The Manager,
The Managing Director / Chairman

Dear Sir,
REG: HOUSING LOAN FACILITIES SANCTIONED BY ORIENTAL BANK OF COMMERCE TO
SH / SMT ON CREATION OF 2
ND
CHARGE ON HOUSE /
FLAT.

Oriental Bank of Commerce has sanctioned following housing loan facilities to Sh./ Smt.
vide sanction dated .
i)
ii)
Sh. / Smt. . has agreed to create 2
nd
charge i.e. charge
subject to prior charges in your favour by way of registered / equitable mortgage on his / her / their
house / flat situated at .in favour of Oriental
Bank of Commerce (hereinafter called the Oriental Bank) by deposit of title deeds. You have also
consented for creation of said 2
nd
charge in favour of the Oriental Bank vide your letter dated
.

We, Oriental Bank of Commerce hereby appoint you ..(name
of the addressee Bank / Institution), acting through any of your officers, as agents, to accept
deposit of title deeds by delivery or constructive delivery from or on behalf of Sh. / Smt.
.. to create mortgage by deposit of title deeds in order to secure the
above referred loan facilities and moneys advanced or to be advanced by the Oriental Bank
besides interest and other charges due thereon. You are also authorized to further make entry in
your records in respect of the above deposit in favour of the Oriental Bank also. Please confirm the
creation of mortgage.

Thanking you,

Yours faithfully,



For Oriental Bank of Commerce



MANAGER








Master Cir_Home Loan

85
ANNEXURE-22

LETTER FROM PARI-PASSU/FIRST CHARGEHOLDER ACCEPTING THE AGENCY OF OUR
BANK

The Manager,
Oriental Bank of Commerce,
BO:

Dear Sir,

REG: OUR APPOINTMENT AS AGENT FOR ACCEPTANCE OF TITLE DEEDS FROM SH/SMT.
.FOR CREATION OF REGISTERED / EQUITABLE
MORTGAGE AS SECURITY.

Please refer to your letter dated . We, ..accept and
agree to act as agent of Oriental Bank of Commerce for acceptance on behalf of your bank, of title
deeds by delivery / constructive delivery from Sh/Smt .. of his / her / their
immovable property bearing no. .(described hereunder)
with his / her / their intention for creation of registered / equitable mortgage of the said property to
secure loan facilities mentioned in your above referred letter (as mentioned hereunder) and money
advanced or to be advanced to Sh / Smt. by your
bank.
We, hereby confirm that we shall also duly enter the aforesaid deposit of title deeds in our records
and endorse the same to be deposited in favour of your bank also. We further undertake that on
adjustment of our loans, the said title deeds shall not be handed over to the mortgagors Sh./Smt.
.and shall be returned to your bank or shall be retained
by our corporation on behalf of your bank till further instructions from you.

(i) Loan facility

(ii) Security Property: No.
situated at


(ii) Title Deeds deposited: .
..
..

Thanking you,


Yours faithfully,


FOR ..






Master Cir_Home Loan

86

ANNEXURE-23

TO BE STAMPED AS AN AGREEMENT

INTER SE AGREEMENT

This agreement is made aton this .day of 20 between Oriental
Bank of Commerce, a body corporate constituted under the Banking Companies (Acquisition &
Transfer of Undertakings) Act No.40 of 1980, having its Head Office at E-Block, Harsha Bhawan,
Cannaught Place, New Delhi -110 001 and amongst other branches a branch
at(address) (hereinafter referred to as
The Oriental Bank) of the first part.
AND

(Name of Bank / Institution; its


constitution, address of Regd. Off) (hereinafter referred to as .) of the
Second part.
And

(Name of the Borrower /


Mortgagor)
(hereinafter referred to as The Borrower / Mortgagor) of the third part.

Note: The expressions The Oriental Bank, . and The Borrower /
Mortgagor, unless repugnant to the context, shall include their assigns, nominees, executors,
administrators, successors and legal heirs.

WHEREAS at the request of the Borrower / Mortgagor aforesaid, the Oriental Bank and
the Second Party have granted / agreed to grant the following housing loan facilities to The
Borrower / Mortgagor (hereinafter referred to as The credit facilities):-
(Indicate all facilities to be covered by pari passu / first / second charges)

Institution Facility Sanctioned Limit/Amount
Oriental Bank


AND WHEREAS the Borrower / Mortgagor has created charge on his/her/their house/plot
situated at ..in favour of
the Second Party vide mortgage created / executed on ..as security for the
repayment of the loan amount of the aforesaid credit facilities, extended by the Second Party and
interest, cost, expenses, and other charges payable to the Second Party in terms of loaning and
security documents executed by the borrower/mortgagor in favour of the Second Party.

AND WHEREAS the Borrower / Mortgagor with the consent of the Second Party has also created
charge on the same house / flat of the Borrower/Mortgagor situated at
.in favour of the Oriental Bank also vide Regd./ registered /
equitable mortgage created / executed on .as security for the due repayment of the
Master Cir_Home Loan

87
loan amount of the aforesaid credit facilities extended by the Oriental Bank along with interest cost,
expenses, and other charges payable to the Oriental Bank in terms of loaning and security
documents executed by the borrower / mortgagor in favour of The Oriental Bank.

AND WHEREAS it has been agreed by and between all the parties that the charges as aforesaid
created / to be created in favour of the Second Party and the Oriental Bank * stand pari passu to
each other or ** charge of the Oriental Bank as second charge holder is subject to and sub
servient to the charge of the Second Party as first charge holder.

AND WHEREAS pursuant to the said agreement by and between the parties with a view to
defining rights and obligations interse, the parties have agreed to enter into this agreement.

NOW THIS AGREEMENT WITNESSETH AND THE PARTIES AGREE TO AS FOLLOWS:
1. That the Second Party and the Oriental Bank at the request of the Borrower / Mortgagor have
granted / shall grant / continue to grant to the Borrower / Mortgagor the credit facilities
aforementioned.
2. That notwithstanding any thing to the contrary contained in or by virtue of the security
documents, the charge created aforesaid in favour of the Oriental Bank shall rank * pari passu
or ** as second charge subject to and sub-servient to the charge created in favour of the
Second Party as first charge holder.
3. That in the event of the mortgaged security being realized howsoever, and in whatsoever
manner, the proceeds of such realization including moneys received from insurance companies
or otherwise in respect of the security remaining after deducting there from the cost, charges
and expenses incidental to such realization shall be appropriated towards or in satisfaction of
indebtedness of the borrower / mortgagor in respect of credit facilities * in the first instance due
and outstanding to the Second Party (the first charge holder) and thereafter the balance, if any,
shall be available for and be appropriated to the outstanding indebtedness or liabilities of the
borrower / mortgagor in respect of the credit facilities as aforesaid availed from the Oriental
Bank or ** by the Second Party and the Oriental Bank as pari passu charge holders
proportionately on pari passu charge bases.
(* /** Delete whichever is not applicable)
Such indebtedness means the amount outstanding under the said credit facilities and the interest
due thereon upto the date of realization of the security whether actually debited or not to the said
accounts together with any cost and charges whether actually debited or not.
4.That the Second Party and the Oriental Bank shall give each other the information and other
periodical data received from the borrower /mortgagor from time to time and shall keep each other
informed about the total outstanding dues from the borrower / mortgagor from time to time.


5. That all the moneys received by the Second Party or The Oriental Bank
(a) by realization of the mortgaged property from the insurers in respect of the insurance
of the mortgaged / charged security and / or
(b) in any other manner from the mortgaged/charged security,shall be held by the
Second Party and / or the Oriental Bank as the case may be, for and on behalf of
each other and shall be paid and appropriated in the manner as indicated and agreed
to above in these presents.
Master Cir_Home Loan

88
6. That the Second Party and the Oriental Bank shall inform each other before taking any
steps to take possession or realization or enforce the mortgaged charged security. The proceeds
of any realization in such legal proceedings shall be available for and be appropriated in the
manner indicated and agreed to in these present.
7. That the title deeds of the mortgaged properties deposited by the Borrower / Mortgagor with
the Second Party with the intention of creating registered / equitable mortgage of the said property
as security for the credit facilities granted / to be granted by the Second Party and the Oriental
Bank shall remain in the custody & possession of the Second Party on behalf of both the charge
holders as if the said title deeds are deposited by the Borrower / Mortgagor with both the secured
creditors / charge holders.
8. That in case the dues of the Second Party as one of the pari passu charge holders or as the
first charge holder, as the case may be, are cleared in full by the borrower / mortgagor then the title
deeds of the mortgaged property deposited by the borrower / mortgagor with the Second Party
shall be transferred by the Second Party to the Oriental Bank as other pari passu charge holder or
as the second charge holder and shall thereafter be retained in the possession and custody of the
Oriental Bank for the continued registered / equitable mortgage of the said property as security in
favour of the Oriental Bank and for the credit facilities granted / to be granted by the Oriental Bank
to the borrower / mortgagor.
9.That in case the dues of the Oriental Bank, as one of the pari passu charge holders or as the
second charge holder are cleared in full by the borrower / mortgagor then the title deeds of the
mortgaged property deposited by the borrower / mortgagor with the Second Party will continue to
remain deposited in possession and custody of the Second Party as the other pari passu charge
holder or first charge holder, as the case may be, for continued registered / equitable mortgage of
the said property as security in favour of the Second Party for the credit facilities granted / to be
granted by the Second Party to the borrower / mortgagor.
10. That, on clearance of the dues in full of both the secured creditors and charge holders, the
title deeds of the said property will be returned by the Second Party or the Oriental Bank, in whose
custody and possession the same may be to the borrower / mortgagor who had initially deposited
the said title deeds with the Second Party.
11. That it is stipulated for clarification that in case of realization of any amount against the
subject property from insurance company or from sale / disposal of the said property, any amount
remaining after clearance / satisfaction of the debts of both the Oriental Bank and the Second
Party will be paid to the borrower / mortgagor by the secured creditor who may be holding the
balance amount.
IN WITNESS WHEREOF the parties here to have executed these presents, the day, year above
written.

()
Oriental Bank of Commerce



(..)
(Borrower / Mortgagor)
Master Cir_Home Loan

89
ANNEXURE-24

CONFIRMATION LETTER FOR DEPOSIT OF TITLE DEEDS BY THE BORROWER TO THE
PARI-PASSU/FIRST CHARGE HOLDER

Dated

(to be dated subsequent to date
of entry of mortgage in favour
of Oriental Bank of Commerce)

From (Mortgagor):

Sh. / Smt
.
.

TO:

The Chairman / Managing Director,
.
.
(Pari passu / first charge holder)

Dear Sir,

REG: CREDIT FACILITIES SANCTIONDED TO SH./ SMT


I / we have already deposited with you in your office on .(date of
deposit) the under noted original title deeds of my / our property situated at
. with intent to create mortgage by deposit of title deeds of the
same as security for the following loan facilities allowed or agreed to be allowed by you to us:-
i)
ii)
(loan facilities of pari passu / first charge holder)

The Oriental Bank of Commerce has also at my / our request sanctioned to me / us the
following housing loan facility:-
i)
ii)
(loan facilities of Oriental Bank of Commerce)

3. Your corporation was authorized by the Oriental Bank of Commerce to accept the title
deeds (mentioned herein) by constructive delivery for creation of registered / equitable mortgage
by me / us in favour of Oriental Bank of Commerce and I / we confirm having agreed with you on..
.that the title deeds of my / our aforesaid immovable property already
deposited with you on .. shall continue to be held by and with you as if
deposited with Oriental Bank of Commerce also as security for the repayment of the loan facilities
and moneys advanced / or to be advanced as aforesaid by the Oriental Bank to us and interest,
costs and charges due thereon.

Master Cir_Home Loan

90
LIST OF TITLE DEEDS

1)

2)

PROPERTY COVERED

1)

2)
together with all buildings and other structures, fixtures and fittings, constructed, erected or
embedded thereon or to be constructed, erected or embedded thereon.

Thanking you,

Yours faithfully,


(Mortgagor)


C.C: Oriental Bank of Commerce
BO:-
Master Cir_Home Loan

91
ANNEXURE-25

MEMORANDUM OF ENTRY IN TITLE DEED REGISTER OF ORIENTAL BANK OF COMMERCE
IN CASE OF SECOND CHARGE OVER THE PROPERTY

MEMORANDUM OF ENTRY IN CASE OF
MORTGAGE BY DEPOSIT OF TITLE
DEEDS BY CONSTRUCTIVE DELIVERY


MEMORANDUM OF ENTRY

On the day of ..20 Sh / Smt (name & address of the
mortgagor).. (hereinafter referred to as The
Borrower / Mortgagor) created pari-passu/ first charge over his property located at
in favour
of ( name & address of the pari passu/ first
charge holder) with the intention of and in order to create security by way of mortgage by deposit
of title deeds on the Borrower / mortgagors immovable properties together with the buildings and
other structures, fixtures and fittings, constructed, erected or installed or to be constructed, erected
or installed thereon for securing the due repayment, discharge and redemption by the Borrower /
Mortgagor to pari passu / first charge holder for
its. (details of loan limits of pari passu /
first charge holder) together with interest, additional interest, further interest, interest tax,
liquidated damages, compound interest, commitment charges, cost, charges, expenses and other
monies payable under the respective loan agreement /s.

The Borrower / Mortgagor, Sh / Smt .on today accorded and
gave oral consent to create pari passu/ second charge over the mortgagors immovable properties
already charged with (name & address of pari-
passu/ first charge holder) together with all buildings and structures erected or to be erected
thereon (hereinafter collectively referred to as the said immovable properties) as security also for
the due repayment, discharge and redemption of Housing Loan of Rs..granted to the
Borrower / Mortgagor by Oriental Bank of Commerce together with interest, additional interest,
further interest, interest tax, liquidated damages, compound interest, commitment charges, cost,
charges, expenses and other monies payable under the loan agreement /s as amended from time
to time.





Signature of the Officer/Manager









Master Cir_Home Loan

92

Annexure-26

PROJECT SPECIFIC PROCESS NOTE FOR HAVING
TIE-UP ARRANGEMENT WITH BUILDERS.
REGION________________________

S.No. Particulars Details

1. Name of the Builder

Address : (Office)

(Project Site)










2. Constitution

3. Names of Promoters/Directors/Partners



4.
Checking of Defaulters list of
Bank/RBI/CIBIL etc.


5. Website and e-mail details
(Keep website downloads on records)

6.
Previously completed projects (Through
web and local enquiries)







7. Previous /existing Bankers with whom Tie-
up are made




8. Membership with local Association of
Builders
(Give details)


9. Main Bankers of the Builder
Name of Bank
/Branch/
Title of A/c/
A/c No./
Branch Tel. Nos/
Verification details.

Master Cir_Home Loan

93
10. Specific project for which the Tie-up is
proposed.
Project details:
Number of Houses/flats/ Unit Cost/
Total Project Cost/
Project Financing Bankers if
any(details)/Amount of finance/
Duration of Project completion


11. Plan Approval Details :

Statutory Clearances :


12. Name of Legal Retainer / Advocate
NEC/Index Search / Legal Opinion details


13.
Office and Project Site Visited By :

Observations in detail



14.
Any Other Observations








Signature of appraising officer Signature of Regional Head



















Master Cir_Home Loan

94
Annexure-27

REVISED MODEL LEGAL OPINION
The Manager,
Oriental Bank of Commerce,
_______________ Branch
_____________________.
Dear Sir,
Reg : Title Opinion on the property situated at ____________________
With reference to your letter No.____________ dated___________, I, on the basis of the copies of
title deeds forwarded to me pertaining to the said immovable property and the other information
submitted by you, have conducted a detailed search and investigation and submit my report as
under :
1. Name(s) and Address(es) of the Mortgagor(s) / Title holder(s)

2. Description of immovable property

Plot No. / Property No. Area (in
sq.yds./sq.mtrs/sq.ft.
/ acres/hectares)
Location Boundaries
North
East
South
West

3. The Chain of title deeds scrutinized by me As per Annexure A2 attached
herewith
i) Search in Sub-Registrars Office
(Location of property of the sub-district within which the
property is located and the address of the registering
officer. In case the property is situated in more than one
sub-districts/districts, the particulars of all the concerned
sub-districts/districts and address of the registering
offices to be given)

ii) Search and Investigation
(The search in the records such as index No.1, Index
No.2, Book No.1/Supplementary Book No.1 should be
made atleast for the past 13 years to trace any
encumbrance is created on the property. A brief
narration may be given on the route and chain of title to
the extent of complete chain and how the title is
conferred on the mortgagor. The details of the
books/indexes searched by Advocate to be stated. In the
event of any break in the chain of title, the details thereof
specifying how the break in the chain of title took place to
be stated and opinion as to whether it would vitiate
Banks creation of mortgage over the property be given.
In case of any mortgage, charge or encumbrance
subsists over the property, the same may be highlighted
so that the Bank shall avoid the said property. Confirm
and state that the original title deeds submitted are

Master Cir_Home Loan

95
originals registered before the Registrar of Assurance)
and proper stamp duty has been paid.

III ) Whether the property is ancestral and/or under joint
ownership.
If so, details of the co-parceners /Karta and/or the co-
owners. The respective shares should be incorporated
specifically


IV) Minors delinquent, unsound, untraced persons
interest

(Any minors interest if involved in the property proposed
to be mortgaged or any other claims. If minors interest
is involved what precautions are to be taken to protect
Banks interest as a mortgagee to be stated. Please note
that if the property belongs to a minor, permission of
Court is generally required to create the mortgage over
the property).


V) Documents pending for registration
(The enquiry is to be made whether any document
creating mortgage, charge or encumbrance is pending
for registration in the concerned Sub-
Registrars/Registrars office are to be stated. If so, full
details of such charge etc. of charge holders should be
specified)


5. Whether Urban Land (Ceiling and Regulation) Act
1976 is applicable in State where the property is
located. If applicable whether the immovable
property(ies) fall(s) within the purview of the Act,
verification and investigation should be made under
Section 26, 27 and 28 of the Act to ensure that
mortgagor(s) has / have obtained necessary
permission from the competent authority under the
Act. Documentary evidence showing such
permission is obtained has to be attached with the
report.

6. Whether the property is acquired under the Land
Acquisition Act, 1894 and applicability of other State
Legislations.


7. Leasehold immovable Property (where land /
building is leasehold, please verify the terms of
lease, whether any permission/NOC from the
lessors / competent authority is required for creation
of mortgage of such leasehold property and advice
the precautions to be taken obtaining such property
in mortgage)


Master Cir_Home Loan

96
8. Investigation under Income Tax Act 1961(Any
permission of the concerned Assessing Officer
under any of the provisions of Act is required for
creating mortgage or any Certificate to be submitted
to the Bank to show that no dues are outstanding to
Income Tax Deptt.



9. Investigation in regard to agricultural land
(Investigate and search the necessary records etc.
with specific reference to the land if it is surplus,
self-cultivated, if consolidation of holdings /
acquisition proceedings etc. is in progress in the
area, whether Government loan / any loan raised
against the land and details about the charges /
encumbrances may be specified, specifically with
reference to the Agricultural Land Laws.


10. The details of the certified copies of the revenue
records obtained to confirm that the property in
question has been mutated and no dues are
outstanding against the Mortgagor.

11. Any other special enactment which is applicable to
the property proposed to be mortgaged and affects
the title.

12. If it is a property owned by the Company the
additional safeguards like search before the
Registrar of Companies to be obtained be stated.

13. Whether documents given as chain of title deeds
inspire any doubt / suspicion. Is it curable how?



14. Reason as to why equitable mortgage is not being
created with the branch, where the property is
situated?



15. Whether any bar to create mortgage as in case of
agricultural land in Delhi? Any CLU / house tax /
notification of land vesting in municipal authority?


16. Whether any restriction on sale of property? e.g. J &
K, Uttaranchal & HP etc.

17. Whether any approvals / clearances required or
obtained, detail?


The following documents in addition to documents mentioned in Chain of documents in original as
well as copies as the case may be alongwith additional documents mentioned above, varying from
case to case may also be obtained for creation of valid equitable mortgage by deposit of the title
deeds (varying from case to case).


Master Cir_Home Loan

97
Particulars Comments of Advocate
1. House Tax assessment order pertaining to
property to be mortgaged.

2. Site Plan (sanctioned)
3. House Tax receipt pertaining to property to be
mortgaged

4. Self assessment return form
5. Electricity / Water Bill
6. Copy of PAN Card / Driving License / Passport
etc.

7. Income Tax returns
8. Affidavit of mortgagor as to how he/she is
connected with the account in which he / she is
furnishing his / her property as security.

9. In case of property of Builders, in addition to the
GPA / SPA, Collaboration / Builders Agreement,
the PAN No. & ITCC of Builder, his history, copy
of some regd. Documents and endorsement on
the original sale deed (if retained by original owner
/ builder) be made, if possible, so that previous
document even if retained by the Owner / Builder
cannot be misused.

10. In case the property to be mortgaged is related to
the company, then relevant Resolutions along with
copy of the minutes, MOA / AOA and ROC record
may be obtained

11. . In any case where ever the previous original title
deed is missing or retained by earlier owner, the
original title deed be seen & endorsed or an
affidavit be obtained from the person retaining the
original title deeds, that he will not misuse it.

12. Affidavit that mortgagor deposited title deeds with
intention, has deposited all documents, would not
misuse any document to detriment of bank etc.,
may also be obtained.

13. The stamp duty payable on Oral Assent (if
applicable)

14. NOC / No Dues certificate from lessor / land
authority.

15. In case of leasehold property, the remaining
period of lease, any provision for further renewal
of lease etc. shall be sepecifically mentioned. The
receipt for upto date payment of lease rent shall
be obtained.

16. In case of HUF / Trust, appropriate affidavit be
obtained & further necessary documents be also
obtained. In case of Trust properties, it should
also be mentioned whether permission from
Charity Commissioner or any other competent
authority is required to be obtained.

17. In case of flat belonging to Cooperative Housing
Master Cir_Home Loan

98
Society, necessary further documents i.e. Share
Certificate, No Objection Certificate from Society
after verifying the related records and receipt for
the payment of upto date dues to the Society be
obtained.

18. Since Central Registry u/s 20 of the SARFAESI
Act has been created and notification No.F-
56/5/2007-BO-11 dated 31
st
March 2011 has been
issued, inspection of records of central register
through the website of the Central Registry shall
also be made by the advocate concerned and the
same shall b e stated in the opinion.








































Master Cir_Home Loan

99
Annexure - 28

CERTIFICATE

I hereby certify that I have personally visited the Office of Registrar / Sub-Registrar / Revenue
Authorities and also search the records of Central Registry created under Section 20 of the
SARFAESI Act, 2002 and personally searched and verified the information furnished in this report.
I have compared the Sale Deed dated ________ given to me with the copy of it available in the
Office of Sub-Registrar and have found that both are tallying with each other. I also certify that the
title deeds in respect of the captioned properties are genuine, original and properly executed. The
statement and other information given in the report are correct and true. I certify that Mr. / Ms. /
M/s._________________________ have got a valid, clear, absolute and marketable title over the
property shown above. If Mr. / Ms. / M/s______________________________ personally present
(alongwith identity proof) and deposits the title deeds in original or as mentioned in Schedule I
along with documents mentioned hereunder, with intention to create equitable mortgage, it will
satisfy the requirements of creation of equitable mortgage. The following person/s should be
present personally (alongwith identity proof) to deposit the original title deeds with your Bank /
Branch for creation of equitable mortgage :
..
The following documents shall be obtained at the time of creation of mortgage.
1.

2.

Yours faithfully
Signature of the Empanelled Advocate

Place : _______________

Date : _________________

Chain of Title Deed

Sr.
No.
Registered /
Unregistered
Vendor /
Transferor
Vendee /
Transferee
Date Nature (Original/Copy)
Sale Deed/ Lease
Deed / GPA / SPA /
Will /
Relinquishment Deed
Area / Floor
alongwith site
plan &
Boundings









Signature of the Empanelled Advocate

Master Cir_Home Loan

100

CERTFICATE BY ADVOCATE IN LOAN A/C _________________
(To be obtained after execution of the documents and before release of the financial assistance)
The following facilities have been sanctioned to the captioned borrower:-


Nature of facility Sanctioned amount / limit Documents obtained
1.

2.

3.

*Indicate the nature of facility sanctioned i.e. Cash Credit, Bill Facility, Term Loan, Packing Credit
etc.

I visited the branch today the ______________20 _ and verified the documents of the title as
given in Legal / Search Opinion dated : ________________in respect of the Property bearing
No._____________ situated at ____________________
_______________________________________ and bounded on the East by :
_________________, West by : _____________ North by:_______________ and South by
:______________ deposited by the borrower / guarantor Sh /
Smt._________________________________ to create equitable mortgage in the aforesaid
facilities and certify that the documents delivered to the Branch for creation of equitable mortgage
as mentioned in the mortgage register are the Original and genuine documents constituting
complete chain of title deeds and I do not inspire any doubt or suspicion. I further, certify that the
documents are not coloured Xerox copies of the originals.

I have also examined the aforesaid documents obtained in the abovementioned account(s.
Keeping in view of the terms of sanction and in accordance with enclosed check list, I also certify
that documents obtained by the bank shall cover all the facilities / securities. The documents are
duly stamped and are enforceable before the Court of Law having regard to the terms / conditions
of the sanction.


Yours faithfully

Signature of the Empanelled Advocate

Place : _______________

Date : _________________


A/c______________________________________ B/O_______________________







Master Cir_Home Loan

101
CHECK LIST DOCUMENTATION
GENERAL Comments of the
Advocate
1. Borrowers power for availing loans as per provisions in the
following documents
(a) Memorandum and Articles of Association
(b) Consent of General Meeting
(c) Board Resolutions
(d) Any other document
(Specify)__________________________________________


2. Each facility is supported by loan documents and security
documents/security of loan cum security documents. All other
documents as prescribed or relevant are obtained.

3. Standard loan documents are properly filled up /loan documents
drafted fulfils the requirements as per terms of sanction
(including clauses relating to interest, security etc.). All
inapplicable clauses are deleted & applicable retained.

4. GUARANTEE
When given by Co., whether object clause permits, the
requirements under Sec.295 and Sec.372A (if applicable) are
complied with.

5. SECURITY
Security documents are obtained in terms of sanction. Mortgage
creation is properly done.

6. STAMPING
Stamping is appropriate and as per rate in force.

7. EXECUTION
Loan documents are duly executed by authorised persons /
common seal duly supported by resolution as required under
Article of Association.
The documents are executed by all the executants.

8. ATTESTATION
Wherever required, the same has been done.

9. REGISTRATION
Registration if required is completed.

10. Particulars of charge / modification of charge are duly filled up
and filed in time with ROC.

11. Section 20 of SARFAESI Act Registration of all the properties
charged / mortgaged has been done with the Central Registry.




PLACE : _____________

DATE : ______________ Signature of the Advocate
Master Cir_Home Loan

102

Annexure - 29

ROLE OF ARCHITECTS / VALUERS ON PANEL OF THE BANK ROLE OF VALUERS
1. Field verification of the property to mortgaged with the Bank. The field verification would
specify:

a) The date of visit,
b) Persons contacted during the visit
c) Details of the property verified
d) Mapped location of the property
e) Whether the property is self occupied or given on lease/rent.
f) In case of rented property valuation shall be done on the basis of 11 years lease
rentals.
g) Area in Sq ft./yards/mts.
h) Type of construction
i) Market and Realizable Value of the property
j) In case of built-up property, the valuer will certify that construction of the property is as
per sanctioned plan and completion certificate has been obtained from the competent
authority. The valuer will also certify that residential property is not being used as
commercial property.

2. Builder Check: In case of flats to be purchased from the builders, the valuer shall also
submit a report regarding the credentials of the Builder, details of the project completed/ in
progress of the Builders and his reputation.


3. The certificate issued by the Valuer should also contain an affirmation that property has
been valued for Bank Loan Purpose.





















Master Cir_Home Loan

103
Annexure-30

Note: This is a model Process Note which is illustrative but not exhaustive, that may be
amended as per the requirement of the particular proposal by the field functionaries.

MODEL PROCESS NOTE

ORIENTAL BANK OF COMMERCE
Branch Office,______________________

MEMORANDUM TO THE ____________________________







Date: ____________
FOR APPROVAL
Date of receipt of proposal
Date of receipt of R.O.
recommendations

Date of raising queries
Date of receipt of last reply

1. BORROWERS PROFILE

Name of borrowers
Constitution
Branch/Region
Classification of Advance
Asset Classification
Credit Rating
CIBIL Rating
Date of birth of applicant
Memorandum for
Residence
Works
Banking arrangement
Dealing with our bank
since




Sanctioning Authority
Master Cir_Home Loan

104
2. DETAILS OF FACILITY
(Rs. in Lacs)
Nature of
Facility
Existing
Limit
Present
O/S
Proposed
limit
Irregularity, if
any
Present
ROI
Proposed
ROI
Housing
Loan -
Fresh

Total


3. APPLICANTS PROFILE IN BRIEF


4. VALUE OF ACCOUNT



5. CREDIT FACILITIES SANCTIONED BY OUR / OTHER BANKS


The Credit facilities have been sanctioned to Group concern as under:
(Rs in crores)
Name of the
Group
Concern
Nature of
Limits
Sanction
ed
Amount
Present
O/s
Rate of
Interest
Asset
Classification



6. PRESENT PROPOSAL IN BRIEF

The present proposal is for sanction of a fresh Housing Loan of Rs.___ in favour of ________ for
purchase of a residential property at _________ at a total cost of Rs.____. (Purchase price
Rs.____ plus registration expenses Rs.____)

The ______________ has been recommended for consideration Housing Loan of Rs.____ with
following deviations, if any.

S.No. Particulars Norms Deviation Recommended
1.
2.

7. A) DETAILS OF PROPERTY (FLAT)

The borrower has proposed to purchase property situated at ____________ measuring carpet
area of ___ sq. ft along with all other amenities having purchase price of Rs.____ (including
registration cost).

The Flat/Apartment is to be purchased from _____________


B) ADVOCATES OPINION
Master Cir_Home Loan

105

8. REPAYMENT PERIOD

The repayment period has been computed as under:





Keeping in view of above we may permit maximum repayment period of ____ months including
moratorium period of ___ months.

9. ASSESSMENT OF TERM LOAN (HOUSING)

The details of the total income of the borrowers are as under:
(Rs. in lacs)
Particulars of income Financial Year
20__

Financial Year
20__

Financial
Year20__

Average
of 3 FYs.
Income from salary
Income from Business
Income from Capital Gain
Income from other sources
TOTAL


4) On Margin criteria

Total Cost of the Flat/House
Margin
MPBF

5) Gross Monthly Income Critieria:

Name of the Borrower Gross Monthly salary MPBF





Total Loan eligibility=









Date of birth
Max. Repayment period permitted up to 70 years
Residual repayment available
Maximum permissible repayment period
Master Cir_Home Loan

106
6) Net Take Home Criteria

S.No. Particulars Borrower
Name
Borrower
Name
Borrower
Name
Borrower
Name
a. Age
b. Repayment Years
c. Gross Annual
Income

d. Gross Monthly
Income

e. Net take
Home(%age)

f. Net take Home
g. Monthly Net take
Home (d-f)

h. Monthly Deductions
i. Fund Available for
EMI (g-h)

j. EMI per Lac
MPBF

Total Loan eligibility= Rs._________

Hence, on the basis of whichever is less criteria the maximum permissible loan in this case shall
be Rs._____


10. RECOMMENDATIONS FOR MPBF

The ____________ has recommended loan limit of Rs _____. In view of the above computation,
the maximum permissible limit comes to Rs. ____ say Rs.____ on the basis of _______________.
As such we may consider home loan limit of Rs._____ in favour of applicant.

The following assumption/deviation has been taken into account on the basis of recommendation
for deviation received from ___________

11. OBSERVATIONS OF THE PRE- SANCTION VISIT



12. RBI /BANK POLICY ON FINANCING INDUSTRY:

There are no restrictions as per RBI/Banks policy guidelines for such type of advance. Our Banks
policy also states to consider proposed loan on usual terms and conditions and no restriction is
imposed.




Master Cir_Home Loan

107

13. ANY CONCESSION/RELIEF BY WAY OF MARGIN /COMMISSION/ INTEREST.

Particulars Norms as per scheme Deviations / concessions sought





14. OUR OBSERVATIONS ON RECOMMENDED DEVIATION

a)


b)


15. RECOMMENDATIONS

In view of the foregoing and favorable recommendations of ________________ we may, if
approved, convey our sanction with deviation (if any) for housing loan of Rs _____ on following
terms & conditions:-

(A) Deviations (if any)

Particulars Norms as per
scheme
Deviations / concessions recommended





(B) Terms of Sanction

Nature of Facility Term Loan - Fresh Housing Loan
Amount of Loan Rs ____(Rupees ______ only)
Classification Housing Loan - Priority/Non priority Sector
Security Registered/Equitable Mortgage of _________ situated at
_________________________ to be purchased from
______________ at a purchase price/cost of Rs._____.

The Branch shall ensure to create the valid registered/equitable
mortgage in favour of the bank as per the legal opinion of bank's
counsel.
(During Construction Period, in the absence of E.M, Tripartite
Agreement between Builder, Borrower and the Bank be made).
Rate of Interest Base rate + ___% = ____% p.a. (floating) (Present Base Rate is
____%) with monthly rests subject to changes in base rate /
Spread announced by the Bank / RBI from time to time.

Penal Interest @ 2.00 p.a. over & above the applicable rate shall
be charged for irregular amount and for the period of irregularity.
Master Cir_Home Loan

108
Intimation of change in Interest Rate:-
The borrower shall be deemed to have notice of changes in the
rate of interest whenever there are changes in Base Rate either
increase or decrease in interest rates. By display of Base Rate on
the Notice Board of the Branch or published in news papers or
made through entries of the interest rate charged in the
passbook/statement of account furnished to the borrower and the
borrower is liable to pay such revised rate of interest.
Margin
(Minimum __%)
__ %. The borrower shall contribute margin / the difference of loan
amount and purchase price, before release of the loan.
Process Fee 0.50% of the loan amount with max. ceiling of Rs.12,500/- + ST
Bounced
cheque/ECS or SI
dishonours:-
A penalty of Rs 250/- + service tax will be charged for every
bounced cheque/ECS or SI dishonors related to payment of EMI.
The rate may vary from time to time.
Repayment
Schedule
a) The loan shall be repaid in ___ EMI of Rs. ____ each
commencing from ___ months. The instalment amount may
vary from time to time on the eventuality of changes in our
base rate.
b) The accrued monthly interest shall be served in the first week of
following month, during the moratorium of ___ months.
c) Moratorium period -___ months from the date of first
disbursement.
Disbursement
Schedule
A. The payment shall be made as per demand schedule of the
builder/Vendor ____________________, directly through pay
order/Draft/RTGS after obtaining requisite margin from the
borrower.
B. The cost of registration expenses shall be released in
consultation with Banks advocate at the time of registration of
the flat.
Insurance The flat shall be got insured under agreed bank clause. The
insurance premium shall be borne by the party.
Inspection The flat shall be inspected by Bank Official on half-yearly or
oftener on irregular interval with prior intimation to the party. The
party will authorize the bank officials to conduct such inspection.

16. GENERAL TERMS AND CONDITIONS

1. Prior to release of facility branch shall ensure that a fresh search certificate cum legal opinion
be obtained from Banks panel advocate confirming that the requisite search has been made in
the books of registrar and the builder has derived the right to sell / ownership to execute
agreement to sale in favour of subject borrower.(if applicable)

2. A fresh valuation certificate be obtained from bank's penal valuer, confirming that the valuation
is equal to or more than the present valuation of immovable property. .(if applicable)

3. Prior to release of facility branch shall ensure that all the documentation formalities are
completed and mortgage documents is obtained as per the directives of advocate. Documents
shall be got vetted from the Bank's legal retainer. BCC shall be submitted within 15 days of
disbursement of the credit facilities.
Master Cir_Home Loan

109
4. Prior to release of facility a letters of declaration from the sellers and the borrower that the said
property is not subject to any charge/lien to any bank/ financial institution / authority and the
society and (i) borrower has not raised any loan against the said flat, (ii) the said plot/flat is not
located in an unauthorized colony (iii) that the said plot /flat is for residential use and shall not
be used for commercial purpose.

5. Prior to release of credit facility, the branch shall ensure that the proposed residential property
is in conformity the applicable statutory/non statutory and regulatory guidelines applicable to
the project. An affidavit cum undertaking be obtained from borrower that the built up property
has been constructed as per the sanctioned plan and /or building bye laws. Architects
Certificate in this regard shall also be obtained.

6. The borrower shall during the entire currency of the loan, maintain the house in good condition
at his own cost and keep the same free from all encumbrances, pay all taxes and other
statutory dues and that he will permit any representative of the bank to inspect the property
from time to time at the banks option/discretion with advance intimation to the borrower.

7. Branch shall obtain post-dated cheques (minimum 48 monthly installments at a time) along with
undertaking from the borrower as per specimen under housing finance scheme.

8. Pre-payment penalty of 2% shall be charged on account of shifting of loan from our bank to
other Bank / Financial Institution. An undertaking to this effect be obtained and kept on record.

9. All other conditions as circulated by Head Office vide its circular dated 11.4.2000, 01.07.2002
and further amendments thereon, pertaining to above scheme / loan shall strictly be complied
with.

10. The terms of Central Registry System communicated vide H O Circular no. HO/RMD/25/2011-
12 dated 17.06.2011 shall be meticulously complied with by Branch.

11. All other undertaking as per Annexure A shall be obtained and other conditions as per
Annexure B shall be duly complied with.



(xxxxxxx) (xxxxxxxx) (xxxxxxxx)
Designation Designation Designation
(Deptt.) (Deptt.) (Deptt.)


The proposal was placed and discussed in the Credit Approval Grid of the _____ in its
meeting held on ---------


Signature

Designation

Master Cir_Home Loan

110
ANNEXURE A


VARIOUS UNDERTAKINGS TO BE OBTAINED FROM THE BORROWER ON LETTER PAD


The branch shall obtain suitable undertakings from the borrower with regard to the
following:

1. The names of Borrowers do not figure in any list of defaulters circulated by RBI or any Bank
and Financial Institution nor their names as partners/directors appear in caution list issued by
RBI/ECGC/DGFT etc.

2. That all required Statutory and/or Regulatory permissions or guidelines from local or other
competent authorities have been obtained (as applicable).

3. An undertaking shall be obtained from the borrowers (mortgager) that no dues of tax are
outstanding against them.

4. To issue appropriate undertaking / affidavits / certificates as the Bank may require from time to
time certifying that the funds comprising of entire amount of loan / facility / sum due / amount
outstanding in the account have been used exclusively for the purpose for which they were
obtained and the same have not been diverted / siphoned and no misrepresentation has been
caused of any kind or accounts falsified/any fraudulent transaction have been carried out etc.

5. To keep the Bank informed of the happening of any event likely to have a substantial effect on
their income.

6. Not to create any further charge, lien or encumbrance over the assets and properties of the
company to be charged to the bank in favour of any other bank, financial institution, Company,
firm or person.

7. The party shall undertake to manage his expenses with take home income of 30% as the
deviation is allowed on his request.

Master Cir_Home Loan

111

ANNEXURE B


OTHER GENERAL TERMS & CONDITIONS OF SANCTION


1) Satisfactory CRs shall be obtained from other Banks from whom the borrower/ associates
are enjoying / sanctioned credit facilities and it shall be ensured that the account is a
Standard Asset with them, before release of limit.

2) An undertaking shall be obtained from the owners of the properties mortgaged to the Bank
that there are no arrears of tax including interest leviable thereon under various provisions
of Income Tax Act, against them.

3) All statutory and/or Regulatory permissions or guidelines from local or other competent
authorities shall be obtained by the branch/borrower (as applicable).

4) Advance / Facility sanctioned shall be used for the specific purpose for which it is
sanctioned and not for any other purpose. End use of the funds/facility shall be ensured by
the Branch.

5) In terms of HO Circular No.HO/R&L/14/2001-02/355 dated 09.02.2002, an affidavit and
undertaking about the names, age and address of legal heirs of the borrower /
obligants / guarantors shall be obtained, which shall be recorded and updated from
time to time.

6) In terms of HO Circular No.ADV/17/2004-05 dated 29.05.2004 necessary documents /
declaration from the borrower/guarantor pertaining to Credit Information Bureau of
India (CIBIL) shall be obtained.

7) The credit facilities sanctioned to the borrower should be availed within a period of six
months of the date of sanction failing which the sanction shall lapse.

8) Bank reserves the right to withdraw the sanction at any time in case any new facts etc come
to light.

9) It shall be ensured that all the papers obtained from the borrower /( in pre and post sanction
phase) are duly signed by the authorized signatory.

**************











Master Cir_Home Loan

112

ORIENTAL BANK OF COMMERCE
Branch Office, _____________________ Date:___________

MINUTES OF THE MEETING OF THE CREDIT APPROVAL GRID OF DGMs HELD ON
________


The meeting of 'Credit Approval Grid of _____ ' was held on _______. The following proposals
were discussed and decisions were taken as under:

Proposals discussed Decision taken

Fresh Housing Loan Proposal of Rs _____ in favour
of Sh. ___________

Recommended for -
To sanction fresh
Housing Loan of
Rs_____.





Signature
Designation


Signature
Designation






Signature
Designation


Signature
Designation



















Master Cir_Home Loan

113
Annexure-31

Note: This is a model Sanction Letter which is illustrative but not exhaustive, that may be
amended as per the requirement of the particular proposal by the field functionaries.


MODEL SANCTION LETTER


ORIENTAL BANK OF COMMERCE
Branch Office,______________________

Note: The covering letter addressed to party conveying sanction of home loan shall incorporate
the following:
Date:____________
TERMS & CONDITIONS OF SANCTION

Name of Borrower
Branch/Region
Date of sanction
Memorandum for

(C) Deviations

Particulars Norms as per scheme Deviations approved












(D) Terms of Sanction

Nature of Facility Term Loan - Fresh Housing Loan
Amount of Loan Rs ____ (Rupees _______________ only)
Classification Housing Loan - Priority/Non priority Sector
Security Registered/Equitable Mortgage of _________ situated at
_________________________ to be purchased from ______________
at a purchase price/cost of Rs._____.

The Branch shall ensure to create the valid registered/equitable
mortgage in favour of the bank as per the legal opinion of bank's
counsel.
(During Construction Period, in the absence of E.M, Tripartite
Agreement between Builder, Borrower and the Bank be made).
Master Cir_Home Loan

114
Rate of Interest Base rate + ___% = ____% p.a. (floating) (Present Base Rate is
____%) with monthly rests subject to changes in base rate / Spread
announced by the Bank / RBI from time to time.

Penal Interest @ 2.00 p.a. over & above the applicable rate shall be
charged for irregular amount and for the period of irregularity.

Intimation of change in Interest Rate:-
The borrower shall be deemed to have notice of changes in the rate of
interest whenever there are changes in Base Rate either increase or
decrease in interest rates. By display of Base Rate on the Notice Board
of the Branch or published in news papers or made through entries of
the interest rate charged in the passbook/statement of account furnished
to the borrower and the borrower is liable to pay such revised rate of
interest.
Margin
(Minimum ____%)
__ %. The borrower shall contribute margin / the difference of loan
amount and purchase price, before release of the loan.
Process Fee 0.50% of the loan amount with max. ceiling of Rs.12,500/- + ST
Bounced
cheque/ECS or SI
dishonours:-
A penalty of Rs 250/- + service tax will be charged for every bounced
cheque/ECS or SI dishonors related to payment of EMI. The rate may
vary from time to time.
Repayment
Schedule
a) The loan shall be repaid in ___ EMI of Rs. ____ each commencing
from ___ months. The instalment amount may vary from time to time
on the eventuality of changes in our base rate.
b) The accrued monthly interest shall be served in the first week of
following month, during the moratorium of ___ months.
c) Moratorium period -___ months from the date of first disbursement.
Disbursement
Schedule
A. The payment shall be made as per demand schedule of the
builder/Vendor ____________________, directly through pay
order/Draft/RTGS after obtaining requisite margin from the borrower.
B. The cost of registration expenses shall be released in consultation
with Banks advocate at the time of registration of the flat.
Insurance The immovable/flat shall be got insured under agreed bank clause. The
insurance premium shall be borne by the party.
Inspection The flat shall be inspected by Bank Official on half-yearly or oftener on
irregular interval with prior intimation to the party. The party will
authorize the bank officials to conduct such inspection.

GENERAL TERMS AND CONDITIONS

1. Prior to release of facility branch shall ensure that a fresh search certificate cum legal opinion
be obtained from Banks panel advocate confirming that the requisite search has been made in
the books of registrar and the builder has derived the right to sell / ownership to execute
agreement to sale in favour of subject borrower.
2. Prior to release of facility branch shall ensure that all the documentation formalities are
completed and mortgage documents is obtained as per the directives of advocate. Documents
shall be got vetted from the Bank's legal retainer. BCC shall be submitted within 15 days of
disbursement of the credit facilities.

Master Cir_Home Loan

115
3. Prior to release of facility a letters of declaration from the sellers and the borrower that the said
property is not subject to any charge/lien to any bank/ financial institution / authority and the
society and (i) borrower has not raised any loan against the said flat, (ii) the said plot/flat is not
located in an unauthorized colony (iii) that the said plot /flat is for residential use and shall not
be used for commercial purpose.
4. Prior to release of credit facility, the branch shall ensure that the proposed residential property
is in conformity the applicable statutory/non statutory and regulatory guidelines applicable to
the project. An affidavit cum undertaking be obtained from borrower that the built up property
has been constructed as per the sanctioned plan and /or building bye laws. Architects
Certificate in this regard shall also be obtained.
5. The borrower during the entire currency of the loan shall maintain the house in good condition
at his own cost and keep the same free from all encumbrances, pay all taxes and other
statutory dues and that he will permit any representative of the bank to inspect the property
from time to time at the banks option/discretion with advance intimation to the borrower.
6. Branch shall obtain post-dated cheques (minimum 48 monthly installments at a time) along with
undertaking from the borrower as per specimen under housing finance scheme.
7. Pre-payment penalty of 2% shall be charged on account of shifting of loan from our bank to
other Bank / Financial Institution. An undertaking to this effect be obtained and kept on record.
8. All other conditions as circulated by Head Office vide its circular dated 11.4.2000, 01.07.2002 &
06.07.2011 and further amendments thereon, pertaining to above scheme / loan shall strictly be
complied with.
9. All other undertaking as per Annexure A shall be obtained and other conditions as per
Annexure B shall be duly complied with.



Branch Manager ________________


Branch Office __________________


















Master Cir_Home Loan

116

ANNEXURE A



VARIOUS UNDERTAKINGS TO BE OBTAINED FROM THE BORROWER ON LETTER PAD

The branch shall obtain suitable undertakings from the borrower with regard to the following:

1. The names of Borrowers do not figure in any list of defaulters circulated by RBI or any Bank
and Financial Institution nor their names as partners/directors appear in caution list issued by
RBI/ECGC/DGFT etc.

2. That all required Statutory and/or Regulatory permissions or guidelines from local or other
competent authorities have been obtained (as applicable).

3. An undertaking shall be obtained from the borrowers (mortgager) that no dues of tax are
outstanding against them.

4. To issue appropriate undertaking / affidavits / certificates as the Bank may require from time to
time certifying that the funds comprising of entire amount of loan / facility / sum due / amount
outstanding in the account have been used exclusively for the purpose for which they were
obtained and the same have not been diverted / siphoned and no misrepresentation has been
caused of any kind or accounts falsified/any fraudulent transaction have been carried out etc.

5. To keep the Bank informed of the happening of any event likely to have a substantial effect on
their income.

6. Not to create any further charge, lien or encumbrance over the assets and properties of the
company to be charged to the bank in favour of any other bank, financial institution, Company,
firm or person.





















Master Cir_Home Loan

117

ANNEXURE B


OTHER GENERAL TERMS & CONDITIONS OF SANCTION


1) Satisfactory CRs shall be obtained from other Banks from whom the borrower/ associates
are enjoying / sanctioned credit facilities and it shall be ensured that the account is a
Standard Asset with them, before release of limit.

2) An undertaking shall be obtained from the owners of the properties mortgaged to the Bank
that there are no arrears of tax including interest leviable thereon under various provisions
of Income Tax Act, against them.

3) All statutory and/or Regulatory permissions or guidelines from local or other competent
authorities shall be obtained by the branch/borrower (as applicable).

4) Advance / Facility sanctioned shall be used for the specific purpose for which it is
sanctioned and not for any other purpose. End use of the funds/facility shall be ensured by
the Branch.

5) In terms of HO Circular No.HO/R&L/14/2001-02/355 dated 09.02.2002, an affidavit and
undertaking about the names, age and address of legal heirs of the borrower /
obligants / guarantors shall be obtained, which shall be recorded and updated from
time to time.

6) In terms of HO Circular No.ADV/17/2004-05 dated 29.05.2004 necessary documents /
declaration from the borrower/guarantor pertaining to Credit Information Bureau of
India (CIBIL) shall be obtained.

7) The credit facilities sanctioned to the borrower should be availed within a period of six
months of the date of sanction failing which the sanction shall lapse.

8) Bank reserves the right to withdraw the sanction at any time in case any new facts etc come
to light.

9) It shall be ensured that all the papers obtained from the borrower / (in pre and post sanction
phase) are duly signed by the authorized signatory.

**************











Master Cir_Home Loan

118
LIST OF CIRCULARS REFERED FOR UPDATION OF ORIENT HOME LOAN SCHEME
S.No Date Circular Number
Subject of Circular
Amendments in many particulars
1 11.04.2000 Circular No.HO:RD:1:2000-01:4 Individual Housing Loan Scheme
2 01.07.2002 Circular No.HO:RD:10:2002-03:112
Individual Housing Loan Scheme for General
Public-Latest amendments& consolidation of
guidelines already in vogue
3 30.07.2003 Circular No.HO:ADV:33:2003-04:160 Housing Finance- Policy Initiatives
4 01.10.2003 Circular No.HO:ADV:46:2003-04:236
New Housing Loan Scheme for Employees of
Govt.semi Govt.PSU.PS Banks.Reputed
Private Sector Companies
5 15.01.2004 Circular No.HO:SL&PS:47:2003-04:367 Housing Finance- New Measures
6 01.04.2004 Circular No.HO:SL&PS:1:2004-05:02
Housing.Retail Lending Schemes- Clarification
on inspection Charges
7 27.05.2004 Circular No.HO:SL&PS:2:2004-05:76
Housing Finance- classification of advances in
terms of priority.non-priority, Moratorium
Period-recovery of interest, Inspection Charges
& Process Fee.Insurance.
8 05.10.2005 Circular No.HO:SL&PS:64:2005-06:268
Modification and additions in the existing
Housing Loan Scheme
9 05.02.2005 Circular No.HO:SL&PS:94:2004-05:425
Housing Loan; Revision In rate of interest
under earnest money Loan scheme and
clarifications on classification of Earnest
Money scheme, Charging of Rate of interest
under special Festival Offer; Financing against
Registration Charges
10 07.10.2006 Circular No.HO:SL&PS:67:2004-05:319
Festival Season - Concessions in rate of
interest, process fee; enlarging scope of cross
selling.
11 24.05.2007 Circular No.HO:SL&PS:67:2004-05:319
Modification and additions in the existing
Housing Loan Scheme
12 19.09.2007 Circular No.HO:SL&PS:60:2007-08:272 Revision in process fee
13 29.09.2007 Circular No.HO:SL&PS:26:2007-08:88
Modification in festival bonanza and revision in
process fee in retail credit.
14 26.09.2008 Circular No.HO:SL&PS:69:2007-08:342
Amendments/clarifications in the existing
Home Loan Scheme
15 18.12.2008
Circular No.HO:RDRPSCD:98:2008-
09:511
Amendments in fresh Home Loan upto
Rs.20.00 Lac
16 26.09.2011 MKTG/RT/26/2011-12/447 Festival Bonanza-28.09.11 to 31.12.11
17 07.02.2012 MKTG/RT/58/2011-12/782 Component of finance only cost not Reg/stamp
18 31.01.2012 MKTG/DIT/24/2011-12/792 Generation of interest certificate.
19 01.03.2012 HO/IBD/117/2011-12/856 Purchase of immovable property in India
20 08.02.2012 HO/M&R/60/2011-12/1803 Interest switch over option
Prepayment
1 21.04.2003 Circular No.HO:RD:2:2000-01:25
Preponment of Repayment in Existing
Accounts and Adjustment of interest Rates-
Housing Loan
2 09.03.2012 HO/M&R/63/2011-12/849
Recovery of EMI through ECS/SI-Green
Concept
NPA & Frauds
1 26.03.2004 Circular No.HO:SL&PS:61:2004-05:455
Housing Loan Prevention of frauds:pre.post
sanction follow up
2 16.04.2007 Circular No.HO:SL&PS:08:2006-07:25 NPAs in retail loans including Housing Loans
3 12.01.2007 Circular No.HO:SL&PS:102:2006-07:476 Prevention of Frauds in Housing Loans
4 02.02.2007 Circular No.HO:SL&PS:107:2006-07:476 Prevention of Frauds in Housing Loans
5 26.07.2007 Circular No.HO:SL&PS:39:2007-08:175
Prevention of Frauds in Housing Loans
Master Cir_Home Loan

119
Staff Housing Loan Policy
1 05.08.1992 Circular No.PER.49.30.92.123
Additional Housing Loan to officers as per new
model housing loans scheme.
2 11.08.2003 Circular No.PER.60.49.2003.174
Housing loan to staff under general public
scheme
3 05.05.2009 Circular No.HO:RDRPSCD:07:2009-10:59
Classification of Housing Loan to Employees
(Staff) under the housing loan policy for
general public.
4 29.07.2010 Circular No.HRD:68:31:2010-11:308 Staff house loan policy- revision
Loan to Overseas Citizens
1 23.07.2007 Circular letter No.HO:SL&PS:6395
Housing Loan to Overseas Citizen of India

Rescheduling of Retail Credit Loan accounts
1 04.10.2006 Circular No.HO:SL&PS:63:2005-06:300
Rescheduling of Retail Credit Loan accounts
including Housing loan.
Margin
1 07.02.2007 Circular No.HO:SL&PS:110:2006-07:514
Increase in margin on home loans above
Rs.20 lac
Loan Against Mortgage of Immovable property
1 08.04.08 Circular No.HO:ADV:3:2008-09:14
Streamlining the procedure of loans against
mortgage of immovable property. Housing
loans
Disbursement
1 12.11.2002 Circular No.HO:RD:25:2002-03:308
Housing Finance scheme: modifications.
Clarifications (release of instalment in case of
construction of house. Floor & discretionary
power in case of take over housing loan from
other Bank.FIs
2 11.10.08
CircularNo.HO:RDRPSCD:75:2008-
09:379 Housing Loans
Earnest Money Scheme
1 26.10.2004 Circular No.HO:SL&PS:59:2004-05:291
Housing Loan Earnest Money Finance
Scheme
2 11.01.2005 Circular No.HO:SL&PS:84:2005:386
Earnest Money Finance Scheme Housing
Loan
3 09.03.2005 Circular No.HO:SL&PS:106:2005
Earnest Money Finance Scheme Housing
Loan
4 05.02.2005 Circular No.HO:SL&PS:94:2004-05:425
Revision in rate of interest under earnest
money scheme loan scheme and clarifications.
5 12.10.2006 Circular No.HO:SL&PS:68:2006-07:327
Earnest Money Finance to officers. Employees
of the Bank
6 11.01.2005 Circular No.HO:SL&PS:84:2005:386
Earnest Money Finance Scheme Housing
Loan
7 26.10.2004 Circular No.HO:SL&PS:59:2004-05:291
Earnest Money Finance Scheme Housing
Loan
Classification
1 18.10.2004 Circular No.HO:SL&PS:57:2004-05:286
Priority sector lending- clarification on
classification of advances to housing and food
agro based processing units
2 15.03.2007 Circular No.HO:SL&PS:126:2006-07
Classification of advances of home loans
under priority sector
Purpose
1 07.07.2006 Circular No.HO:SL&PS:38:2006-07: Housing loan scheme clarifications
2 21.11.2006 Circular No.HO:SL&PS:77:2006-07:382
Housing loan compliance of Delhi high court
directives

3 28.11.2008
Circular No.HO:RDRPSCD:92:2008-
09:475
compliance of Delhi high court directives in
housing loan accounts
Master Cir_Home Loan

120
Pre.post sanction follow-up
1 28.05.2009
Cirletter No.HO:RDRPSCD:RCP:EL:5:
2009-10 Housing Loan pres .post sanction follow up
Home Furnishing
1 16.07.2004 Circular No.HO:SL&PS:34:2004-05:146
Scheme for home furnishing clarification.
Modification
Income criteria for Farmers
1 24.03.2005 Circular No.HO:SL&PS113:2004-05:479
Change in income criteria for farmers
(horticulture & other medicinal Crop growers)
under Housing Loan scheme.
Discretionary powers
1 29.12.2006 Circular No.HO:SL&PS:93:2006-07:479
Discretionary powers of Branch Incumbents for
home loans above Rs.20 lac
2 08.08.2009
Circular No.HO:RDRPSCD:54:2009-
10:257
Restoration of discretionary powers of regional
heads for take over of home loan accounts
from other banks.FIs
3 28.05.2011 Circular No. HO/ RMD/ 23 /2011-12 / 138
Revision in Discretionary Power Chart for
Loans & Advances
Take over
1 04.08.2006 Circular No.HO:SL&PS:47:2004-05:198
Takeover of Housing Loan accounts from other
Banks
Repayment
1 09.03.2011 Circular No. HO/CMC/136/2010-11/850
EXTENSION IN REPAYMENT PERIOD OF
RETAIL LOANS REPAYABLE BY EMI
CONSEQUENT UPON UPWARD CHANGE IN
RATE OF INTEREST ON THE LOAN WITH
EMI REMAINING UNCHANGED
2 07.12.11 MKTG/RT/44/2011-12/640
Extension in repayment period.
Valuation Report
1 09.05.2011 Circular No. HO/ RMD/ 11 / 74 /2011-12
REVISED FORMAT OF VALUATION
REPORT FOR VALUATION OF
IMMOVEABLE PROPERTY CHARGED TO
THE BANK AS PRIMARY / COLLATERAL
SECURITY
2 24.11.11 MKTG/RT/39/2011-12/596
Home Loan-Valuation-Counter /checking
3 05.12.11 HO/RMD/51/2011-12/626 Valuation of immovable property.
Legal Opinion & Vetting
1 09.05.2011 Circular No. HO/ RMD/ 10 / 73 / 2011-12
REVISION OF A) MODEL LEGAL OPINION
FORMAT ( NEC), B) VETTING CERTIFICATE
Tie Up
1 06.05.2011 Circular No. HO/ RMD/ 8 /2011-12
Sanction of Housing Loans for purchase of
House/Flat constructed by Builders.
2 19.09.11 MKTS/ RT/ 24 /2011-12/430
Tie-up with builders- 7 days
3 28.11.11 MKTG/RT/43/2011-12/631
Amendment in Tie-up and waiver of
prepayment penalty
RBI
1 03.07.2004 DBOD.(IECS) No. 47/03.27.25/2004-05
Moratorium Period for consturuction of house
on said plot
2 07.07.2009 DBOD.BP.No. 502 / 08.12.015/ 2008-09 Commercial Real Estate (CRE) Exposures
3 03.02.2012 DBOD.BP.No. 78/08.12.001/2011-12 Loan to Value Ratio (LTV)
HUF
1 06.04.11 Circular No.HO:CAD:3:2011-12:18 Discouraging of financing of HUF entities
CENTRAL REGISTRY
1 17.06.11 Circular No. HO/RMD/ 25 /2011-12/ Registration of Mortgage.
2 24.11.11 MKTG/RT/40/2011-12/603 Non-Registration of Mortgaged property

Das könnte Ihnen auch gefallen