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PUNJAB NATIONAL BANK RAD CIRCULAR No.

63/2016
RETAIL ASSETS DIVISION: HEAD OFFICE:
ATMARAM HOUSE, 1 TOLSTOY MARG, NEW DELHI
Email: rad@pnb.co.in
10.08.2016

In supersession of RAD Circular No.: GIST


63 dated 15.07.2015, 74 dated 31.07.2015, Housing Finance Scheme for Public
89 dated 18.09.2015, 98 dated 12.10.2015, - Consolidated Guidelines
04 dated 15.01.2016, 16 dated 30.03.2016
and 25 dated 21.04.2016.

TO ALL OFFICES

RETAIL ASSETS DIVISION CONSOLIDATED CIRCULAR NO.: 63/2016


HOUSING FINANCE SCHEME FOR PUBLIC

Detailed guidelines regarding HOUSING FINANCE SCHEME FOR PUBLIC have been
issued vide RAD Circular No.63 dated 15.07.2015 and subsequent circulars issued on the
subject from time to time.

2. To obviate frequent references, the instructions advised through aforesaid Circulars


containing guidelines on Housing Finance Scheme for Public have been consolidated and
are available as at Annexure- 1.

3. It may, however, be noted that Retail Assets Division, Head Office deals with matters
pertaining to Direct Housing Finance.

4. All concerned are advised to go through the guidelines carefully and ensure meticulous
compliance of the same.

(Naveen Kumar)
GENERAL MANAGER

Encl: As above
INDEX: HOUSING FINANCE SCHEME FOR PUBLIC
RAD CIRCULAR No. 63/2016 dated 10.08.2016
ANNEXURE

S.N. PARTICULARS ANNEXURE


1 HOUSING FINANCE SCHEME FOR PUBLIC 1
2 CRITERIA FOR APPROVAL OF PRIVATE A
BUILDERS AND THEIR UNDER CONSTRUCTION
PROJECTS
3 DIRECTIVES OF HIGH COURT OF DELHI B
4 GUIDELINES FOR ENTRUSTING WORK TO C
ARCHITECTS/ADVOCATES/VALUERS
5 RISK WEIGHT ON HOUSING FINANCE D
6 CLASSIFICATION OF HOUSING LOANS AS E
PRIORITY SECTOR AND VARIOUS REGULATIONS
ISSUED BY RBI
7 RATE OF INTEREST ON HOUSING LOAN FROM F
01.07.2000 ONWARDS
8 ILLUSTRATIVE CHECKLIST OF DOCUMENTS G
9 DOCUMENTS H
10 EMI CHART I
RAD CIRCULAR No. 63/2016 dated 10.08.2016
ANNEXURE- 1

HOUSING FINANCE SCHEME

In terms of RBI guidelines, banks can deploy their funds under the Housing Finance
allocation in any of the three categories, i.e.

i. Direct Finance,
ii. Indirect Finance or,
iii. Investment in bonds of NHB/HUDCO or combination thereof.

Banks have the freedom to evolve their own guidelines on various aspects of granting
housing finance with the approval of their Boards.

Accordingly, Bank has in place Housing Finance Scheme for Individuals which is given as
under:

1. ELIGIBILITY: Individuals. Joint owners are also eligible.

2. PURPOSE:

2.1 For construction of house/ flat;

2.2 For purchase of built house/flat.

2.3 For purchase of under construction house/flat from Housing Boards/ Development
Authorities/ Co-operative Societies/ Approved Private Builders/ Projects. (Circle
Heads to approve Private Builders, as per criteria given in the subsequent
paragraphs in this Circular).

2.4 For carrying out Additions to the house/flat.

2.5 For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat.

2.6 For meeting cost escalation in the cases of under-construction flats to existing Housing
Loan borrowers.

2.7 For purchase of land/plot for house building.

3. EXTENT OF LOAN

3.1 For Construction/Additions/Purchase of House/Flat: Need based loan depending


upon the project cost and repaying capacity of the borrower.

3.2 For purchase of Land/ Plot for House Building: Maximum Rs.50 lac.
However, Circle Heads may consider loan maximum of Rs.100 lac for Metro/State Capitals.
Further, ZOCAC may sanction loan for purchase of land/ plot for house building
depending upon merits/ genuineness of each case / repaying capacity and after fully
satisfying themselves about the realistic valuation of land/plot as under:

Maximum upto Rs.300 lac at all centers; &


Maximum upto Rs.500 lac at state capitals and metro centers, only in cases where
land/ plots are allotted by State Development authorities/ State Housing Boards.

Further, it be ensured that the loan amount for purchase of Land/Plot under any
circumstance is not more than 60% of the eligible loan amount as per the repayment
capacity.

It is clarified that subsequent sale by the original allottee of plots allotted by the Govt. bodies
be treated as the purchase from private bodies.

3.3 For repairs / renovation / alterations: Maximum Rs.25 lacs.

3.4 Cost of furnishing may be included in the project cost with maximum upto 10% of
eligible Housing loan with a maximum upto Rs.5.00 lac.

3.5 Cost of one time life insurance cover premium, which is available to the Housing Loan
borrower(s) ON VOLUNTARY BASIS, may be financed at the option of the Housing
Loan borrower(s). The same shall be over and above the extent of loan, at prescribed
margin, for which the customer is otherwise eligible and subject to the repaying capacity
of the customer.

3.6 Cost of car parking to be excluded from project cost of house/ flat while granting Housing
Loan.

3.7 LOAN ON PARI PASSU OR SECOND CHARGE BASIS: Circle Heads and above are
empowered to consider requests only from confirmed employees of Central / State Govts.
/ Public Sector Undertakings for an amount of loan maximum upto Rs. 20 lacs and
extend credit to such employees, who might have raised funds for construction /
acquisition of accommodation from other sources and need supplementary finance after
obtaining pari passu or second charge over the property mortgaged in favour of other
Lender. The quantum of loan be decided taking into account the amount of earlier
loan availed and repaying capacity of the borrower.

3.7.1 LOAN ON PARI PASSU OR SECOND CHARGE BASIS to ARMY GROUP


INSURANCE FUND (AGIF): Circle Heads and above are empowered to consider
requests of additional finance/supplementary from AGIF Members on pari passu basis or
second charge basis, for an amount of loan maximum upto Rs. 20 lacs and extend
credit to such employees, who have/ are availed/ availing House Building Advance from
AGIF and desire additional loan to cover the cost of dwelling unit. Tripartite Agreement
be got executed which is available under Documents as at ANNEXURE XX.

3.8 In respect of purchase of built-up/complete houses/flats from private builders, where


valid mortgage is created, finance be permitted by the officers at various levels as per
their normal powers for sanction of term loan, under the Scheme, across all centres, after
due diligence, proper valuation as per Banks guidelines, and subject to compliance of
directives of Hon. High Court of Delhi (reiterated in subsequent paragraphs in this Circular
and available as Annexure B) and other guidelines, applicable under the Scheme.
Compliance of Apartment Ownership Act passed by the State, wherever applicable,
be also ensured.

3.9 Repayment should be fixed on a realistic basis, which should not exceed the prescribed
limit of Net Monthly Salary/Income (NMS/I) of the borrower(s). NMS/I is equal to {Gross
Salary/ Income Statutory Deductions such as Income Tax, Professional Tax,
Other Tax Liabilities, PF etc.} For this purpose, all deductions including the proposed
Housing Loan installment should not exceed the prescribed ceiling as under:

NMS/I Max. Permissible Deduction of NMS/I


Up to Rs.30000 40%
>Rs.30000 to Rs.60000 50%
>Rs.60000 to Rs.100000 60%
>Rs.100000 70%

Further, Circle Head/COCAC & above, shall permit higher %age deduction of NMS/I
subject to Maximum 10% over & above the prescribed ceiling under each bracket of
NMS/I on individual merits of the case and after ascertaining expenditure pattern of the
prospective borrower(s), i.e., Circle Head/COCAC & above may permit deductions of
NMS/I MAXIMUM upto 50%, 60%, 70% and 80% in the above bracket, respectively.

3.9.1 For all class of borrower(s):- The regularity of income of the borrower(s) over the entire
span of loan should be clearly established before sanction of loan. Latest salary slip, ITR
(for the last three years) etc. be taken & perused.

3.9.1 (a): For Salaried class:- Latest salary slip, Form16/ITR for the last 3 years be taken,
perused and placed on record. Assessment of Loan/ Repaying capacity be arrived at on
the basis of latest salary slip. Where 3 years ITRs/Form 16 is not available on account
of lesser service period, the sanctioning authority may consider sanction of loan
provided last 12 months salary is verified either from salary slips/form 16 or Statement
of Account. Salary certificates must be independently verified from HR Deptts. of the
Co./concern).

3.9.1 (b): For other than Salaried class:- While ITRs and Audited Balance Sheets for the last 3
years of business/activity shall be taken and perused to ascertain continuity of income,
Assessment of loan/Repaying capacity be arrived at on the basis of income as reported in
the latest ITR.

However, deviation regarding availability of ITRs/ABSs may be permitted by Circle


Head/COCAC & above subject to taking of minimum 2 years latest ITRs/ABSs.

NOTE:

i) Further, Specific CARE be exercised in respect of IT returns showing SUDDEN SPURT in


the salary/ income levels. Recommending/ sanctioning authority to fully satisfy himself/
herself before considering acceptance of such income/ salary. Justification/ basis of the
same be provided in the recommendation/ sanction note.
ii) In case of persons engaged in allied agricultural activities and agriculturists, net
income can be arrived at by sanctioning authority based on their land holding, cropping
pattern, yield, etc. (Farm credit codified Circulars No. 10/2014 dated 19.02.2014 and
as amended from time to time).

3.10 The income of the spouse and earning children (whether married or unmarried) should
be taken into account for determining the income for the purpose of borrowers repaying
capacity. The income of the joint owners of the property may also be added for
determining the repaying capacity. In such cases, they should be made co-borrower.

3.10.1 Father/Mother can also be made as co-borrower in cases where property is in the single
name of his/her son and also clubbing of their income be permitted for the purpose of
eligibility/repayment of loan.

3.11 In case of self employed individuals the gross income may be arrived at by adding
amount of depreciation to the Net Profit amount and repaying capacity be assessed
accordingly.

3.12 Likely rental income, if the property is to be let out, be also considered for determining
the repaying capacity. The same be assessed on the basis of the rental value in the
locality in which the house/flat is located. The market report may be gathered from the
property dealers of the locality and a mention of the same may clearly be made in the
sanction note.

4. MARGIN:

Parameters Margin

For All purposes except to Housing Loan Upto Rs.75 lac 20%*
purchase of Land/Plot
Housing Loan above Rs.75 lac 25%*

Purchase of Land/Plot for House Building 25%*

*NOTE

a) Charges e.g. stamp duty, registration charges and other documentation charges, if any, paid
by the borrower shall not be considered towards margin money. However, Acquisition cost of
Plot be considered towards Margin Money).

Further, with a view to encourage availability of affordable housing to economically


weaker sections (EWS) and low income groups (LIG) borrowers, cost of stamp duty,
registration and other documentation charges may be added to the cost of the
house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the
house/dwelling unit does not exceed Rs.10 lac.
b) This exercise of not considering such Charges e.g. stamp duty, registration charges and
other documentation charges (whichever applicable) as part of project cost expose the
Bank to the following:-

i. Margin being stipulated without factoring in the amount payable towards stamp
duty/registration of flat;
ii. Borrower ending up availing the full sanctioned loan amount, and paying the same to the
builder along with their stipulated margin;
iii. Borrower expressing his inability, after taking possession of the flat, to incur further
expenditure towards registration of the flat.

Example: Cost of flat, margin and stamp duty payable has been taken as under:

Sl. No. Parameters Amount (Rs. In lac)


A Cost of Flat, including Service Tax 100
B Registration charges incl. stamp duty 7
C Total Cost in the hands of purchaser 107
D Minimum stipulated margin (25% of A) 25
E Sanctioned Loan Amount 75
F Amount required to be contributed by the borrower(s) 32
till Registration of title deeds (B + D)
G Ratio of Loan (E) to Cost of Flat as per A 75%
H Ratio of Loan (E) to Total Cost as per C 70%

c) The third scenario as stated at (4b.iii) above leads to non creation of EM for securing the
advance, as the borrower/s would not be able to get the sale/title deed executed from the
builder due to inability to pay stamp/registration charges.

d) Considering the above set of data, the following clarifications are being issued for
compliance in cases where the cost of the house/dwelling unit exceeds Rs.10 lac:-

i) The branch to disburse each installment/ stage of loan in such a way that the disbursed
loan amount at any stage does not exceed at the %age arrived at by dividing loan
amount sanctioned from total cost of the flat/house in the hands of purchaser (C) (i.e.,
70% as per H in the above example). This would result in the loan being disbursed to the
tune of Rs.70 lac, with a contribution of Rs.30 lac by the party. The remaining amount of
loan (Rs.5 lac as per example) would be disbursed towards stamp duty / registration
charges, alongwith Rs.2 lac by the borrower.
OR
ii) The branch may advise the borrower to deposit a sum equivalent to the stamp duty /
registration charges (Rs.7 lac as per example) upfront, to be kept in the shape of FDR
under lien, to be appropriated for payment of stamp duty/registration after the entire loan
amount has been disbursed.

While the alternative (4d.ii) above shall take care of the entire stamp duty / registration
charges being available with the bank, the option (4d.i) leaves a substantial portion of
stamp duty with the bank (in loan account). Having got a Power of Attorney executed by
the borrower as part of loaning documents in the beginning itself, the Bank can get the
sale deed executed with the available funds, and EM thereof can be created to secure the
bank advance, simultaneously safeguarding bank interest over the entire tenure of the
Loan.
4.1 Further, field functionaries to ensure that Loan to Value Ratio (LTV) should not exceed i) 80%
for loans upto Rs.75 lac; and ii) 75% for loans above Rs.75 lac.

4.2 As per RBI Circular no DBR.BP.BC.No. 44/08.12.015/2015-16 dated 08.10.2015, the LTV
should not exceed the prescribed ceiling in cases of fresh sanction. In case the LTV ratio
is currently above the ceiling prescribed for any reason, efforts be made to bring the same
within limits.

5. RATE OF INTEREST: As advised by IRMD, HO from time to time. Presently, in terms


of L&A Cir no 26/2016 dated 31.03.2016 ROI effective from 01.04.2016 for the cases
under MCLR system is as under:

ROI Under MCLR System w.e.f. 01.04.2016


Irrespective For third or subsequent
of amount & Interest house/flat in case of CRE
Interest Rate
repayment Table Code Interest
Interest Rate
period Table Code
Floating Rate MCLR+0.05% HALLM MCLR+0.55% H3RHM
Fixed Rate The fixed rates shall be fixed at rates, higher by a fixed spread
as compared to that of floating rate of similar tenor under MCLR
System and shall be made fixed for 5 years. At the time of each
reset after 5 years, the fixed rate shall be fixed at a rate, which
should be higher by the same spread over the floating rate
applicable on the date of reset for the original tenor. At present,
the spread has been fixed at 50 bps more than the floating
rate in housing loan interest.(Interest Table Code- HAFXM)
5.1 RATE OF INTEREST FOR 3RD OR SUBSEQUENT HOUSE/FLAT
Every housing loan sanctioned for 3rd or subsequent house/ flats as per extant guidelines
shall be classified as:

5.1.A Non- CRE where more than 50% of the monthly installment of the loan is to be repaid
from the borrowers own income and not from rental income of the house/flat/unit being
financed.

5.1.B CRE where more than 50% of the monthly installment of the loan is to be repaid from the
rental income of the house/flat/unit being financed.

5.1.C In case of Non-CRE, normal rate of interest as applicable to 1st or 2nd house shall be
charged and existing Interest Table code (HALLB) to be filled w.e.f. 01.10.2015 in all new
housing loans for 3rd or subsequent house/flat etc. under floating rate option in Base Rate
system. Under MCLR system the Interest Table Code will be HALLM w.e.f. 01.04.2016.

5.1.D In case of CRE, as bank is required to maintain high capital charge and provisioning on
standard loans, interest rate to be charged @ MCLR+0.55% and interest table code
(H3RHM) to be filled w.e.f. 01.04.2016. While entering the interest table code as H3RHM,
it should be ensured that no further preferential shall be loaded, i.e., Account
Preferential Dr. field should be left blank.
5.1.E Further, where any concession in rate of interest has been permitted by the competent
authority for 3rd or subsequent house/flat classified under CRE, the same should be filled
in Account Preferential Dr. field. For example, if concession of 0.25% has been
allowed by the authority, then Interest table code shall be H3RHM and Account
Preferential Dr. field shall be -0.25% (minus 0.25%).

5.2 The existing housing loan accounts of 3rd or subsequent house/flat will continue as per the
extant guidelines.

5.3 In case the plot/land is sold or account has been closed without construction both within 5
years from date of first disbursement, rate of interest applicable to Commercial Real
Estate with corresponding PNB Score/ Risk rating score will be charged from the date of
first disbursement of loan.

5.4 The interest rates from 01.07.2000 onwards are available as at Annexure F.

5.5 Incumbents may allow existing Housing Loan borrowers to change the option from Fixed
to Floating rate of interest and vice versa. Such change of option shall not, however, be
permitted for a minimum period of 3 years, where after any change will be at the
discretion of the sanctioning authority. Change of option shall, however, be subject to
payment of 2% flat fee on the balance outstanding in the account. Circle Head at his
discretion, may, reduce this charge upto 1% flat fee on the balance outstanding in the
account on merits of each case and other business consideration.

Circle Heads & above will ensure judicious exercise of the above discretionary powers at
their level on a selective basis only keeping in view the profitability angle. Further, such a
benefit shall, however, be allowed to only those Housing Loan borrowers whose
accounts are running regular and no inspection irregularities are outstanding in their
account. This benefit is to be allowed on obtention of supplementary agreement as per
Annexure available under Documents as at ANNEXURE XIX.

5.6 The borrower(s) will be required to exercise the option of Fixed/ Floating rate of interest at
the time of submission of loan application and the same be obtained invariably.

5.7 Fixed rate of interest option on Housing Loans disbursed on or after 1.8.2006, will be
subject to re-set clause of five years. There will, however, be no application of re-set
clause for a repayment tenor upto five years. The re-set clause will be as under :-

Interest rate shall be reviewed and re-set on completion of a block of five years. Year of
first disbursement, whatever be the month of availment, will be taken as first year and
year will cover the period from 1st April to 31st March. As and from 1st April, after
completion of every block of five years, the interest rate as re-set will be applied. If there
is any delay in revision/re-set of interest, appropriate adjustment will be made in the
account, effective from 1st April of the year. If the interest rate is not re-set, until it is re-
set, rate as prevailing before will be applied. If interest rate is not re-set in the year when
it is due, it shall be open to the Bank to re-set the interest in any subsequent year and in
such event, the interest rate as re-set, will be applicable from 1st April of the year in which
it is re-set for the remaining years of block of five years. Only Bank has full discretion to
fix/prescribe/revise/re-set the rate of interest.
5.8 As per IRMD, L&A Circular No.88/2011 dated 30.07.2011 since superseded by IRMD
L&A Circular No.18/2014 dated 30.01.2014 and IRMD, L&A Circular No 26/2016 dated
31.03.2016, whenever an existing fixed rate housing loan disbursed under BPLR/ Base
Rate system, where reset clause is applicable, becomes due for reset, the same should
be migrated to MCLR system and the rate of interest shall be fixed at a rate as applicable
to fixed rate loans under the MCLR system, depending upon the original tenor of the loan,
on the date of reset and rate shall continue to be fixed till next applicable reset date.

Accordingly, the rate of interest in the loan accounts sanctioned under fixed option shall
be reset on 1st April every year, after completion of every block of five years, and rate
shall continue to be fixed till next applicable reset date.

5.9 The guidelines/ provisions regarding revision/ resetting of rate of interest for all housing
loans sanctioned & disbursed during 01.01.2009 to 30.06.2009 under PNB SPECIAL
HOUSING LOAN SCHEME under Fixed rate option with re-set clause of 5 years, are as
under:
The rates are fixed for first five years. Re-set of interest rates will uniformly be done on
01.07.2014 and thereafter every five years. The applicable interest rate will be 150 bps
higher than the applicable interest rate for five years deposit or peak interest rate of
deposit, whichever is higher prevailing at that time.

Accordingly, Interest Rates on PNB SPECIAL HOUSING LOAN SCHEME under Fixed
Rate of Interest with effect from 01.07.2014 have been circulated vide RAD Circular
No.50/2014 dated 22.07.2014, and the same is as under:

Parameter ROI
For Loans with limits
upto Rs.5 above Rs.5 lacs & above Rs.20 lacs
lacs upto Rs.20 lacs & upto Rs.50 lacs
INTEREST TABLE CODE SHR05 SHR20 SHR50
MODE OF ADVANCE DIHRS
150 bps higher than the
applicable interest rate for
five years deposit or
peak interest rate of 9.00+1.50, i.e., 10.50%
deposit, whichever is
higher, which as on
01.07.2014 was 9.00%.

Incumbents are advised to ensure that Rate of Interest is RESET w.e.f. 01.07.2014, as
per provisions of Para 2A of loan agreement, in all housing loans sanctioned & disbursed
during 01.01.2009 to 30.06.2009 under PNB SPECIAL HOUSING LOAN SCHEME.
These rates will be applicable for a further period of five years. Next such reset will be on
01.07.2019 and the applicable interest rate will be 150 bps higher than the applicable
interest rate for five years deposit or peak interest rate of deposit, whichever is higher
prevailing at that time.

5.10 Further, whenever loans for repairs/ renovation/ alteration, furnishing and additions is
allowed to an existing housing loan borrower(s) for the same house for which the existing
housing loan is outstanding the ROI applicable on the existing as well as proposed
housing loan shall be determined on the basis of ABSOLUTE THRESHOLD EXPOSURE*
made avaliable to the borrower.

* ABSOLUTE THRESHOLD EXPOSURE for this purpose, as circulated vide IRMD, L&A
Circular No.52/2014 dated 28.04.2014 on Credit Exposure Norms and other circulars
issued from time to time, shall mean:

a) WHERE EARLIER SANCTIONED LIMIT HAS NOT BEEN FULLY AVAILED:


Sanctioned limit or actual outstanding whichever is higher, plus additional Housing loan
limit proposed to be sanctioned.

b) WHERE EARLIER SANCTIONED LIMIT HAS BEEN FULLY AVAILED AND THER IS
NO SCOPE FOR REDRAWING ANY PORTION OF THE SANCTIOED AMOUNT: Actual
outstanding plus additional Housing loan limit proposed to be sanctioned.

6. SECURITY:

6.1 Equitable/registered mortgage of the property.

6.2 Where mortgage cannot be created immediately in situations like house/flat is being
purchased/allotted by the Housing Board, Development Authorities or Co-operative
Society/Builder, and title/conveyance deed is executed in favour of purchaser only after
completion of construction & possession/ making full payment of the cost of house/flat, a
stamped Tripartite Agreement be executed amongst Housing Board/ Development
Authority/ Co-operative Society/ Builder, the intending borrower and the Bank before
release of the loan. (By entering into Tripartite Agreement among Board/ authority/
society/Builder/ seller, allottee/ purchaser and bank, bank gets direct privity with the
Housing Board/ Development Authority/ Co-operative Society /Builder.)

6.2.1 Where mortgage cannot be created immediately in situations where house/flat/plot is


being purchased from/ allotted by the Govt. Development Agencies only, i.e., State
Housing Boards and other Govt. Development Authorities, and where these institutions
are not entering into TPA with the Bank, the sanctioning authority may consider such loan
on the terms and conditions as under:

6.2.2 Circle Head concerned shall permit the branches to consider such loans after examining
the terms and conditions of the allotment letter of the concerned authority, ensuring that
the Banks funds shall always remain secured and compliance of following:
a) Obtaining original Letter of Allotment;
b) Negative lien on property being financed;
c) To inform concerned Institutions that bank has financed the property, get Banks lien
noted in their records and obtain original possession slip issued by the concerned
Institutions;
d) Power of Attorney be obtained from the borrower for directly obtaining the lease/
conveyance deed from concerned Institutions upon its execution. An intimation in this
regard be sent to concerned Institutions along with the Copy of Power of Attorney
authorizing the bank to collect the lease/ conveyance deed directly from the concerned
institutions (and if possible acknowledgement obtained).
e) As and when registered lease/ conveyance deed is executed by the concerned
Institutions in favour of the allottees, the same should be got collected from the concerned
institution and deposited immediately at the branch for creation of Valid mortgage.
f) As the concerned Institutions always give second charge to the financing Bank, such
Institutions should undertake that in case of cancellation of House/flat/ plot, the entire
surplus amount standing to the credit of borrower after adjusting their dues will be
refunded to the Bank towards adjustment to the borrowers loan account.
g) Undated blank cheque to be obtained from borrower and held on records.

6.2.3 To secure such loan, suitable security / third party guarantee, as considered
necessary, in all above situations to be taken for the interim period, i.e., the period
upto which mortgage is not created.

Further, Branch Incumbent in scale of SMG- IV & above/ Circle Head & above has been vested
the power to waive the security / third party guarantee on merits of each case. However, in
all such cases, parent(s)/ spouse/ earning children to be made as a co-borrower.

However, where parent(s)/ spouse/ earning children is not standing as a co-borrower, Circle
Head is authorized to waive security / third party guarantee in all such cases.

6.3 In situations where:


6.3.A The mortgage by deposit of Title Deeds is not possible, the property being an Ancestral
Property (without Title Deeds) or Lal Dora Land;
OR
6.3.B Only there is delay in execution / unwillingness/ to execute a stamped Tripartite
Agreement by Housing Board/Development Authority/Co-operative Society/ Builder;
OR
6.3.C FINANCING AT NOIDA/GREATER NOIDA:

In case of private builders in Noida/ Greater Noida where the land cost has not been fully
paid to the concerned authority and where mortgage cannot be created immediately:

6.3.C.1 Housing loans shall be sanctioned in all such cases where the builder/ their projects are
approved by the Circle Heads as per extant guidelines of builder approval. Further, power
vested with the Incumbent of Scale IV and above to sanction loan in cases of unapproved
private builders on merit of individual case is not to be exercised for financing housing
loans at Noida/ Greater Noida, in cases of partly paid projects of builders/developers.

6.3.C.2 Further, besides entering into stamped tripartite agreement (TPA) with the builder and
borrower, suitable security / third party guarantee, as considered necessary, in above
situations to be taken for the interim period, i.e., the period upto which mortgage is not
created. Net means of guarantor should be at least equal or more than the loan amount.

However, Circle Head may waive security / third party guarantee in such cases on merits of
individual case.
NOTE: Applicable to para 6.3

The sanctioning authority may accept, at its discretion, equitable / registered mortgage of
some other property / pledge of Government security, NSCs, KVPs, IVPs / PSU Bonds
(where interest is being serviced regularly) / bank's FDR / LIC Policies (surrender value)
etc. The value of such security so obtained should be equal to 125% of the loan amount.
The details of such situations, alongwith reasons of obtaining alternative security as
detailed above, must clearly be specified in the sanction note by sanctioning authority.

6.4 In States like Maharashtra, many builders purchase land from various sources and before
commencing construction, enter into an agreement for sale of flats with buyers and after
the construction is completed, they hand over the possession of the flats to the
purchasers. In these States, Housing loans are extended to such individuals against
equitable mortgage created by depositing sale agreements executed by the buyers with
the builders in the said manner. In case the borrower/purchaser fails to pay full purchase
price and the builder/developer exercise the option to terminate the agreement, then the
pecuniary interest of the bank which has already released part of the loan amount to the
builder, is found to be at stake.

Wherever such cases are considered on merits, as per Banks guidelines, a tripartite
agreement between builder, purchaser and the Bank will be executed in the above cases
also, binding the builder with the obligation of obtaining prior permission from the Bank to
resell the property, in the event the builder exercising the option to terminate the
agreement with the borrower/purchaser.

6.5 In case of Loans to AGIF members on paripasu basis:

Bank to hold a pari passu charge with AGIF on the property;

AND

During service, AGIF insurance & benefits (after deducting dues to AGIF) will stand
security to loan advanced by the bank. However, the additional security offered by way of
insurance coverage shall be in addition to the primary security.

6.6 Security Verification to be carried out once in two years for regular accounts after initial
end use verification and on half yearly basis in case of NPA accounts. In case of two
continuous defaults in repayment, inspection should be carried out immediately.

6.7 In cases where there is a gap between the handing over of the conveyance of title to the
borrower by the builder and creation of mortgage with the Bank by the borrower, during
which the borrower may deal with the property otherwise also, before creation of
mortgage with the Bank, separate NEC/ Search Report at the time of creation of
mortgage in respect of property (Flat/House) should be obtained.

7. DISBURSEMENT

7.1 For outright purchase of house/flat & plot, the loan will be paid in lump sum to the vendor
at the time of registration after satisfying that borrower has paid/provided for the balance
amount/his contribution.
7.2 For house/flat under construction, the loan amount will be disbursed in stages depending
on progress of construction, i.e., at stage like completion of plinth, construction upto lintel
level, completion of roof etc. and/or demand raised by selling agency after ensuring that
the borrower has invested his pro-rata share towards required margin.

RBI, vide, its Circular No. RBI/2013-14/ 217 DBOD.BP.BC.No.51 /08.12.015/2013-14


dated 03.09.2013, regarding upfront disbursal of Housing Loans, has advised that in view
of the higher risks associated with down payment/ lump-sum disbursal of sanctioned
housing loans and customer suitability issues, disbursal of housing loans sanctioned to
individuals should be closely linked to the stages of construction of the housing project/
houses and upfront disbursal should not be made in cases of incomplete/ under
construction/ green field housing projects.

Further, RBI vide its circular NO. RBI/2014-15/491 DBR.BP.BC.No.74 /08.12.015/ 2014-
15 dated 05.03.2015 has, further, advised that in cases of projects sponsored by
Government/ Statutory Authorities, Bank may disburse the loans as per the payment
stages prescribed by such authorities, even where payments sought from house buyers
are not linked to the stages of construction, provided such authorities have no past history
of non-completion of projects.

7.3 In case of additions, also, the loan amount will be disbursed in stages depending on
progress of construction.

7.4 In case of repairs/renovation/alteration, Incumbents to ensure that after having


disbursed 50% of the amount sanctioned, the subsequent disbursement (s) should be
after proper verification that the amount earlier disbursed has been utilized as per
estimates submitted by the borrower and that he has invested his pro-rata share towards
required margin.

7.5 Reimbursement in Housing Loan may be allowed to prospective borrowers, who have
purchased property out of their own sources, provided request for such reimbursements
are made within a maximum period of three months from the date of purchase of said
property. Such reimbursements may be permitted by Circle Heads & above after duly
verifying the source of funds for purchase of said property.

8. INSURANCE:

8.1 The property will be kept insured for reconstruction cost (and not the market value or the
limit sanctioned for houses/flats as the reconstruction cost will be higher as compared to
limit sanctioned) in respect of fire, riots and wherever required, against other appropriate
hazards, such as earthquake, flood etc. by the borrower, with usual bank clause. BMs
should ascertain by reviewing on an on-going basis that the adequate coverage of
insurance is available for reconstruction cost at all times, as the cost may increase during
the period of insurance policy, which generally is being taken for a period of 10 years.

8.2 Subsidiaries of General Insurance Corporation are issuing insurance policy, specifically to
cover risks relating to housing. These policies are called Fire Policy A, which cover
risks such as fire, lightening, riot, strike, terrorism, storm, cyclone, typhoon, hurricane,
tornado, flood, inundation, earthquake, fire & shock. These policies can also be issued
on one time basis for a period of 10 years at a reduced premium, i.e., 50% of the normal
premium.

8.3 The reconstruction cost of the property is based on rate of construction of the building as
per the PWD rates for that particular region and the same is suitably loaded for extra
fittings and fixtures, superior constructions and other relevant details.

8.4 In fire insurance, building above the plinth and foundation is covered. However, when the
policy is extended to cover the risk of earthquake then the cost of plinth and foundation
can be included in the sum insured.

8.5 GROUP LIFE INSURANCE Life insurance cover (both due to natural and accidental
death) to Banks existing as well as new housing loan borrowers is also offered on
OPTIONAL BASIS. Reference may be made to the relevant circulars issued from time to
time by Retail Assets Division, HO on the subject.

9. REPAYMENT

9.1 For carrying out repairs/ renovation / alterations to the house/flat: Loan along-with
interest is to be re-paid in equated monthly installments within a period of 15 years
inclusive of moratorium period, if any.
9.2 For Others: Loan along-with interest is to be re-paid in equated monthly installments
within a period of 30 years inclusive of moratorium period, if any.

9.3 REPAYMENT HOLIDAY (MORATORIUM PERIOD):

9.3.1 For Construction/ Additions of House/ Flat: Till completion of construction (including
additions) or 18 months, from the date of disbursement of first installment of the loan,
whichever is earlier.

9.3.2 For carrying out repairs/ renovation / alterations to the house/flat: Till completion of
repairs/ renovation / alterations or 6 months, from the date of disbursement of first
installment of the loan, whichever is earlier.

However, Circle Head and above may further relax the moratorium period by six
months under the both Para 9.3.1 & 9.3.2 above.
9.3.3 For purchase of ready built House/ flat OR land/plot: The repayment to start after the
date of possession or 3 months from the date of advance, whichever is earlier.
Note: Further, in those cases where a moratorium period is allowed by the sanctioning
authority, where loan is allowed for construction purposes, it may be ensured that the
amount of expected accrued interest, on monthly compounded basis, for the period of
moratorium is added to the Loan (Principal) amount presuming that the entire loan is
disbursed on the date of first disbursal itself and EMI calculated accordingly.
However, there may be situations where Sanctioning Authority is required to quote EMI
matching to the EMI quoted by our competitors. This is on account of recovery of interest
component chargeable in the account, during the period of moratorium, by some of the
Housing Financial Institutions / Banks. Therefore, it is desirable that the prospective
borrower is suitably advised and given the option, at his/her specific request, of either:
Repaying the interest component chargeable in the account during the period of
moratorium and EMI thereafter;
OR
In case borrower exercises the option of not paying interest during the moratorium period,
interest component chargeable in the account for the moratorium period would be spread
over the EMIs for the entire repayment period. The EMI in such cases be appropriately
worked out and advised presuming that the entire loan is disbursed on the date of first
disbursal itself.

This is explained by an example hereunder:


EXAMPLE
Amount of Loan sanctioned and disbursed say Rs. 3,00,000/-
Repayment period allowed say 15 years
Moratorium period allowed say 18 months
Rate of interest say 9.40% p.a.
Case.1
Presuming that entire loan is disbursed on the date of 1st disbursal itself
without servicing of interest during moratorium period.
Equated Monthly Installments (EMI) on arrear basis for Rs.3769/- p.m.
remaining 162 months at total amount of Rs.345238/-*
* Interest for 18 months Rs.45238/-
* Principal Amount Rs.300000/-
Case.2
Presuming that entire loan is disbursed on the date of 1st disbursal itself
with regular servicing of interest during moratorium period.
EMI on arrear basis for remaining 162 months at Rs.3275/- p.m.
Principal amount of Rs.300000/-
Case.3
In case moratorium period not allowed.
EMI on arrear basis for 180 months at Principal amount Rs.3115/- p.m.
of Rs.300000/-
Incumbents should ensure to clarify the exact position to the prospective borrower to
avoid any anticipated Business Loss for quoting a higher EMI.

Further, the aforesaid provision of moratorium period be developed and promoted/ used
as an effective marketing tool by the field functionaries.

9.3.4 For under-construction flats/houses built by approved private builders:

Till possession is handed over to the purchaser (borrower);


OR
36 months from the date of disbursement of first installment of the loan;

Whichever is earlier, subject to interest being collected on monthly basis (as and
when debited) during the moratorium period.

9.3.5 In case of Loans to AGIF members on paripasu basis: Loan to be repaid by way of
EMI payable every month at the end of each calendar month with moratorium period of 18
months. Pending the commencement of EMI, the borrower shall pay interest every month
on the disbursed loan at the applicable rate. Borrower may chose to pay higher EMI
during the service period and a lesser EMI post- retirement to the Bank or the borrower
may chose to step up the EMI at periodic interval.

9.4 In case of loans to individual members of Group Housing Societies, the repayment shall
start from immediate subsequent month after the final disbursement of the loan.

9.5 Sanctioning authority may consider fixing the monthly installments on graduated basis, if
there is reasonable expectation of growth in the income in the coming years on specific
request from the borrower.

9.6 Repayment of the loan along with interest should not extend beyond the age of 70 years
of borrower. In case loan is allowed to joint owners, it should be ensured that at least one
of the joint owners should be able to repay the loan along with interest maximum upto the
age of 70 years. Circle Head & above may relax repayment period upto the age of 75
years.

Further, Incumbent/ sanctioning authority of the branch may consider Repayment Tenor
according to the age of co-borrower (who is not a co-owner) maximum upto his/her
age of 70 years based on due diligence/ merits of each case.

However, Circle Head & above is empowered to consider repayment tenor according to
the age of co-borrower (who is not co-owner), maximum upto his/her age of 75 years,
based on due diligence/ merits of each case.

9.7 In order to ensure that regular installments are received and defaults are minimized
it be ensured as under:

9.7.1 At location where NACH/RECS (Debit) is not available- Recovery/ Repayment of EMIs
in all Retail Loan accounts be considered through PDCs /Standing Instruction. Mandate of
the customers for debiting their accounts through Advance cheques (CTS-2010) signed
by the borrower repaying monthly installments under the cover of letter be obtained. Such
Post dated advance cheques should be obtained of that account whose statement of
account is obtained and not of our Bank where a shadow account is opened just for
getting cheque book.
Minimum 24 Advance Cheques (CTS-2010) signed by borrower towards repayment of
monthly installments along with Letter of Deposit be obtained. However, when the number
of cheques with the branch reaches six (6), the borrower to give additional 24 cheques
duly signed. This system of giving additional cheques shall continue till the adjustment of
the loan. The guidelines for safe custody of advance cheques circularized by Inspection &
Audit Division be followed.
OR
At location where NACH/RECS (Debit) is available - Recovery/ Repayment of EMIs in all
Retail Loan accounts be considered only through NACH/ RECS (Debit) mandate of the
customers for debiting their accounts. Further, wherever NACH/RECS (debit)/ Standing
Instructions are obtained, 2-3 PDCs (in CTS- 2010 Standard Format) be procured/
maintained as SECURITY by the branches to keep remedy alive under Section-138 of
Negotiable Instruments Act.
OR
Irrevocable Letter of Authority from the borrower to the employer for either remitting the
salary to the bank or for remitting the monthly installment for repayment of loan to the
bank. An acknowledgement of the said letter of authority from the employer be kept on
record. Further, in cases where employer remits the salary to the bank, an irrevocable
letter of authority from the borrower be obtained for debiting the amount of installment to
the SF Account.

9.8 Illustrative charts indicating EMI to cover repayment of principal and interest on Upfront /
advance basis and on Arrear basis are available as at Annexure I.

9.9 Effect of upward revision in interest rates on repayment: The borrower always has
one of the following options to exercise for repayment of loan:-
a) To pay increased amount of EMI;
b) To continue to pay the existing amount of EMI with condition that the balance outstanding
in the account would be paid in one go with last EMI of the originally applicable
repayment tenor;
c) To prolong the repayment period.
In case no option is given by the borrower, the option 9.9.c, i.e., to prolong the repayment
period appropriately be implemented, subject to the condition that in the event of revision
in interest rate to be charged in the account, if a borrower shifts to the next higher bracket
of repayment tenor, the applicable rate of interest will be charged for the original
repayment bracket/tenor.

IMP: THE BORROWER SHOULD, HOWEVER, INVARIABLY BE INTIMATED ABOUT


THE CHANGE IN THE INTEREST RATES, AS AND WHEN IT TAKES PLACE
AND
NECESSARY CHANGES IN REPAYMENT PERIOD OF LOAN ALSO BE MADE IN THE
SYSTEM EVERY TIME ANY CHANGE IN INTEREST RATE IS EFFECTED, SO THAT
ACCOUNT DOES NOT SHOW ANY IRREGULARITY IN REGULAR REPAYMENT OF
THE LOAN, DUE TO ABOVE ADJUSTMENT/ RESCHEDULEMENT.

10. UPFRONT FEE & DOCUMENTATION CHARGES: As advised by IRMD, HO- L&A from
time to time. Presently, in terms of IRMD, L&A Cir. No. 87/2014 dated 12.07.2014 is as
under:
Parameters Loan Amount Fees/Charges*
0.50% of loan amount,
Upto Rs.300 lac
Upfront Fee Max. Rs.20000/-
Above Rs.300 lac Rs.50000/-
Documentation Charges Irrespective of amount Rs.1350/-
* Exclusive of service tax & education cess.

Upfront fee to be recovered in stages as per IRMD, L&A Cir. No.87/2014 dated
12.07.2014, presently prescribed as under:
10% of Processing charges/ upfront fee is to be recovered on receipt of Proposal.
However, Chief Manager/ Circle Head and above may relax the condition on merits of the
case. Minimum 50% of Processing charges/ upfront fee on the amount of limit
sanctioned (inclusive of fee charged at the time of receipt of proposal) at the time of
handing over letter of sanction. Balance 50% at the time of disbursement.}
10.1 INSPECTION CHARGES: Inspection charges to be recovered in terms of L&A cir 22
dated 30.03.2016.

11. LOANING POWERS (including Under-construction houses/ flats built by private


approved builders):

INCUMBENTS IN THE GRADE


Max.
Scheme SMG- V SMG- VI ZM CAC/
Ceiling JMG- I MMG-II MMG- III SMG- IV
/COCAC /COCAC HOCAC
IF PNB SCORE is above 50 & Less
than 60 then 125% of vested Term
Housing Need
Loan Powers Vested Term Loan Powers.
Loan Based
IF PNB SCORE is 60 & above then
150% of vested Term Loan Powers
Housing IF PNB SCORE is
Loan for above 50 & Less
under than 60 then 125%
construction of vested Term
Need
flat of NIL NIL Loan Powers Vested Term Loan Powers.
approved
Based
IF PNB SCORE is
private 60 & above then
builder 150% of vested
Term Loan Powers
IF PNB SCORE is above 50 & Less Vested Term Loan Powers
than 60 then 125% of vested Term subject to scheme specific
Loan Powers subject to Max. upto ceiling.*
Purchase of
50 lac* Rs.50 lac.*
Plot*
IF PNB SCORE is 60 & above then
150% of vested Term Loan Powers
subject to Max. upto Rs.50 lac.*
* However, Circle Heads may consider loan maximum of Rs.100 lac for Metro/State Capitals
Further, ZOCAC may sanction loan for purchase of land/ plot for house building
depending upon merits/ genuineness of each case / repaying capacity and after
fully satisfying themselves about the realistic valuation of land/plot as under:

Maximum upto Rs.300 lac at all centers; &


Maximum upto Rs.500 lac at state capitals and metro centers, only in cases where
land/ plots are allotted by State Development authorities/ State Housing Boards.

Note:
i. In view of the revised Retail Credit Dispensation Model (RAPC), powers vested with
MCBs/LCBs headed by DGMs/AGMs to consider Housing loans to Executives of
Corporate banking with them have been withdrawn w.e.f. 01.04.2016.
ii. The cases where PNB Score is above 40 & up to 50 can be considered by next higher
authority for sanction with proper justification. References be made to circulars issued on
the subject PNB SCORE from time to time.

iii. HOUSING LOANS WITH MULTI-LOCATION SCENARIO OF CUSTOMER (e.g.


customer working in Delhi wants to buy housing property at Agra) - The housing loan to
the prospective borrower/customer be sanctioned at the RAPC/Branch, which is near the
PRESENT PLACE OF WORK/POSTING/RESIDENCE of prospective borrower. For
security verification/NEC, the sanctioning RAPC/ Branch should, however, take the help
of RAPC/ Branch, which is located near the housing property.
Further, it is advised that the RAPC/ Branch at the place of the housing property must get
the job of security verification/NEC done promptly, so that there should be no complaint
on this count.

Circle Head of the area where housing property is located is, however, empowered to
give administrative clearance for considering sanction of Housing Loan at RAPC/ Branch
falling in his/her area, on merits.

12. PRE PAYMENT CHARGE:

12.1 LOANS SANCTIONED UNDER FLOATING RATE OF INTEREST BASIS: NO PRE-


PAYMENT charges be levied on floating rate of interest on Housing Loans w.e.f.
05.06.2012 (in terms of L&A Circular No.48/2012 dated 18.06.2012 since superseded
by L&A Circular No. 54/2014 dated 09.05.2014).

12.2 LOANS SANCTIONED UNDER FIXED RATE OF INTEREST BASIS: NO


PREPAYMENT charges are to be levied in the following cases:-

a) Where the loans are prepaid by the borrowers from their own sources.

b) Where the borrower shifts to other bank within 30 days from the date of issuance of
circular for upward revision in the rate of interest to be charged in his account or change
in other terms of sanction.

c) Where closure of loan is on instance of the Bank on account of size of irregularity,


possibility of default in future or any other technical or other specific reasons, pre-
payment penalty would not be applicable in such accounts.

However, a flat pre-payment charge of 2% be recovered from all other borrowers, i.e., on
fixed rate housing loans, who intend to shift their Housing Loan Accounts to some other
Banks / Financial Institutions by way of availment of loan from such banks / financial
institutions.

This pre-payment charge is recoverable on all loans sanctioned under the Scheme on or
after 5.12.2001 or in those existing accounts where facility of lower rate of interest is
allowed.

Note: Dual Rate/ Special Rate Housing Loans cannot be treated as fixed rate loans.
Accordingly, on Dual Rate/Special Rate housing loans, from the date the rate of interest
becomes FLOATING, NO foreclosure charges/prepayment penalty be charged (in terms
of L&A Circular No. 81/2012 dated 08.10.2012 since superseded by L&A Circular
No.54/2014 dated 09.05.2014), on Housing Loans sanctioned at FIXED RATE with reset
clause, if the borrower exercises his option for floating rate interest at the time of reset).

13. EXPRESSION OF INTEREST (IN PRINCIPLE SANCTION):

13.1 To facilitate the prospective Housing Loan borrowers who are interested in knowing what
amount of loan he/she is entitled and to help them to take a decision on purchase of the
property, functionality has been developed to provide system generated Provisional
Sanction Letter including calculation of Equated Monthly Installments (EMIs) by the
branches to the prospective borrower.

13.2 The Provisional Sanction Letter is generated solely on the basis of information provided
by the prospective housing loan borrower with respect to his/her details about personal
information, income, repayment, property etc. Further, for generation of Provisional
Sanction Letter no document is required to be taken from the prospective borrower.
13.3 The above functionality be accessed on Finacle and Internet through login password
which has already been provided to the branches to access Online Loan Applications on
IP addresses as under:
For Finacle users: http://10.192.11.91
For Internet users: https://pnbnet.org.in
Branches are advised to invariably generate and provide Provisional Sanction Letter to
all the potential Housing Loan borrowers as and when they raise any query/ visit the
branch for seeking Housing Loan.

13.4 To safeguard the Bank's interests, it be clearly specified while Bank provides Provisional
Sanction letter, the Bank is under no commitment or obligation to sanction/disburse loan.
The actual sanction or disbursal will depend upon receipt of application complete with all
particulars, the value and acceptability of the security offered (i.e. the house / flat to be
financed), legal and technical clearances and the creation of the valid equitable mortgage
etc.

13.5 Further, Provisional Sanction Letter shall be valid for a period of three months from the
date of its issue.

Detailed guidelines regarding the same have been issued by ITD: HO vide Circular No.
ITD/ Non CBS/ 02/2013 dated 11.02.2013.

14. ISSUANCE OF INTEREST CERTIFICATES: With a view to assist field functionaries in


providing Interest Certificate to Housing Loan borrowers, which contains information with
respect to (i) Amount of interest debited and (ii) Amount paid towards repayment of
Principal Component, functionality has been developed in MIS Server. The said
functionality is available under PNBRPT 3/56c, which enables field functionaries to
provide Housing Loan Interest Certificate containing the aforesaid information.
14.1 INTEREST CERTIFICATE: An Interest Certificate may be issued to the borrower(s), who
have availed housing loan from the bank for availing benefits under the provisions of
income tax act, for the complete financial year on actual basis. The above Interest
Certificate be generated from Finacle System as under:
For all Housing Loan accounts except the accounts (a) where repayment has not started;
and (b) re-phasement has been done consequent upon expiry of moratorium period
The Interest Certificate be generated in MIS Server under PNBRPT 3/56c by providing
the following basic inputs:

i. 16 digit Housing Loan Account number.


ii. Period for which certificate is required.

For Housing Loan accounts (a) where repayment has not started; and (b) rephasement
has been done consequent upon expiry of moratorium period - The Interest Certificate be
generated by invoking Menu Option INTCERT in FINACLE.

The Interest Certificate be issued to all housing loan account holders without any specific
request from them and dispatched at the registered address of the Housing Loan
Borrowers within 30 days from the close of respective Financial Year, i.e., by 30th April
every year.

14.2 PROVISIONAL INTEREST CERTIFICATE:

System generated Provisional Interest Certificate for the complete financial year covering
the period from 1st April to 31st March every year be provided to all Housing Loan
borrowers, which is available under PNBRPT 3/56a by providing 16 digit account
number of Housing Loan A/c. The same is based on the following:

i) The interest charged in the account from the month of April onward to the month of last
application of interest on actual basis;
ii) The interest for the remaining period of the financial year ending next March on notional
basis;
iii) The calculation of notional interest is based on monthly product;
iv) The notional interest is calculated on the outstanding balance on the first day of the
month after adding interest notionally calculated for the previous month and deducting the
installment amount (flow amount as given in the E details);
v) The sum of interest for 12 months (Actual + Notional) is printed in the certificate
generated through this functionality;
vi) There is no credit other than the installment (flow amount) and debit other than the
interest amount.

15. STATEMENT OF ACCOUNT: All incumbents are advised to ensure that the statement of
Account of all the Housing Loan Accounts are generated in the first week of April and
issued/ dispatched by 30th April every year at the registered address of the Housing Loan
account holders without waiting for any specific request from the borrowers. The annual
statement of account containing all the relevant details can be generated in MIS server
under PNBRPT 3/56.

16. PENAL INTEREST:

FOR ALL CASES INCLUDING PURCHASE OF PLOT/ LAND: In case of default in


repayment of loan, the borrower shall be liable to pay penal interest as per the guidelines
circulated vide IRMD, L&A Cir. No.77/2014 dated 30.06.2014 and subsequent circulars
issued on the subject from time to time.
Further, where loan is sanctioned for purchase of plot/land & in case construction of
the house is not completed within 3 years from date of disbursement of the loan or in
case the plot/land is sold, penal interest at 2% over & above the prescribed rate of
interest will be charged from the date of disbursement of the loan. Circle Heads &
above may, however, reduce penal rate of interest, maximum by 1% p.a. on merits of
each case like general/real constraints faced by the borrower in construction of house on
account of lack of infrastructure development, no development in locality/colony/area etc.
where plot/land is located.

17. TAKEOVER OF HOUSING LOAN ACCOUNTS:

17.1 Sanctioning Authority may permit takeover of housing loan accounts from other
financial institutions/ banks.

Further, Circle Heads and above may allow takeover of Housing Loan accounts from
other than FIs/Banks, on individual merits of the case (s), subject to the condition that the
loan allowed by employer has been for the purpose of Housing activity only.

However, Sanctioning Authority, while taking over the loans shall ensure that housing
loan accounts with other financial institutions/banks/employer are running regular with
no defaults in payment of interest/installments and take over is to be permitted strictly in
terms of Banks extant guidelines for takeover of a/cs circulated vide IRMD L&A Circular
No.109/2014 dated 06.09.2014, 23/2016 dated 31.03.2016 and subsequent circulars
issued from time to time.

17.2 In case takeover of housing loan accounts from other FIs/banks, as the original title deed
remains in the possession of previous financer and is released only after disbursement of
loan by our branch, following steps be taken:

Certified copy of the title deeds be obtained from the concerned office of Sub-
Registrar/Registrar of Assurance by the counsel of the Bank and he should give the
search report as per the Law Division Circular No.07/2014 dated 30.01.2014 and other
circulars issued from time to time in this regard. The other documents like previous
electricity bill, water bill, house tax receipt etc. be also examined to satisfy about
ownership of proposed borrower.

The counsel and Branch Manager should visit the site personally and identify the property
in question including sanction of the map.

The Branch Office should draw credit information report from Credit Information Agencies
(CIBIL/ Equifax/ Experian etc. as per Banks extant guidelines) data base to have
information about availment from other banks and repayment of loan status.

The party should request his/her banker to allow examination of original title deed. The
other bank is obligated to allow examination of original on the request of borrower. Under
Section 60B of Transfer of Property Act, 1882, Mortgagor is entitled at all reasonable
times, at his/her request and his/her own cost and on payment of the mortgagees costs
and expenses in this behalf, to inspect and make copies or abstracts of, or extracts from,
documents of title relating to the mortgaged property which are in custody or power of the
mortgagee. In case of reluctance on the part of existing financer, the above provision of
law can be quoted.

17.3 Besides, compliance of Law Division Circular No.07/2014 dated 30.01.2014 regarding
Investigation of Title & Search Report, L&A Circular No. 53/2016 dated 30.07.2016
regarding Mortgage of Immovable Property/ Assets, L&A Circular No.109/2014 dated
06.09.2014 & 23/2016 dated 31.03.2016 regarding Takeover of Borrowal accounts, L&A
Circular No. 55/2012 dated 05.07.2012 regarding Mortgage of IP- Investigation of Title &
Search Report since superseded by L&A circular No 19/2016 dated 30.03.2016 and
subsequent circulars issued on the relevant subjects from time to time be ensured.

17.4 At the time of takeover of Housing Loan, the sanctioning authority, based on the
merits of the case and eligibility of the borrower, is allowed to permit repayment period as
per Housing Finance Scheme for Public after reducing the period already availed
with the existing bank, provided that at all times the criteria regarding maximum loan
amount, LTV ratio, maximum repayment period etc.under the scheme are not diluted.

18. FINANCING OF SOLAR SYSTEMS UNDER HOUSING LOAN SCHEME

In view of the changes in the existing scheme on account of recently issued government
directions, the guidelines on Solar Financing are being issued separately.

19. OTHER GUIDELINES:

a) Bank credit as housing finance can be extended for repairs, renovations, additions etc. to
a building/house/flat irrespective of whether it is owner occupied or tenant occupied. For
this purpose, estimate of cost of repair etc., and the certificate of completion of work done
be obtained from qualified engineer/architect.
b) There is no bar in providing finance to a person who or whose spouse already having a
house or flat in his/her name.
c) In case of finance for purchase of plot/land/flat/ house, sanctioning authority to ensure
that the title of the same is marketable and free from encumbrances.
d) In case of sanctioning of Housing Loan in favour of HUF, Law Division, HO, has advised
as under:

If property is proposed to be registered jointly in the names of various individuals and


HUF, then status of HUF can keep on changing depending upon the death of member or
a child is born. Changing number of members mainly of minors will create problem. We
are of the view that the Scheme of Housing loans visualize joint ownership of two or more
individuals, therefore, HUF is not considered as joint owner under the scheme.

e) a) For Prospective Borrowers dealing with us - Statement of account of prospective


borrowers having their account with our Bank, be obtained to establish satisfactory
transactional record.

b) For Prospective Borrowers dealing with other Banks/FIs- The track record of at
least one year of prospective borrower/ co-borrower, dealing with other banks/ FIs and
willing to avail loan from our Bank must be thoroughly verified before making the
advance. Further, the genuineness of documents including Bank A/c statements etc. to
be obtained for this purpose shall also be ensured invariably, besides conducting other
checks such as CIBIL database check- up, KYC norms etc. and fulfilling other
requirements of the scheme.

In case of salaried employees, statement of account should be of that account, in which


their salary is being credited. In other cases, it should be of an account whose declaration
has been made in the Income Tax Returns (wherever applicable). This is to facilitate
ascertaining general conduct of the account including other borrowings.

c) In case of the customers not having their account with any other Bank/FI or for any
deviation on the above account, the Branch/ RAPC In-charge in the rank of Scale IV &
above/Circle Head may take suitable decision based on merits of each case.

f) Post dated cheques/ECS of the Bank whose statement of account is furnished be


obtained and not of our Bank where a shadow account is opened just for getting cheque
book.
g) Where the PDCs are nearing exhaustion, the Branch should insist for fresh PDCs and
non-submission of the same be treated as violation of terms and conditions.
h) Spot verification of plot/house to be purchased/ constructed is must and the incumbent
should give his views/comments on the location/valuation of the house/plot while
according sanction.
i) Other KYC norms such as Identity proof of the applicant/co-applicant/ guarantor (if any),
his/her credentials, stability of employment/ business/ professions, residence and
assessment of other liabilities, be checked/verified carefully.
j) Proper selection of borrowers and improvement of diligence level be also ensured;
k) Immediate contact be made with the borrower on delay/default of any installment.
l) Contact/liaison with the employer to put pressure on the borrower.
m) On completion, a certificate be obtained from approved architect/qualified engineer,
certifying the end use of funds granted by the Bank.
n) Chain of title deeds should be complete and all the previous original title deeds should be
kept on record.
o) Wherever possible action under Securitization Act and/or u/s 138 of the Negotiable
Instrument Act/ Payment and settlement act be taken after complying with the
requirement of law.
p) All guidelines circulated by the Bank from time to time in respect of (i) Fair Practice Code
(ii) Loan Documents and (iii) Drawing of Credit Information Reports (CIRs) from Credit
Information Bureau (India) Ltd. (CIBIL)/other Credit Rating Agencies be also followed.
q) Keeping in view the increasing incidence of frauds, following important guidelines be
complied with by field functionaries before sanction/disbursement of housing loans and
due diligence be ensured by exercising extra caution, as under:
i) That branch officials have in their possession detailed plans of the building (duly
approved by the competent authority) to be taken as security, duly confirming that
it is constructed as per admissible laws and rules and that there is no likelihood of its
being demolished at a later date on the grounds that the construction was
unauthorized/illegal.
ii) That the services of only those advocates/lawyers be taken for verification purposes,
who are of good standing and are experienced persons.
iii) That a clause be put in sanction letters that any third party liability coming on the Bank
due to wrong information/ declaration given by borrower, will be his/her responsibility.
iv) That the directives of High Court of Delhi, Details of which are available at ANNEXURE
B of this circular be strictly adhered to.
v) Physical Verification:
a. The services of professionals such as Valuers and Advocates will not justify any
dilution in the responsibility of our Bank officials in verifying the securities as per
the Banks laid down procedures.

b. Failure to do so would be construed to be gross negligence, which is to be taken to


be lapses inviting vigilance overtone.

The following major steps regarding physical verification of Immovable Property be


complied with besides other instructions issued by the Bank in this regard from
time to time:

i) Recommending/ sanctioning authority to invariably visit the location of the


actual property and place a report of visit with date;

ii) To retain a copy of Photograph of Immovable Property;

iii) Carryout evaluation of property by interacting with local people;

iv) Endeavour to confirm the genuineness of Immovable Property by asking in the


neighborhoods; and

v) Also talking to the occupants of property to confirm that the property has not
changed hands before being offered to the Bank or there are deals underway
on the property, which may subsequently lead to litigation, resulting in dilution
in Banks securities.

r) Repayment period of restructured housing loan may be fixed depending upon the
repaying capacity of the borrower but should not exceed 30 years or till the borrower
attains the age of 70 years, whichever is earlier. However, circle head & above may relax
the period till the borrower attains the age of 75 years.

Further, housing loan may be rescheduled by the incumbent In-Charge of the branch
within his/her vested powers and as per guidelines stipulated above and other guidelines
as circulated by IRMD, HO on reschedulement of loans from time to time subject to
following conditions:

i. The recommending/ sanctioning authority for reschedulement should not have


recommended/ sanctioned the housing loan.
ii. Securities are intact and no critical inspection irregularity is pending and no fraud element
is involved.
iii. The account is under standard category as on the date of reschedulement.
iv. Reschedulement for the accounts under other than standard category in housing loans
shall continue to be allowed by an authority one step higher.

The revised guidelines on reschedulement of housing loan will be applicable to the


existing as well as prospective housing loan borrower(s).
The rate of interest would be charged as applicable for total tenor of loan (i.e. from the
date of original sanction to the terminal date in terms of restructuring package) prevailing
on the date of sanction of the package.
s) Housing Loan accounts involving Tripartite Agreement be classified as 'Secured
Loans'.
t) In all cases, branches to adhere to KYC norms, other extant guidelines and
properly verify the identity and credentials of each of the borrower, guarantor,
builder, seller, officials of Group Housing Society etc. and verify the genuineness
of documents to their satisfaction, before disbursement of loan.
20 The other mitigants with respect to making restrictions towards diversion of funds in real
estate are as under:
No loan shall be granted to borrowers involved in any kind of real estate activity/business.

Borrowers should ensure that prior permission/approvals from government/ local governments/
other statutory authorities, wherever required, with respect to the plot, have been obtained.

No loan shall be given in respect of those properties which fall in the category of unauthorized
colonies unless and until they have been regularized and development and other charges paid.

No loan should be given in respect of properties meant for residential use but which the
applicant intends to use for commercial purposes and declares so while applying for loan.

Inspection/verification of property is done to ensure that it is for residential/ housing use.

An undertaking to be taken from the borrower that the land/plot shall be used only for residential
purpose.

22. GENERAL: While financing housing projects, if any need arises for obtaining a
particular type of agreement, the same may be got approved by legal retainer locally
available in consultation with respective Circle Head, and if necessary, by Law Division ,
HO New Delhi.

23. Criteria for approval of private builders/projects, directives of High Court of Delhi,
Guidelines for entrusting work to Advocates/ Valuers, Risk weight on Housing loan,
Classification of Housing loans as Priority sector, Direct Housing Finance, Indirect
Housing Finance and other related guidelines issued by RBI, Existing rate of Interest from
01.07. 2000 onwards, Illustrative checklist, Documents and EMI chart are available as at
Annexure A, B, C, D, E, F, G, H and I, respectively.

**********
ANNEXURE- A

1. CRITERIA FOR APPROVAL OF PRIVATE BUILDERS AND THEIR UNDER


CONSTRUCTION PROJECTS:
A. Circle Heads to approve builders/ projects at Circle Office level utilizing Marketing Team
at Circle Office. RAB Heads/Marketing Teams at RAB need not be involved in the
process of recommendation/ approval of Builders/ Projects. RABs must focus on
marketing and conversion of leads into business.

B. Further, Circle Heads & above to accord:


i. fast track approval (within 3-6 days) for Projects launched by Indias Top FOUR Business
Groups, namely-
(a) Tata Realty and Infrastructure Ltd. (TRIL), a 100% subsidiary of TATA Sons;
(b) Godrej Properties Ltd.;
(c) Mahindra Life spaces (Real Estate and Infrastructure Development arm of Mahindra
Group; and
(d) L&T Realty (Larsen & Toubros Real Estate business).
Including resolution of issues in disbursements such as execution of TPA etc.

ii. Circle Heads & above to accord: Approval of Projects, which have been approved by any
of the 4 Banks / institutions namely SBI, HDFC, LICHFL & PNBHFL, based on their
stand alone sanction letters. The approval be accorded subject to compliance of
following conditions that:

a) Approval is within a period of six months from the date of approval of project by any of the
above Bank/ institution;
b) The visit to the project site has been undertaken by the Bank officials and visit report is
held on record;
c) Nothing adverse has been observed about the project while approving the same.

Also, COPIES OF PAPERS submitted to any of the above specified banks/FIs such
as Site Plan duly approved from competent development authority, title deed, legal
search report be obtained.

iii. Approval of projects of builders based on track record of the promoters and projects
executed where builders create Special Purpose Vehicle (SPV) for each project. The
approval shall be subject to ensuring verification of credentials/ Balance-sheet of the
Parent company.

iv. Approval of upcoming townships in their command area. However, such an approval may
be ensured before start of first round of booking / launch of project by strictly following
guidelines, as per details available under Para C below.

v. And treat all the projects financed by the Bank under exclusive, multiple or consortium
arrangement as approved projects for financing under Housing Loan Scheme for
Public. For such projects, no further assessment/ approval shall be required to be done
by approving authority.
C. As regards approval for all other under construction Projects of private builders, Circle
Head to approve the same as per criteria detailed below:
For approval of private builder by Circle Head
S.N. Criteria Suggested documents
i. Establishment should be for the last Annual report of the relevant
three years period, registration paper.
ii. Minimum experience should be of Past project reports & annual
five years in this line report (for 5 years).
iii. Should have completed successfully Past project report, personal
at least two major building projects visit to project sites

Circle Head to assess


S.N. Criteria Suggested documents
iv. The sound Annual report study of yearwise income,
financial strength expenditure, profit before tax and profit after tax.
Liability Paid up capital, reserves and secured loans.
Asset Fixed Assets, Investment, inventories, debtors
and loans and advances.
v. Track record of Project papers containing details of the earlier project
builder/developer completed viz. name and place of the project, date of
initiation, time taken to complete the project/handing
over possession, banker report etc.
vi. Legal Search Legal report containing confirmation that original
report papers have been verified and property is free from
encumbrance.

For approval of project of private builder by Circle Head:


S.N. Criteria Suggested documents
i. Clear title of the land with chain of Site papers including approved plan,
deeds title deed, chain of title deeds &
search report.
ii. Competent authority for approval Document of approval granted by the
of land use competent authority.
iii. Cost and means of financing Personal interview and details of the
project containing cost of the project
and various means of finance.
iv. Site visit report indicating the Visit report of the bank officials
stage of construction and likely
period of completion of the project

D. Branch Incumbent in scale of SMG- IV & above/ Circle Head & above has been vested
the power to consider approval of a specific flat/house after taking suitable security/ third
party guarantee acceptable to the Bank in the under-construction project of the
unapproved private builder on a standalone basis taking into considerations the specific
merits and the value of the account of the prospective housing loan borrowers in highly
deserving cases, subject to compliance of all other terms & conditions of the Scheme.

However, it be ensured that credentials of builders, Non-encumbrance certificate of Land


with chain of title deed & search report, all regulatory/ statutory approvals etc. have been
checked meticulously and visit report to the project site indicating the stage of
construction and likely period of completion of project has been undertaken.
ANNEXURE- B

1. DIRECTIVES OF HIGH COURT OF DELHI


The following directives be complied with meticulously:

A. Housing Loan for building construction:

i. In cases where the applicant owns a plot/land and approaches the banks/FIs for a credit
facility to construct a house, a copy of the sanctioned plan by competent authority in the
name of a person applying for such credit facility must be obtained by the Banks/FIs
before sanctioning the home loan.

ii. An affidavit-cum-undertaking must be obtained from the person applying for such credit
facility that he shall not violate the sanctioned plan, construction shall be strictly as per the
sanctioned plan and it shall be the sole responsibility of the executants to obtain
completion certificate within three months of completion of construction, failing which the
Bank shall have the power and the authority to recall the entire loan with interest, costs
and other usual bank charges.

iii. An Architect appointed by the Bank must also certify at various stages of construction of
building that the construction of the building is strictly as per sanctioned plan and shall
also certify at a particular point of time that the completion certificate of the building
issued by the competent authority has been obtained.

B. Housing Loan for purchase of constructed property/built up property.

i. In cases where the applicant approaches the bank/FIs for a credit facility to purchase the
built up house/flat, it should be mandatory for him to declare by way of an affidavit-cum-
undertaking that the built up property has been constructed as per the sanctioned plan
and/or building bye-laws and as far as possible has a completion certificate also.

ii. An Architect/Valuer appointed by the Bank must also certify before disbursement of the
loan that the built up property is strictly as per sanctioned plan and/or building bye-laws.

C. UNAUTHORIZED COLONIES - No loan should be given in respect of those


properties which fall in the category of unauthorized colonies unless and until they
have been regularized and development and other charges paid.

D. COMMERCIAL PROPERTY - No loan should also be given in respect of properties


meant for residential use but which the applicant intends to use for commercial purposes
and declares so while applying for loan.
ANNEXURE- C

1. GUIDELINES FOR ENTRUSTING WORK TO ARCHITECTS/ADVOCATES/VALUERS


FOR PREVENTION OF FRAUDS IN THE HOUSING LOAN SECTOR
EMPANELMENT OF ADVOCATES/ ARCHITECTS

1.1 Guidelines for valuation of property under Housing Finance Sector:


a) Guidelines for valuation of properties and empanelment of valuers, as contained in
Recovery Division Circular No.11/2016 dated 03.03.2016 followed by other relevant
circulars on the subject, be made applicable mutatis mutandis to all housing loan
borrowal accounts, irrespective of any loan limit/valuation of house/flat/plot
mortgaged to the Bank. An agreement on the prescribed format, as prescribed vide
Recovery Division Circular No. 11/2016 dated 03.03.2016, be got executed by the
valuer.

b) In addition to above, the valuer shall also be required to perform the following work in
cases of construction of houses/flats:-
i. Check the estimate submitted by the applicant keeping in view location of the project and
rates prevailing in the market for construction material and confirms genuineness;
ii. Verify the compliance of various requirements for implementation of the project such as
approval of map, permission of an authority required to implement the project and give
necessary report/confirmation pertaining thereto;
iii. Give a certificate at various stages of construction (but necessarily at initial stage, plinth
level and on completion) that the construction is strictly as per the sanctioned plan.

c) Fee structure for valuation of property, as prescribed vides Recovery Division Circular
No. 11/2016 dated 03.03.2016 followed by other subsequent relevant circulars issued
from time to time.

1.2 Guidelines for Housing Loans processing related work to be performed by


advocates/ empanelment of advocates: (Also refer LAW Division Circular No.14/2014
dated 30.01.2014):

Circle Offices will approve the advocates and shortlist the panel of 4-5 advocates
exclusively for the Housing Loans processing related work. The advocates shall be
required to do the following job:
(i) Verification of the Income tax return from the Income Tax Department. Verification of
Salary certificate from the employers office.
(ii) Compliance of guidelines with regard to verification of genuineness of the title deeds and
obtention of search report in respect of non-encumbrance of the property as circulated
vide Law Division Circular No. 07/2014 dated 30.01.2014 regarding Investigation of Title
& Search Report and subsequent circulars issued from time to time.
(iii) Verification having filed the deed of apartment in case the property is sold by way of
apartments by the promoter and its contents. Verification of the certified copy of the deed
of apartment with the original, kept with the promoter. Verification of the endorsement on
the certified copy of deed of apartment and the bye laws of the association of apartment
owners. Verification of completion of the apartment, name of the occupant of the flat and
capacity under which he/she is residing in the flat.
(iv) Verification of execution of tripartite agreement by private builder/ authority/ society.

Empanelment of advocates for Housing Loan processing related work:

i. Advocate must be in the approved list of the Circle Office, having practice of not less than
five years.

ii. Fee Structure The fee to be charged form the borrower and paid to the advocate for the
aforesaid assigned work fee structure circulated by Law Division, HO vide Law Div. Cir.
No. 12/2014 dated 30.01.2014 and subsequent circulars issued from time to time.

1.3 The Advocate also to give consent/undertaking to the effect that the Bank will be free to
take appropriate legal action including filing/lodging complaint to the professional body, if
there is any misconduct on the part of the advocate or information submitted by advocate
to the Bank is found incorrect/false, without prejudice to Banks right to delist/de-panel the
advocate from its panel.

1.4 Recovery Division has circulated the list of empanelled Valuers for 2016-17 vide circular
No. 11/2016 dated 03.03.2016. Also, Circle Offices are advised to prepare the list of
advocates/ professionals and circulate the same to the branches/RAPCs working under
their respective jurisdiction for utilization of their services for performance of housing loan
processing related work, as specified above. The professionals be given a time period of
3 working days to complete the assigned job and submit the report in each case. The
applicant borrower found otherwise eligible for sanction of loan be given in principal
sanction only after he/she deposits the charges/fee payable to professionals, along with
the undertaking that these charges/fee will not be refunded in case any document
submitted by him/her is found deficient in any manner. Upfront fee/documentation
charges will be levied as per extant guidelines.
ANNEXURE- D

1. RISK WEIGHT ON HOUSING FINANCE: Lending to individuals for acquiring residential


property which are fully secured by mortgages on the residential property that is or will be
occupied by the borrower, or that is rented, shall be risk weighted as indicated below,
based on Board approved valuation policy.

LTV ratio should be computed as a percentage with total outstanding in the account
(Principal + Accrued Interest +Other Charges pertaining to the loan without any netting)
in the numerator and the realizable value of the residential property mortgaged to the
bank, exclusive of stamp duty, registration and other documentation charges, as per Bank
record, in the denominator.

IRMD Circular No. 21/2015 dated 19.10.2015

Category of loan LTV ratio (%) Risk Weight (%)


Upto 30 lakh 80 35
> 80 and 90 50
Above 30 lakh and upto 75 lakh 75 35
> 75 and 80 50
Above 75 lakh 75 75
Restructured housing loans Risk weight as prescribed above
+ 25%

1.1 All other claims secured by residential property would attract the higher of the risk weight
applicable to the counterparty or to the purpose for which the Bank has extended finance.
ANNEXURE- E

1. CLASSIFICATION OF HOUSING FINANCE UNDER PRIORITY SECTOR: In terms of


guidelines circulated by PS&LB vide CODIFIED CIRCULAR NO. PS&LB/LBC/18/2015
dated 06.07.2015 relating to Priority Sector Advances- Classification & reporting, it has
been provided as under:

1.1 (i) Loans to individuals up to Rs 28 lakh in metropolitan centres (with population of ten
lakh and above) and loans up to Rs 20 lakh in other centres for purchase/construction of
a dwelling unit per family provided the overall cost of the dwelling unit in the metropolitan
centre and at other centres should not exceed Rs 35 lakh and Rs 25 lakh, respectively.
The housing loans to banks own employees will be excluded. As housing loans which are
backed by long term bonds are exempted from ANBC, banks should either include such
housing loans to individuals up to Rs 28 lakh in metropolitan centres and Rs 20 lakh in
other centres under priority sector or take benefit of exemption from ANBC, but not both.

(ii) Loans for repairs to damaged dwelling units of families up to Rs 5 lakh in metropolitan
centres and up to Rs 2 lakh in other centres.

(iii) Bank loans to any governmental agency for construction of dwelling units or for slum
clearance and rehabilitation of slum dwellers subject to a ceiling of Rs 10 lakh per
dwelling unit.

(iv) The loans sanctioned for housing projects exclusively for the purpose of construction of
houses for economically weaker sections and low income groups, the total cost of which
does not exceed Rs 10 lakh per dwelling unit. For the purpose of identifying the
economically weaker sections and low income groups, the family income limit of Rs 2 lakh
per annum, irrespective of the location, is prescribed.

(v) Bank loans to Housing Finance Companies (HFCs), approved by NHB for their refinance,
for on-lending for the purpose of purchase/construction/reconstruction of individual
dwelling units or for slum clearance and rehabilitation of slum dwellers, subject to an
aggregate loan limit of Rs 10 lakh per borrower.

The eligibility under priority sector loans to HFCs is restricted to five percent of the
individual banks total priority sector lending, on an ongoing basis. The maturity of bank
loans should be co-terminus with average maturity of loans extended by HFCs. Banks
should maintain necessary borrower-wise details of the underlying portfolio.

(vi) Outstanding deposits with NHB (National Housing Board) on account of priority sector
shortfall.
2. VARIOUS REGULATIONS: While extending housing finance, it be ensured that bank
credit is used for production, constructions activities and not for activities connected with
speculation in real estate.

(a) CONSTRUCTION OF BUILDING / READY-BUILT HOUSE:-

(i) Banks may grant loans to individuals for purchase/construction of dwelling unit per family
and loans given for repairs to the damaged dwelling units of families.
(ii) Bank may extend finance to a person who already owns a house in town/village where he
resides, for buying/ constructing a second house in the same or other town/ village for the
purpose of self occupation.

(iii) Bank may extend finance 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.

(iv) Bank may extend finance to a person who proposes to buy an old house where he is
presently residing as a tenant.

(v) Banks may finance for construction meant for improving the conditions in slum areas for
which credit may be extended directly to the slum-dwellers on the guarantee of the Government,
or indirectly to them through the State Governments.

(vi) Bank may provide credit for slum improvement schemes to be implemented by Slum
Clearance Boards and other public agencies.

(vii) Supplementary Finance:-

(a) Banks may consider requests for additional finance within the overall ceiling for carrying
out alterations/ additions/repairs to the house/flat already financed by them.

(b) In the case of individuals who might have raised funds for construction/ acquisition of
accommodation from other sources and need supplementary finance, banks may extend such
finance after obtaining paripassu or second mortgage charge over the property mortgaged in
favour of other lenders and/or against such other security, as they may deem appropriate.

(c) Banks may consider for grant of finance to

(i) the bodies constituted for undertaking repairs to houses, and

(ii) the owners of building/house/flat, whether occupied by themselves or by tenants, to meet


the need-based requirements for their repairs/additions, after satisfying themselves regarding
the estimated cost (for which requisite certificate should be obtained from an Engineer /
Architect, wherever necessary) and obtaining such security as deemed appropriate.

(viii) Bank finance should, however, not be granted for the following:

(a) Banks should not grant finance for construction of buildings meant purely for
Government/Semi-Government offices, including Municipal and Panchayat offices. However,
banks may grant loans for activities, which will be refinanced by institutions like NABARD.

(b) Projects undertaken by public sector entities which are not corporate bodies (i.e. public
sector undertakings which are not registered under Companies Act or which are not
Corporations established under the relevant statute) may not be financed by banks. Even in
respect of projects undertaken by corporate bodies, as defined above, banks should satisfy
themselves that the project is run on commercial lines and that bank finance is not in lieu of or to
substitute budgetary resources envisaged for the project. The loan could, however, supplement
budgetary resources if such supplementing was contemplated in the project design. Thus, in the
case of a housing project, where the project is run on commercial lines, and the Government is
interested in promoting the project either for the benefit of the weaker sections of the society or
otherwise, and a part of the project cost is met by the Government through subsidies made
available and/or contributions to the capital of the institutions taking up the project, the bank
finance should be restricted to an amount arrived at after reducing from the total project cost the
amount of subsidy/capital contribution receivable from the Government and any other resources
proposed to be made available by the Government.

(c) Banks had, in the past, sanctioned term loans to Corporations set up by Government like
State Police Housing Corporation, for construction of residential quarters for allotment to
employees where the loans were envisaged to be repaid out of budgetary allocations. As these
projects cannot be considered to be run on commercial lines, it would not be in order for banks
to grant loans to such projects.

(b) LENDING TO HOUSING INTERMEDIARY AGENCIES

(I) Financing of Land Acquisition

(a) In view of the need to increase the availability of land and house sites for increasing the
housing stock in the country, banks may extend finance to public agencies and not private
builders for acquisition and development of land, provided it is a part of the complete project,
including development of infrastructure such as water systems, drainage, roads, provision of
electricity, etc. Such credit may be extended by way of term loans. The project should be
completed as early as possible and, in any case, within three years, so as to ensure quick re-
cycling of bank funds for optimum results. If the project covers construction of houses, credit
extended therefore in respect of individual beneficiaries should be on the same terms and
conditions as stipulated for financing the beneficiary directly.

(b) Banks should have a Board approved policy in place for valuation of properties including
collaterals accepted for their exposures and that valuation should be done by professionally
qualified independent valuers.

(c) As regards the valuation of land for the purpose of financing of land acquisition as also
land secured as collateral, banks may be guided as under:

(i) Banks may extend finance to public agencies and not to private builders for acquisition
and development of land, provided it is a part of the complete project, including development of
infrastructure such as water systems, drainage, roads, provision of electricity, etc. In such limited
cases where land acquisition can be financed, the finance is to be limited to the acquisition price
(current price) plus development cost. The valuation of such land as prime security should be
limited to the current market price.

(ii) Wherever land is accepted as collateral, valuation of such land should be at the current
market price only.

(II) Lending to Housing Finance Institutions Banks may grant term loans to housing finance
institutions taking into account (long-term) debt-equity ratio, track record, recovery performance
and other relevant factors including the other applicable regulatory guidelines.
(III) Lending to Housing Boards and Other Agencies Banks may extend term loans to state
level housing boards and other public agencies. However, in order to develop a healthy housing
finance system, while doing so, the banks must not only keep in view the past performance of
these agencies in the matter of recovery from the beneficiaries but they should also stipulate that
the Boards will ensure prompt and regular recovery of loan installments from the beneficiaries.

(IV) Term Loans to Private Builders

(a) In view of the important role played by professional builders as providers of construction
services in the housing field, especially where land is acquired and developed by State Housing
Boards and other public agencies, commercial banks may extend credit to private builders on
commercial terms by way of loans linked to each specific project.

(b) Banks however, are not permitted to extend fund based or non-fund based facilities to
private builders for acquisition of land even as part of a housing project.

(c) The period of credit for loans extended by banks to private builders may be decided by
banks themselves based on their commercial judgment subject to usual safeguards and after
obtaining such security, as banks may deem appropriate.

(d) Such credit may be extended to builders of repute, employing professionally qualified
personnel. It should be ensured, through close monitoring, that no part of such funds is used for
any speculation in land.

(e) Care should also be taken to see that prices charged from the ultimate beneficiaries do
not include any speculative element that is, prices should be based only on the documented
price of land, the actual cost of construction and a reasonable profit margin.

(V) Terms and Conditions for Lending to Housing Intermediary Agencies

(a) In order to enhance the flow of resources to housing sector, term loans may be granted
by banks to housing intermediary agencies against the direct loans sanctioned/ proposed to be
sanctioned by the latter, irrespective of the per borrower size of the loan extended by these
agencies.

(b) Banks can grant term loans to housing intermediary agencies against the direct loans
sanctioned/proposed to be sanctioned by them to Non-Resident Indians also. However, banks
should ensure that housing finance intermediary agencies being financed by them are
authorised by RBI to grant housing loans to NRIs as all housing finance intermediaries are not
authorised by RBI to provide housing finance to NRIs.

(c) Banks have freedom to charge interest rates to housing intermediary agencies without
reference to Benchmark Prime Lending Rates (BPLR) upto June 30, 2010. Under the Base Rate
System effective from July 1, 2010, all categories of loans will be priced with reference to Base
Rate which is the minimum interest rate for all loans. Under the Marginal Cost of Fund based
Lending Rate (MCLR) System effective from April 1, 2016, all categories of loans will be priced
with reference to MCLR which is the minimum interest rate for all loans.

3. APPROVALS FROM STATUTORY/ REGULATORY AUTHORITIES:- While appraising


loan proposals involving real estate, banks should ensure that the borrowers should have
obtained prior permission from government / local governments / other statutory authorities for
the project, wherever required. In order that the loan approval process is not hampered on
account of this, while the proposals could be sanctioned in normal course, the disbursements
should be made only after the borrower has obtained requisite clearances from the government
authorities.

4. DISCLOSURE REQUIREMENTS:- In view of the observations of Honble High Court of


Judicature at Bombay, while granting finance to specific housing / development projects, banks
are advised to stipulate as a part of the terms and conditions that:

(a) the builder / developer / company would disclose in the Pamphlets / Brochures etc., the
name(s) of the bank(s) to which the property is mortgaged.

(b) the builder / developer / company would append the information relating to mortgage
while publishing advertisement of a particular scheme in newspapers / magazines etc.

(c) the builder / developer / company would indicate in their pamphlets / brochures, that they
would provide No Objection Certificate (NOC) / permission of the mortgagee bank for sale of
flats / property, if required.

(d) Banks are advised to ensure compliance of the above terms and conditions and funds
should not be released unless the builder/developer/company fulfils the above requirements.

(e) The above mentioned provisions will be mutatis-mutandis, applicable to Commercial Real
Estate also.

5. EXPOSURE TO REAL ESTATE:- Banks are well advised to frame comprehensive


prudential norms relating to the ceiling on the total amount of real estate loans, single/group
exposure limit for such loans, margins, security, repayment schedule and availability of
supplementary finance and the policy should be approved by the banks board. While framing
the banks policy the guidelines issued by the Reserve Bank should be taken into account.

6. FINANCING OF AFFORDABLE HOUSING-ISSUE OF LONG TERM BONDS BY


BANKS:- Banks can issue long-term bonds with a minimum maturity of seven years to raise
resources for lending to affordable housing subject to the conditions mentioned in circular
DBR.BP.BC.No.25/08.12.014/2014-15 dated July 15, 2014 on Issue of Long term Bonds by
Banks- Financing of Infrastructure and Affordable Housing.

7. ADDITIONAL GUIDELINES:- It is advised that banks should adhere to the National


Building Code (NBC) formulated by the Bureau of Indian Standards (BIS) in view of the
importance of safety of buildings especially against natural disasters. Banks may consider this
aspect for incorporation in their loan policies. Banks should also adopt the National Disaster
Management Authority (NDMA) guidelines and suitably incorporate them as part of their loan
policies, procedures and documentation.
ANNEXURE- F

RATES OF INTEREST FROM 01.07.2000 TO 02.09.2012

1. PERIOD 01.07.2000 (26.06.2000) to 06.08.2000


Amount of loan Rate of Interest
Upto Rs.2 lacs PTLR, 11.50% p.a.
Over Rs.2 lacs & upto Rs.10 lacs Min. 1% over PTLR i.e. 12.50% p.a.
Over Rs.10 lacs Min. 1.50% over PTLR i.e. 13% p.a.
Rate of interest as given above during the period were on FIXED OPTION only.

2. PERIOD 07.08.2000 to 10.06.2001


Amount of loan Rate of Interest
Upto Rs.2 lacs PTLR, 12% p.a.
Over Rs.2 lacs & upto Rs.10 lacs Min. 1% over PTLR i.e. 13% p.a.
Over Rs.10 lacs Min. 1.5% over PTLR i.e. 13.5% p.a.

3. PERIOD 11.06.2001 to 06.01.2002

Rate of Interest for the first time linked with Tenor of Repayment and borrower given the
option to choose between FIXED or FLOATING Rate of Interest.

RATE OF INTEREST UNDER FIXED OPTION :


TENOR LOANS UPTO Rs. 2 lacs LOANS ABOVE Rs. 2 lacs @
For loans repayable in/upto @ percent p.a. percent p.a.
i) Upto 0-7 years PTLR - 12% PTLR + 0.25% i.e.12.25%
ii) Above 7 & upto 15 years PTLR - 12% PTLR + 0.50% i.e.12.50%
iii) Above 15 years PTLR - 12% PTLR + 0.75% i.e.12.75%

RATE OF INTEREST UNDER FLOATING OPTION:

Upto Rs. 2 lacs -PTLR which presently is 12% p.a


Over Rs. 2 lacs -PTLR +0.50% i.e.12.50% p.a. for all tenors /repayment options

4. PERIOD 07.01.2002 to 30.04.2002


Rate of Interest delinked from PTLR and repayment period increased to 25 years.

RATE OF INTEREST UNDER FIXED OPTION:


TENOR RATE OF INTEREST @ percent p.a.
For loans repayable in/upto
i) Upto 0-7 years 11.25
ii) Above 7 & upto 20 years 12.00
iii) Above 20 yrs & upto 25 years 13.00

RATE OF INTEREST UNDER FLOATING OPTION:

For Loans of all amounts as : 11.50% p.a. for loans repayable


Permissible under the Scheme upto 20 years.
For Loans of all amounts as : 12.50% p.a. for loans repayable
Permissible under the Scheme above 20 years and upto 25 years.

5. 1.5.2002 to 8.8.2002
FIXED OPTION
Tenor Rate of Interest @ percent p.a.
For loans repayable in/upto
i) upto 0-5 years 11.00%
ii)Above 5 & upto 20 years 12.00%
iii) Above 20 years & upto 25 years 13.00%

FLOATING OPTION
Tenor Rate of Interest @ percent p.a.
For loans repayable in/upto
i) upto 0-5 years 10.75%
ii)Above 5 & upto 20 years 11.00%
iii) Above 20 & upto 25 years 12.00%

6. 9.8.2002 to 13.11.2002

FIXED OPTION
Tenor Rate of Interest @ percent p.a.
For loans repayable in/upto
i) upto 0-5 years 10.75%
ii)Above 5 & upto 20 years 11.50%
iii) Above 20 years & upto 25 years 12.00%

FLOATING OPTION
Tenor Rate of Interest @ percent p.a.
For loans repayable in/upto
i) upto 0-5 years 10.25%
ii)Above 5 & upto 20 years 10.50%
iii) Above 20 years & upto 25 years 11.00%

7. 14.11.2002 TO 31.12.2002

FIXED OPTION
Tenor Rate of Interest @ percent p.a.
For loans repayable in/upto
i) upto 0-5 years 9.75%
ii)Above 5 & upto 20 years 10.50%
iii) Above 20 years & upto 25 years 11.00%

FLOATING OPTION
Tenor Rate of Interest @ percent p.a.
For loans repayable in/upto
i) upto 0-5 years 9.25%
ii)Above 5 & upto 20 years 9.75%
iii) Above 20 years & upto 25 years 10.25%

8. 1.1.2003 TO 9.2.2003: FIXED OPTION


Tenor Rate of Interest @ percent p.a.
For loans repayable in/upto
i) upto 0-5 years 9.25%
ii)Above 5 & upto 10 years 10.25%
iii) Above 10 years & upto 20 years 10.50%
iv) Above 20 yrs. & upto 25 yrs. 11.00%

FLOATING OPTION
Tenor Rate of Interest @ percent p.a.
For loans repayable in/upto
i) upto 0-5 years 8.75%
ii)Above 5 & upto 10 years 9.50%
iii) Above 10 years & upto 20 years 9.75%
iv) Above 20 yrs. & upto 25 yrs. 10.25%

9. 10.2.2003 TO 20.7.2003
FIXED OPTION
Tenor Rate of Interest @ percent p.a.
For loans repayable in/upto
i) upto 0-5 years 9.25%
ii)Above 5 & upto 10 years 10.25%
iii) Above 10 years & upto 20 years 10.50%
iv) Above 20 yrs. & upto 25 yrs. 11.00%

FLOATING OPTION
Tenor Rate of Interest @ percent p.a.
For loans repayable in/upto
i) upto 0-5 years 8.50%
ii)Above 5 & upto 10 years 9.00%
iii) Above 10 years & upto 20 years 9.50%
iv) Above 20 yrs. & upto 25 yrs. 10.00%

10. 21.7.2003 TO 14.1.2004


FIXED OPTION
Tenor Rate of Interest @ percent p.a.
For loans repayable in/upto
i) upto 0-5 years 9.25%
ii)Above 5 & upto 10 years 10.25%
iii) Above 10 years & upto 20 years 10.50%
iv) Above 20 yrs. & upto 25 yrs. 11.00%

FLOATING OPTION
Tenor Rate of Interest @ percent p.a.
For loans repayable in/upto
i) upto 0-5 years 8.00%
ii)Above 5 & upto 10 years 8.75%
iii) Above 10 years & upto 20 years 9.25%
iv) Above 20 yrs. & upto 25 yrs. 9.75%

11. PERIOD 15.01.2004 TO 09.04.2006

FIXED OPTION:
Rate of Interest @ Percent p.a.
TENOR
NO CHANGE
For loans repayable in/upto
i) Upto 5 years 9.25
ii) Above 5 & upto 10 years 10.25
iii) Above 10 & upto 20 years 10.50
iv) Above 20 yrs & upto 25 years 11.00

FLOATING OPTION:
@ Percent p.a.
TENOR
For loans repayable in/upto RATE OF INTEREST

7.75
i) Upto 5 years 8.00
ii) Above 5 & upto 10 years 8.25
iii) Above 10 & upto 20 years 9.00
iv) Above 20 yrs & upto 25 years

12. PERIOD 10.4.2006 TO 30.4.2006

FIXED OPTION:
Rate of Interest @ Percent p.a.
TENOR
NO CHANGE
For loans repayable in/upto
i) Upto 5 years 9.25
ii) Above 5 & upto 10 years 10.25
iii) Above 10 & upto 20 years 10.50
iv) Above 20 yrs & upto 25 years 11.00

FLOATING OPTION:

TENOR @ Percent p.a.


For loans repayable in/upto RATE OF INTEREST

i) upto 5 years 8.25


ii) above 5 & upto 10 years 8.50
iii)above 10 & upto 20 years 8.75
iv)above 20 & upto 25 years 9.50

13. PERIOD 01.05.2006 to 31.07.2006

FIXED OPTION:
@ Percent p.a.
TENOR
RATE OF INTEREST
For loans repayable in/upto
i) Upto 5 years 9.75
ii) Above 5 & upto 10 years 10.75
iii) Above 10 & upto 20 years 11.00
iv) Above 20 yrs & upto 25 years 11.50

FLOATING OPTION:
@ Percent p.a.
TENOR
For loans repayable in/upto
RATE OF INTEREST
i) Upto 5 years 8.25
ii) Above 5 & upto 10 years 8.50
iii) Above 10 & upto 20 years 8.75
iv) Above 20 yrs & upto 25 yrs. 9.50

14. PERIOD 01.08.2006 TO 07.01.2007

FIXED OPTION:

TENOR @ Percent p.a.

For Loans repayable in / upto RATE OF INTEREST


i) Upto 5 years 10.00
ii) Above 5 & upto 10 years 10.75
iii) Above 10 & upto 20 years 11.00
iv) Above 20 yrs & upto 25 yrs. 11.50

FLOATING OPTION

@ Percent p.a.
TENOR
For loans repayable in/upto
RATE OF INTEREST
i) Upto 5 years 8.75
ii) Above 5 & upto 10 years 9.00
iii) Above 10 & upto 20 years 9.25
iv) Above 20 yrs & upto 25 yrs. 9.75

15. PERIOD FROM 08.01.2007 TO 06.05.2007

FIXED OPTION
@ Percent p.a.
TENOR
For loans repayable in/upto
RATE OF INTEREST
i) Upto 5 years 10.25
ii) Above 5 & upto 10 years 11.00
iii) Above 10 & upto 20 years 11.25
iv) Above 20 yrs & upto 25 yrs. 11.75

FLOATING OPTION:
TENOR @ Percent p.a.
For Loans repayable in / upto
RATE OF INTEREST
i) Upto 5 years 9.00
ii) Above 5 & upto 10 years 9.25
iii) Above 10 & upto 20 years 9.50
iv) Above 20 yrs & upto 25 yrs. 10.00
16. PERIOD FROM 07.05.2007 to 29.02.2008
FIXED OPTION:

TENOR For loan amount upto 20 For loan amount above


For Loans repayable in / upto lacs 20 lacs

i) Upto 5 years 10.25 11.25


ii) Above 5 & upto 10 years 11.00 12.00
iii) Above 10 & upto 20 years 11.25 12.25
iv) Above 20 yrs & upto 25 yrs. 11.75 12.75

FLOATING OPTION:
TENOR For loan amount upto 20 For loan amount above
For Loans repayable in / upto lacs 20 lacs.

i) Upto 5 years 9.00 10.00


ii) Above 5 & upto 10 years 9.25 10.25
iii) Above 10 & upto 20 years 9.50 10.50
iv) Above 20 yrs & upto 25 yrs. 10.00 11.00

17. PERIOD FROM 01.03.2008 TO 30.06.2008

FIXED OPTION:
TENOR For loan amount upto 20 For loan amount above
lacs 20 lacs
For Loans repayable in / upto
i) Upto 5 years 10.25 10.75
ii) Above 5 & upto 10 years 11.00 11.50
iii) Above 10 & upto 20 years 11.25 11.75
iv) Above 20 yrs & upto 25 yrs. 11.75 12.25

FLOATING OPTION:
TENOR For loan amount upto 20 For loan amount above
lacs 20 lacs
For Loans repayable in / upto
i) Upto 5 years 9.00 9.50
ii) Above 5 & upto 10 years 9.25 9.75
iii) Above 10 & upto 20 years 9.50 10.00
iv) Above 20 yrs & upto 25 yrs. 10.00 10.50

18. PERIOD FROM 01.07.2008 to 31-07-2008

FIXED OPTION:
TENOR For loan amount upto For loan amount above
20 lacs 20 lacs
For Loans repayable in / upto
i) Upto 5 years 10.75 11.25
ii) Above 5 & upto 10 years 11.50 12.00
iii) Above 10 & upto 20 years 11.75 12.25
iv) Above 20 yrs & upto 25 yrs. 12.25 12.75
FLOATING OPTION:
TENOR For loan amount upto For loan amount above
20 lacs 20 lacs
For Loans repayable in / upto
i) Upto 5 years 9.50 10.00
ii) Above 5 & upto 10 years 9.75 10.25
iii) Above 10 & upto 20 years 10.00 10.50
iv) Above 20 yrs & upto 25 yrs. 10.50 11.00

19. PERIOD FROM 01.08.2008 to 15.10.2008 (Ref. L&A Cir. 111/08 dt. 31.07.08)
FIXED OPTION:
TENOR For loan amount upto For loan amount above
20 lacs 20 lacs
For Loans repayable in / upto
i) Upto 5 years 11.50 12.50
ii) Above 5 & upto 10 years 12.00 12.50
iii) Above 10 & upto 20 years 12.25 12.75
iv) Above 20 yrs & upto 25 yrs. 12.50 13.00

FLOATING OPTION:
TENOR For loan amount upto For loan amount above
20 lacs 20 lacs
For Loans repayable in / upto
i) Upto 5 years 10.00 11.00
ii) Above 5 & upto 10 years 10.50 11.00
iii) Above 10 & upto 20 years 10.75 11.25
iv) Above 20 yrs & upto 25 yrs. 11.00 11.50

20. PERIOD FROM 16.10.2008 to 31.12.2008 (Ref. L&A Cir. 163 & 165/08 dt. 15.10.08 & 182/08
dt. 27.09.08)

FIXED OPTION:
TENOR For loan amount upto For loan amount above
20 lacs 20 lacs
For Loans repayable in / upto
i) Upto 5 years 11.00 12.00
ii) Above 5 & upto 10 years 11.50 12.00
iii) Above 10 & upto 20 years 11.75 12.25
iv) Above 20 yrs & upto 25 yrs. 12.00 12.50

FLOATING OPTION:
TENOR For loan amount upto For loan amount above 20
For Loans repayable in / upto 20 lacs lacs

i) Upto 5 years 9.50 10.50


ii) Above 5 & upto 10 years 10.00 10.50
iii) Above 10 & upto 20 years 10.25 10.75
iv) Above 20 yrs & upto 25 yrs. 10.50 11.00
21. PERIOD FROM 01.01.2009 TO 31.01.2009 (Ref. L&A Cir. 215/08 dt. 31.12.08)

FIXED OPTION:
TENOR For loan amount upto For loan amount above 20
20 lacs lacs
For Loans repayable in / upto
i) Upto 5 years 9.25 10.25
ii) Above 5 & upto 10 years 10.25 10.50
iii) Above 10 & upto 20 years 10.75 11.00
iv) Above 20 yrs & upto 25 yrs. 11.25 11.50

FLOATING OPTION:
TENOR For loan amount upto For loan amount above 20
For Loans repayable in / upto 20 lacs lacs
i) Upto 5 years 9.00 10.00
ii) Above 5 & upto 10 years 9.50 10.00
iii) Above 10 & upto 20 years 9.75 10.25
iv) Above 20 yrs & upto 25 yrs. 10.00 10.50

22. PERIOD FROM 01.02.2009 TO 30.04.2009 (Ref. L&A Cir. 17/09 dt. 31.01.09)

For loans repayable in/upto Upto Rs.20 lac More than Rs.20 lac
FLOATING OPTION
i) Upto 5 years 9.00 9.75
ii) Above 5 & upto 10 years 9.25 9.75
iii) Above 10 & upto 20 years 9.50 10.00
iv) Above 20 & upto 25 years 9.75 10.25
FIXED OPTION
i) Upto 5 years 9.25 10.00
ii) Above 5 & upto 10 years 10.00 10.25
iii) Above 10 & upto 20 years 10.50 10.75
iv) Above 20 & upto 25 years 10.75 11.00

23. PERIOD FROM 01.05.2009 TO 30.06.2010 (Ref. L&A Cir. 57/09 dt. 30.04.09)

For loans repayable in/upto Upto Rs.20 lac More than Rs.20 lac
FLOATING OPTION
i) Upto 5 years 8.75 9.50
ii) Above 5 & upto 10 years 9.00 9.50
iii) Above 10 & upto 20 years 9.25 9.75
iv) Above 20 & upto 25 years 9.50 10.00
FIXED OPTION
i) Upto 5 years 9.25 10.00
ii) Above 5 & upto 10 years 10.00 10.25
iii) Above 10 & upto 20 years 10.50 10.75
iv) Above 20 & upto 25 years 10.75 11.00
24. PERIOD FROM 01.07.2010 TO 30.09.2010 (BR: 8.00%) (Ref. L&A Cir. 65/10 & 74/10)

BPLR System Base Rate System


a) Housing Finance to Fixed Option Fixed Option
Individuals including NRIs
For repayment period Upto Rs 20 lac Above Rs 20 lac Upto Rs30 lac Above Rs30 lac
i) Upto 5 years 9.25% 10.00% 9.25% 10.00%
ii) Above 5 & upto 10 yrs 10.00% 10.25% 10.00% 10.25%
iii) Above 10 & upto 20 yrs 10.50% 10.75% 10.50% 10.75%
iv) Above 20 yrs & upto 25 yrs. 10.75% 11.00% 10.75% 11.00%
Floating Option Floating Option
Upto Rs 20 lac Above Rs 20 lac Upto Rs30 lac Above Rs30 lac
i) Upto 5 years 8.75% 9.50% BR+0.75% BR+1.50%
ii) Above 5 & upto 10 yrs 9.00% 9.50% BR+1.00% BR+1.50%
iii) Above 10 & upto 20 yrs 9.25% 9.75% BR+1.25% BR+1.75%
iv) Above 20 yrs & upto 25 yrs. 9.50% 10.00% BR+1.50% BR+2.00%

25. PERIOD FROM 01.10.2010 TO 12.12.2010 (BR: 8.50%) (Ref. L&A Cir. 109/10 & 113/10)

BPLR System Base Rate System


a) Housing Finance to Fixed Option Fixed Option
Individuals including NRIs
For repayment period Upto Rs 20 lac Above Rs 20 lac Upto Rs30 lac Above Rs30 lac
i) Upto 5 years 9.25% 10.00% 9.25% 10.00%
ii) Above 5 & upto 10 yrs 10.00% 10.25% 10.00% 10.25%
iii) Above 10 & upto 20 yrs 10.50% 10.75% 10.50% 10.75%
iv) Above 20 yrs & upto 25 yrs. 10.75% 11.00% 10.75% 11.00%
Floating Option Floating Option
Upto Rs 20 lac Above Rs 20 lac Upto Rs30 lac Above Rs30 lac
i) Upto 5 years 8.75% 9.50% BR+0.75% BR+1.50%
ii) Above 5 & upto 10 yrs 9.00% 9.50% BR+1.00% BR+1.50%
iii) Above 10 & upto 20 yrs 9.25% 9.75% BR+1.25% BR+1.75%
iv) Above 20 yrs & upto 25 yrs. 9.50% 10.00% BR+1.50% BR+2.00%

26. PERIOD FROM 13.12.2010 TO 31.12.2010 (BR: 9.00%) (Ref. L&A Cir. 132/10)

BPLR System Base Rate System


a) Housing Finance to Fixed Option Fixed Option
Individuals including NRIs
For repayment period Upto Rs 20 lac Above Rs 20 lac Upto Rs30 lac Above Rs30 lac

i) Upto 5 years 9.25% 10.00% 9.25% 10.00%


ii) Above 5 & upto 10 yrs 10.00% 10.25% 10.00% 10.25%
iii) Above 10 & upto 20 yrs 10.50% 10.75% 10.50% 10.75%
iv) Above 20 yrs & upto 25 yrs. 10.75% 11.00% 10.75% 11.00%
Floating Option Floating Option
Upto Rs 20 lac Above Rs 20 lac Upto Rs30 lac Above Rs30 lac
i) Upto 5 years 8.75% 9.50% BR+0.75% BR+1.50%
ii) Above 5 & upto 10 yrs 9.00% 9.50% BR+1.00% BR+1.50%
iii) Above 10 & upto 20 yrs 9.25% 9.75% BR+1.25% BR+1.75%
iv) Above 20 yrs & upto 25 yrs. 9.50% 10.00% BR+1.50% BR+2.00%
27. PERIOD FROM 01.01.2011 TO 31.01.2011 (BR: 9.00%) (Ref. L&A Cir. 136/10)

FLOATING RATE
FLOATING RATE
Upto Rs30 lac > Rs30 lac < Rs.75 Rs.75 lacs and above
lacs
Upto 5 years BR+0.50 BR+1.25 BR+1.50
>5 upto 10 yrs BR+0.75 BR+1.50 BR+1.75
Above 10 & upto 15 yrs BR+0.75 BR+1.50 BR+1.75
Above 15 & upto 20 yrs BR+1.00 BR+1.75 BR+2.00
v) Above 20 yrs & upto 25 yrs. BR+1.00 BR+1.75 BR+2.00

FIXED RATE
Interest on fixed rate Housing Loan shall be fixed as under:-
The fixed rates shall be fixed at rates, higher by a fixed spread as compared to that of floating
rate of similar tenor and shall be made fixed for 5 years. At the time of each reset after 5 years,
the fixed rate shall be fixed at a rate, which should be higher by the same spread over the
floating rate applicable on the date of reset for the original tenor. At present, the spread has
been fixed at 50 bps.For example the fixed rate on a loan of upto Rs.30 lac with tenor of 20
years shall be the prevailing floating rate (BR+1.00%) plus 0.50% (50bps) i.e. (9.00%+1.00%)
+0.50%=10.50%.

28. PERIOD FROM 01.02.2011 TO 04.05.2011 (BR: 9.50%) (Ref. L&A Cir. 11/11)
FLOATING RATE
FLOATING RATE
Upto Rs30 lac > Rs30 lac < Rs.75 lacs Rs.75 lacs and
above
Upto 5 years BR+0.50 BR+1.25 BR+1.50
>5 upto 10 yrs BR+0.75 BR+1.50 BR+1.75
Above 10 & upto 15 yrs BR+0.75 BR+1.50 BR+1.75
Above 15 & upto 20 yrs BR+1.00 BR+1.75 BR+2.00
v) Above 20 yrs & upto 25 yrs. BR+1.00 BR+1.75 BR+2.00

FIXED RATE
Interest on fixed rate Housing Loan shall be fixed as under:-
The fixed rates shall be fixed at rates, higher by a fixed spread as compared to that of floating
rate of similar tenor and shall be made fixed for 5 years. At the time of each reset after 5 years,
the fixed rate shall be fixed at a rate, which should be higher by the same spread over the
floating rate applicable on the date of reset for the original tenor. At present, the spread has
been fixed at 50 bps.

For example the fixed rate on a loan of upto Rs.30 lac with tenor of 20 years shall be the
prevailing floating rate (BR+1.00%) plus 0.50% (50bps) i.e. (9.00%+1.00%) +0.50%=10.50%.

29. PERIOD FROM 05.05.2011 TO 31.07.2011 (BR: 10.00%) (Ref. L&A Cir. 40/11)
FLOATING RATE
FLOATING RATE
Upto Rs30 lac > Rs30 lac < Rs.75 lacs Rs.75 lacs and
above
Upto 5 years BR+0.50 BR+1.25 BR+1.50
>5 upto 10 yrs BR+0.75 BR+1.50 BR+1.75
Above 10 & upto 15 yrs BR+0.75 BR+1.50 BR+1.75
Above 15 & upto 20 yrs BR+1.00 BR+1.75 BR+2.00
v) Above 20 yrs & upto 25 yrs. BR+1.00 BR+1.75 BR+2.00

FIXED RATE

Interest on fixed rate Housing Loan shall be fixed as under:-


The fixed rates shall be fixed at rates, higher by a fixed spread as compared to that of floating rate of
similar tenor and shall be made fixed for 5 years. At the time of each reset after 5 years, the fixed rate
shall be fixed at a rate, which should be higher by the same spread over the floating rate applicable on
the date of reset for the original tenor. At present, the spread has been fixed at 50 bps.
For example the fixed rate on a loan of upto Rs.30 lac with tenor of 20 years shall be the prevailing
floating rate (BR+1.00%) plus 0.50% (50bps) i.e. (9.00%+1.00%) +0.50%=10.50%.

30. PERIOD FROM 10.06.2011 TO 31.07.2011 Under BPLR System (Ref. L&A Cir. 67/11)

Floating rate Housing Existing


Loan Under BPLR Rates Revised Rates
System
Upto above Upto Rs.30 > Rs.30 to Rs.75 lacs
Rs.20 lac Rs.20 lac lac < Rs.75 lacs and above
Upto 5 years 8.75 9.50 10.50 11.25 11.50
Above 5 & upto 10 yrs 9.00 9.50 10.75 11.50 11.75
Above 10 & upto 15 yrs 9.25 9.75 10.75 11.50 11.75
Above 15 & upto 20 yrs 9.25 9.75 11.00 11.75 12.00
Above 20 yrs & upto 25
9.50 10.00 11.00 11.75 12.00
yrs.

31. PERIOD FROM 01.08.2011 TO 01.12.2011 (BR: 10.75%) (Ref. L&A Cir. 87/11 & 88/11)

Floating Rate
Under BPLR System Under Base Rate System
Above 30
Upto Rs Rs. 75 Lacs Above 30 Lacs to < Rs. 75 Lacs and
Lacs to < 75 Upto Rs30 lac
30 lac and Above 75 Lacs Above
Lacs
Upto 5 years 11.25% 12.00% 12.25% BR+0.50% BR+1.25% BR+1.50%
Above 5 &
11.50% 12.25% 12.50% BR+0.75% BR+1.50% BR+1.75%
upto 10 yrs
Above 10 &
11.50% 12.25% 12.50% BR+0.75% BR+1.50% BR+1.75%
upto 15 yrs
Above 15 &
11.75% 12.50% 12.75% BR+1.00% BR+1.75% BR+2.00%
upto 20 yrs
Above 20 &
11.75% 12.50% 12.75% BR+1.00% BR+1.75% BR+2.00%
upto 25 yrs
Under Fixed Rate Option Under BPLR System Under Base Rate System
Whenever an existing fixed rate housing loan disbursed The fixed rates shall be fixed at rates, higher by a fixed
under BPLR system, where reset clause is applicable, spread as compared to that of floating rate of similar
becomes due for reset, the same should be migrated to tenor under Base Rate System and shall be made fixed
Base Rate system and the rate of interest shall be fixed for 5 years. At the time of each reset after 5 years, the
at a rate as applicable to fixed rate loans under the Base fixed rate shall be fixed at a rate, which should be
rate system, depending upon the original tenor of the higher by the same spread over the floating rate
loan, on the date of reset and rate shall continue to be applicable on the date of reset for the original tenor. At
fixed till next applicable reset date.1 present, the spread has been fixed at 50 bps.
For example the fixed rate on a loan of upto Rs.30 lac
with tenor of 20 years shall be the prevailing floating
rate (BR+1.00%) plus 0.50% (50bps)

32. PERIOD FROM 02.12.2011 TO 30.04.2011 (BR: 10.75%) (Ref. L&A Cir. 121/11)

Floating Rate:
Under BPLR System Under Base Rate System
Above Rs.30 Rs. 75 Above Rs.30 Rs. 75
Upto Rs Upto Rs 30
Lacs to Lacs and Lacs to Lacs and
30 lacs lacs
<Rs.75 Lacs Above <Rs.75 Lacs Above
Upto 5 years 11.25% 12.00% 12.25% BR+0.50%
Above 5 &
11.50% 12.25% 12.50% BR+0.75% BR+1.00% BR+1.20%
upto 15yrs
Above 15 &
11.75% 12.50% 12.75% BR+1.00%
upto 25yrs

Fixed Rate:
Under BPLR System Under Base Rate System
Whenever an existing fixed rate housing loan The fixed rates shall be fixed at rates, higher by a
disbursed under BPLR system, where reset clause fixed spread as compared to that of floating rate of
is applicable, becomes due for reset, the same similar tenor under Base Rate System and shall be
should be migrated to Base Rate system and the made fixed for 5 years. At the time of each reset
rate of interest shall be fixed at a rate as applicable after 5 years, the fixed rate shall be fixed at a rate,
to fixed rate loans under the Base rate system, which should be higher by the same spread over
depending upon the original tenor of the loan, on the floating rate applicable on the date of reset for
the date of reset and rate shall continue to be fixed the original tenor. At present, the spread has been
till next applicable reset date. fixed at 50 bps.
For example the fixed rate on a loan of upto Rs.30
lac with tenor of 20 years shall be the prevailing
floating rate (BR+1.00%) plus 0.50% (50bps)

33. PERIOD FROM 01.05.2012 TO 02.09.2012 (BR: 10.50%) (Ref. L&A Cir. 27/12 & 28/12)

Floating rate:
Under BPLR System Under Base Rate System
Upto Rs 30 Above 30 Lacs to < Rs. 75 Lacs and Upto <Rs.75 Rs. 75 Lacs
lac 75 Lacs Above Lacs and Above
Upto 5 years 11.00% 11.75% 12.00%
Above 5 & upto BR+0.25% BR+0.50%
11.25% 12.00% 12.25%
15yrs
Above 15 & upto
11.50% 12.25% 12.50%
25yrs

Under Fixed Rate Option:


Under BPLR System Under Base Rate System
Whenever an existing fixed rate housing loan disbursed The fixed rates shall be fixed at rates, higher by a fixed spread
under BPLR system, where reset clause is applicable, as compared to that of floating rate of similar tenor under
becomes due for reset, the same should be migrated to Base Rate System and shall be made fixed for 5 years. At the
Base Rate system and the rate of interest shall be fixed time of each reset after 5 years, the fixed rate shall be fixed
at a rate, which should be higher by the same spread over the
at a rate as applicable to fixed rate loans under the
floating rate applicable on the date of reset for the original
Base rate system, depending upon the original tenor of tenor. At present, the spread has been fixed at 50 bps.
the loan, on the date of reset and rate shall continue to For example the fixed rate on a loan below Rs.75 lac
be fixed till next applicable reset date. with tenor of up to 25 years shall be the prevailing
floating rate (BR+0.25%) plus 0.50% (50bps)

34. PERIOD FROM 03.09.2012 to 31.03.2015:

Floating rate:
Under BPLR System Under Base Rate System
Upto Rs 30 Above 30 Lacs to < Rs. 75 Lacs and Upto <Rs.75 Rs. 75 Lacs
lac 75 Lacs Above Lacs and Above
Upto 5 years 11.00% 11.75% 12.00%
Above 5 & upto
11.25% 12.00% 12.25% BR% BR+0.25%
15yrs
Above 15 & upto
11.50% 12.25% 12.50%
25yrs

Under Fixed Rate Option:

Under BPLR System Under Base Rate System


Whenever an existing fixed rate housing loan The fixed rates shall be fixed at rates, higher by a fixed spread as
disbursed under BPLR system, where reset clause is compared to that of floating rate of similar tenor under Base Rate
applicable, becomes due for reset, the same should System and shall be made fixed for 5 years. At the time of each
be migrated to Base Rate system and the rate of reset after 5 years, the fixed rate shall be fixed at a rate, which
should be higher by the same spread over the floating rate
interest shall be fixed at a rate as applicable to fixed
applicable on the date of reset for the original tenor. At present,
rate loans under the Base rate system, depending the spread has been fixed at 50 bps.
upon the original tenor of the loan, on the date of For example the fixed rate on a loan below Rs.75 lac with
reset and rate shall continue to be fixed till next tenor of up to 25 years shall be the prevailing floating rate
applicable reset date. (BR+0.25%) plus 0.50% (50bps)

35. PERIOD FROM 01.04.2015 onwards:

Floating rate:
Under BPLR System Under Base Rate System
Irrespective of amount and for
Upto Rs 30 Above 30 Lacs to < Rs. 75 Lacs and
repayment period upto 30
lac 75 Lacs Above
years
Upto 5 years 11.00% 11.75% 12.00% BR%
Above 5 & upto
11.25% 12.00% 12.25%
15yrs
Above 15 & upto
11.50% 12.25% 12.50%
25yrs

Under Fixed Rate Option:

Under BPLR System Under Base Rate System


Whenever an existing fixed rate housing loan The fixed rates shall be fixed at rates, higher by a fixed spread as
disbursed under BPLR system, where reset clause is compared to that of floating rate of similar tenor under Base Rate
applicable, becomes due for reset, the same should System and shall be made fixed for 5 years. At the time of each
be migrated to Base Rate system and the rate of reset after 5 years, the fixed rate shall be fixed at a rate, which
should be higher by the same spread over the floating rate
interest shall be fixed at a rate as applicable to fixed
applicable on the date of reset for the original tenor. At present,
rate loans under the Base rate system, depending the spread has been fixed at 50 bps.
upon the original tenor of the loan, on the date of For example the fixed rate on a loan of Rs.75 lac with tenor
reset and rate shall continue to be fixed till next of up to 30 years shall be the prevailing floating rate (BR)
applicable reset date. plus 0.50% (50bps), i.e., presently 10.50%. (Base rate w.e.f.
07.05.15 is 10%).

36. BASE RATE OF PNB

Sl. No. Effective Period Base Rate % L&A Circular


W.e.f. To NO.
1 01.07.2010 30.09.2010 8.00 64/10
2 01.10.2010 12.12.2010 8.50 109/10
3 13.12.2010 31.01.2011 9.00 128/10
4 01.02.2011 04.05.2011 9.50 11/11
5 05.05.2011 31.07.2011 10.00 40/11
6 01.08.2011 30.04.2012 10.75 87/11
7 01.05.2012 08.02.2013 10.50 27/12
8 09.02.2013 06.05.2015 10.25 19/13
9 07.05.2015 30.09.2015 10.00 30/15
10 01.10.2015 Till date 9.60 85/15

37. PERIOD FROM 01.04.2016 onwards: (Ref L&A Cir 26/2016 dated 31.03.2016)

Floating rate:
Under Base Rate Under MCLR System
Under BPLR System
System
Above 30 Irrespective of amount Irrespective of amount
Upto Rs Rs. 75 Lacs
Lacs to < 75 and for repayment and for repayment
30 lac and Above
Lacs period upto 30 years period upto 30 years
Upto 5 years 11.00% 11.75% 12.00%
Above 5 &
11.25% 12.00% 12.25% BR% MCLR+0.05%
upto 15yrs
Above 15 &
11.50% 12.25% 12.50%
upto 25yrs
Under Fixed Rate Option:
Under BPLR System Under Base Rate System Under MCLR System
Whenever an existing fixed rate The fixed rates shall be fixed at rates, The fixed rates shall be fixed at rates,
housing loan disbursed under higher by a fixed spread as compared to higher by a fixed spread as compared to
BPLR system, where reset clause that of floating rate of similar tenor under that of floating rate of similar tenor under
is applicable, becomes due for Base Rate System and shall be made fixed Base Rate System and shall be made fixed
for 5 years. At the time of each reset after for 5 years. At the time of each reset after
reset, the same should be
5 years, the fixed rate shall be fixed at a 5 years, the fixed rate shall be fixed at a
migrated to Base Rate system rate, which should be higher by the same rate, which should be higher by the same
and the rate of interest shall be spread over the floating rate applicable spread over the floating rate applicable
fixed at a rate as applicable to on the date of reset for the original tenor. on the date of reset for the original tenor.
fixed rate loans under the Base At present, the spread has been fixed at At present, the spread has been fixed at
rate system, depending upon the 50 bps. 50 bps.
original tenor of the loan, on the For example the fixed rate on a loan For example the fixed rate on a loan
date of reset and rate shall of Rs.75 lac with tenor of up to 30 of Rs.75 lac with tenor of up to 30
continue to be fixed till next years shall be the prevailing floating years shall be the prevailing floating
applicable reset date. rate (BR) plus 0.50% (50bps) rate (MCLR+0.05) plus 0.50% (50bps)

36. MARGINAL COST of FUND BASED LENDING RATE (MCLR) FOR ONE YEAR

Sl. No. Effective Period MCLR% L&A Circular


W.e.f. To NO.
1 01.04.2016 31.07.2016 9.40 26/16
2 01.08.2016 TILL DATE 9.35 54/16
ANNEXURE- G

ILLUSTRATIVE CHECKLIST OF DOCUMENTS: While applying for the loan, the borrower is
required to furnish the following information:
1. Loan application form duly completed with Photograph PNB 1054/2012;
2. Identity proof;
3. Address/Residence proof;
4. Age proof;
5. Educational qualification proof;
6. Income proof:
SALARIED CLASS: Latest Salary certificate issued by the employer (indicating gross
and net salary)/ Income tax Return, Bank Statement of salary account for last 6/12
months whichever is applicable;
AGRICULTURIST: Record of land holding & cropping pattern or any other proof of
income;
FOR ALL OTHER INDIVIDUALS: Last 3 yrs. Income Tax Return or assessment order
& computation of income statement, Bank Statement of account for last 6/12 months
whichever is applicable;
Income proof of spouse/earning children/joint borrowers whose income is considered
for the purpose of determination of loan amount (if applicable);
7. Property documents as per PROPERTY CHECK-LIST and affidavit-cum-undertaking
in terms of Delhi High Court Directives.
8. Undertaking of the borrower/co-borrower as to whether he/she owns residential property
in his/her name;
9. Any other document which may be necessary as per requirement of the case.

A. CHECK LIST OF PROPERTY DOCUMENTS

A.1 FOR PURCHASE OF BUILT HOUSE/FLAT/DWELLING UNIT FROM INDIVIDUALS IN


THE NAME (S) OF THE BORROWER (S):
1.1 Proof of Title of the Vendor;
1.2 Approved Plan of the House/Flat to be purchased;
1.3 Attested copy of completion certificate, if obtained;
1.4 Agreement to sell alongwith original receipts of payment of earnest money etc. made by
the borrower (s) to the vendor;
1.5 In case of leasehold property, letter of authority from appropriate authority permitting
transfer and mortgage of the property;
1.6 Non-encumbrance certificate.

A.2 FOR PURCHASE OF PLOT/LAND


2.1 Proof of Title of the Vendor;
2.2 Agreement to sell alongwith original receipts of payment of earnest money etc. made by
the borrower (s) to the vendor;
2.3 In case of leasehold plot/land, letter of authority from appropriate authority permitting
transfer and mortgage;
2.4 Non-encumbrance certificate.

A.3 FOR CONSTRUCTION/REPAIR /RENOVATION/ ADDITION/ ALTERATION/ COST OF


FURNISHING
3.1 Attested copy of Sale Deed/Lease Deed;
3.2 In case of construction/addition/alteration, plan approved by the competent authority;
3.3 Estimate of construction / repair/ renovation / addition/ alteration by a qualified Civil
Engineer/Architect;
3.4 In case of leasehold property, letter of authority from appropriate authority permitting
mortgage;
3.5 Non-encumbrance certificate.

A.4 FOR PURCHASE OF HOUSE/FLAT FROM DEVELOPMENT AUTHORITY/HOUSING


BOARD/PRIVATE BUILDERS/GROUP HOUSING SOCIETY

4.1 Agreement to Sell/Letter of Allotment/Brochure of Scheme and other relevant


correspondence between the borrower(s) and vendor (Builder) regarding sale and
purchase of the property;
4.2 Original receipts of payments made by the borrower (s) to Builder;
4.3 In case of leasehold property, letter of authority from appropriate authority permitting
mortgage;
4.4 In case of proposal of members of Group Housing Societies, a letter(NOC) from the
Society duly signed on its letter head;
4.5 Share certificate issued by the concerned Society in respect of borrowers own holding in
its capital together with transfer deed signed in blank for the said share.

A.5 FOR PURCHASE OF LEASEHOLD PROPERTY ON POWER OF


ATTORNEY/AGREEMENT TO SELL BASIS

5.1 Proof of title of vendor;


5.2 Proof of possession of Vendor;
5.3 Agreement to sell and original receipts of payments made by the borrower (s) to the
vendor;
5.4 Non-encumbrance Certificate;
5.5 Power of Attorney executed by the Vendor;
5.6 Will of the vendor;
5.7 Letter of Awareness-cum-Possession from Vendor

NOTE: THE ABOVE LISTS ARE SUGGESTIVE AND BRANCHES TO OBTAIN DOCUMENTS
AS PER LOCAL REQUIREMENTS.
ANNEXURE - H

Sl. No. Subject ANNEXURE


1 Loan Application Form (1054/2012)
2 Agreement for Housing Loan I
3 Mortgage Deed II
4 Agreement of Housing Loan (for purchase of Plot) III
5 Power of Attorney IV
6 Tripartite Agreement (in case of Development Authority / V
Housing Boards etc)
7 Tripartite Agreement (in case of Private Builders) VI
8 Letter of Awareness-cum-Possession VII
9 Letter appointing pari passu / first charge holder as VIII
agent of the Bank
10 Letter of pari passu/ first charge holder accepting the Agency IX
of the Bank
11 Letter by the borrowers confirming deposit of title deeds X
12 Inter-se Agreement XI
13 Memorandum of Entry XII
14 Agreement of Guarantee XIII
15 Irrevocable Letter of Authority from borrower XIV
authorizing employer to remit salary
16 Letter ceding pari passu charge XV
17 Letter ceding second charge by the first charge holder XVI
18 NOC from Cooperative Group Housing Society XVII
19 In principal sanction (format) XVIII
20 Supplementary Agreement XIX
21 Tripartite Agreement (in case of AGIF Members) XX
ILLUSTRATIVE DOCUMENTATION:

A. DOCUMENTS REQUIRED FOR AVAILMENT OF LOAN

A.1 HOUSING LOAN FOR PURCHASE OF BUILT UP HOUSE/FLAT/DWELLING UNIT:


1.1 Agreement for Housing loan (Annexure- I);
1.2 Mortgage Deed or Mortgage by Deposit of title deeds - (Annexure II);
1.3 Irrevocable Power of Attorney in favour of the Bank to carry out the obligations of the
borrower under the loan Agreement (Annexure IV);
1.4 Irrevocable letter of authority from borrower(s) authorizing the employer to remit salary /
installment and other amount payable to the bank cum letter of acknowledgement from
employer (Annexure XIV) In duplicate
OR
Advance cheques signed by the borrower for repaying monthly installment OR ECS
mandate;
1.5 Any other document which may be necessary as per requirement of the case.

A.2 HOUSING LOAN FOR PURCHASE OF PLOT/LAND

2.1 Mortgage Deed or Mortgage by Deposit of title deeds (Annexure II);


2.2 Agreement for Housing loan (for purchase of Plot) (Annexure III);
2.3 Irrevocable letter of authority from borrower(s) authorizing the employer to remit salary /
installment and other amount payable to the bank cum letter of acknowledgement from
employer (Annexure XIV) in duplicate
. OR
Advance cheques signed by the borrower for repaying monthly installment OR ECS
mandate;
2.4 Any other document which may be necessary as per requirement of the case.

A.3 HOUSING LOAN FOR CONSTRUCTION OF HOUSE/REPAIR/ RENOVATION/


ADDITIONS/ALTERATIONS

3.1 Agreement for Housing loan (Annexure I);


3.2 Mortgage Deed or Mortgage by Deposit of title deeds (Annexure II);
3.3 Irrevocable letter of authority from borrower(s) authorizing the employer to remit salary /
installment and other amount payable to the bank cum letter of acknowledgement from
employer (Annexure XIV )-in duplicate
. OR
Advance cheques signed by the borrower for repaying monthly installment OR ECS
mandate;
3.4 Any other document which may be necessary as per requirement of the case.

A.4 HOUSING LOAN FOR PURCHASE OF HOUSE/FLAT FROM DEVELOPMENT


AUTHORITY /HOUSING BOARDS /PRIVATE BUILDERS /GROUP HOUSING
SOCIETIES
4.1 Agreement for Housing loan (Annexure I);
4.2 Irrevocable Power of Attorney in favour of the Bank to carry out the obligations of the
borrower under the loan Agreement (Annexure IV);
4.3 Tripartite Agreement (in case of Development Authority / Housing Boards etc)
(Annexure V) OR
Tripartite Agreement (in case of Private Builders) (Annexure VI)
OR
Tripartite Agreement (in case of Group Housing Societies) (Annexure VI);
4.4 Irrevocable letter of authority from borrower(s) authorizing the employer to remit salary /
installment and other amount payable to the bank cum letter of acknowledgement from
employer. in duplicate (Annexure XIV)
OR
Advance cheques signed by the borrower for repaying monthly installment OR ECS
mandate;
4.5 Any other document which may be necessary as per requirement of the case.

A.5 HOUSING LOAN FOR PURCHASE OF LEASEHOLD PROPERTY ON POWER OF


ATTORNEY / AGREEMENT TO SELL BASIS

5.1 Agreement for Housing loan (Annexure I);


5.2 Mortgage Deed or Mortgage by Deposit of title deeds (Annexure II);
5.3 Irrevocable Power of Attorney in favour of the Bank to carry out the obligations of the
borrower under the loan Agreement (Annexure IV);
5.4 Irrevocable letter of authority from borrower(s) authorizing the employer to remit salary /
installment and other amount payable to the bank cum letter of acknowledgement from
employer (Annexure XIV) in duplicate
OR
Advance cheques signed by the borrower for repaying monthly installment OR ECS
mandate;
5.5 Any other document which may be necessary as per requirement of the case.

A.6 HOUSING LOAN ON PARI PASSU/SECOND CHARGE BASIS:

The documents, as required above, be obtained in addition to the following documents:

6.1 In case of Govt. Deptt/Company/employer (first charge holder) is to have the custody of
the title deeds, then the letter appointing the pari passu/first charge holder as agent of the
bank to accept title deeds (Annexure VIII );
6.2 Letter of Pari Passu/first charge holder accepting the agency of the bank; (Annexure IX);
6.3 Letter of confirmation of deposit of title deeds by the borrower to the Pari Passu/First
Charge Holder under copy to the Bank (Annexure X);
6.4 Inter-se agreement on behalf of the pari passu charge/first charge holder and the
Bank.(Annexure XI);
6.5 Memorandum of Entry in the title deed registers (Annexure XII);
6.6 Letter of Ceding pari passu/second charge by the borrower from the first charge holder
(Annexure XV);
6.7 Tripartite Agreement in case of AGIF Members (Annexure XX).
6.8 Any other document which may be necessary as per requirement of the case.

AGREEMENT OF GUARANTEE (ANNEXURE XIV) BE OBTAINED, WHEREVER REQUIRED.

NOTE: BESIDES ABOVE LISTED DOCUMENTS, ANY OTHER DOUCMENT AS PER LOCAL
REQUIREMENT OR CASE SPECIFIC IS TO BE OBTAINED INVARIABLY.
APPLICATION FORM for HOME LOAN
For office use only
Branch: ___________________

Reference no.: _____________ Recent Photograph Recent Photograph


of Applicant of Co-Applicant
Received on: ___/___/___

Personal Details
Co-Applicant
Information Applicant
Relation with Applicant: Parent Spouse Other
First Name

Middle Name

Last Name

Fathers/Husband's Name

Income Tax PAN No.*

Identification no.(tick any one)*


Passport no. Voter ID
Driving License UID

Date of Birth* and Gender d d m m y y y y Male Female d d m m y y y y Male Female

Category Physical Ex-Serviceman Minority Physical Ex-Serviceman Minority


Handicapped None of these Handicapped None of these
Undergraduate Graduate PG Undergraduate Graduate PG
Educational Qualification*
Professional course Other Professional course Other
Marital Status and No. of
Single Married No. of Dependants Single Married No. of Dependants
dependents in the household

Email address

__ __
Phone details (STD code Tel res.)

Mobile No.
Relative of Staff/ Director of bank? Yes No Yes No
Residential Address Applicant Co-Applicant
Residence Address* (Present)

City: State: City: State:

Pin: Country: Pin: Country:


Residence Address* (Permanent)
Same as above

City: State: City: State:

Pin: Country: Pin: Country:


Owned (Self/spouse/ dependent children) Owned (Self/spouse/ dependent children)
Status of current residence Owned (Parents) Rented by Self/Spouse Owned (Parents) Rented by Self/Spouse
Leased by company/govt. Other Leased by company/govt. Other
Years at current residence* Years Months Years Months
Address for correspondence Current Residence Permanent Residence Office Current Residence Permanent Residence Office
*Supporting documents duly signed by the applicant should be attached
Work and Financial Details
Information Applicant Co-Applicant

Employment Nature Salaried Self employed Professional Other Salaried Self employed Professional Other
CA Doctor Engineer/Architect Lawyer CA Doctor Engineer/Architect Lawyer
If professional
Small/Marginal farmer Other agriculturist Other Small/Marginal farmer Other agriculturist Other
Nature of Organization Govt./PSU Public Ltd. Co. Pvt. Ltd. Govt./PSU Public Ltd. Co. Pvt. Ltd.
Proprietorship Partnership Other Proprietorship Partnership Other
Period in Current Employment/
Years Months Years Months
Business

Total Employment/ Business Period Years Months Years Months

Date of Retirement (If salaried) Years Months Years Months

Name of Organization/Business

Designation
Office Address

City: State: City: State:

Pin: Country: Pin: Country:


__ __
Phone details (STD code Tel off.)

If Self Employed/Professional
FY1 (20__ - 20__) FY 1 (20__ - 20__)
Income in last 3 Financial
years*(Rs.) FY 2 (20__ - 20__) FY 2 (20__ - 20__)
(As per Income Tax Return) FY 3 (20__ - 20__) FY 3 (20__ - 20__)
If Salaried/Other

Gross Gross
Annual Income* (Rs.)
Net Net
IT assessee & paid tax last yr Earns but not formally IT assessee & paid tax last yr Earns but not formally
Spouse's financial information*
IT assessee but no tax paid Does not earn IT assessee but no tax paid Does not earn
Bank Account Details
Account I Account II Account I Account II
(Details of PNB a/c if applicable)
Name of Bank

Branch

A/c No. (details of salary a/c. for


salaried)

Statement of Assets and Liabilities*


Information Applicant Co-Applicant
Assets
Immovable Properties Amount (Rs.) Amount (Rs.)

Building/House
Land
Movable Properties
Cash
Deposits with banks
Investment in government
securities
Others
Total
*Supporting documents duly signed by the applicant should be attached
Statement of Assets and Liabilities (Contd.)*
Information Applicant Co-Applicant
Liabilities
Outstanding Loans/Advances Amount (Rs.) Amount (Rs.)
Bank(s)
Employer
Provident Fund
Relatives and Friends
Others
Total
Net Worth (Actual in Rs.)
(Assets-Liabilities)
Information about other Loans taken (including previous loans from PNB)
Total Loan Limit (Rs.)
Total Monthly Repayment (Rs.)
Whether Regular Yes No Yes No

Proposed Loan Details


Information Applicant
Purchase of Plot/land
Construction of house
Purpose for which loan is required
Purchase of Built house/Residential flat/under construction
(Details as per enclosure 'A' or 'B')
Carrying out Repairs/Renovation/Addition/Alteration to existing house/flat
Take over loan from other bank/FI
Total Cost of house/flat/construction and Applicant's contribution/
Total Cost (Rs.)
Applicant's contribution/Margin Margin (Rs.)
Loan Amount applied (Rs.) and Rate of Interest option Floating Fixed
Repayment Period proposed Years Months Moratorium/Holiday Period: Months
Monthly Installment Mode Advance Cheques Standing Instructions Electronic Clearing System

Other Information
Information Applicant/Co-Applicant
Collateral security proposed Yes No
Type of collateral Property NSC/LIC Policy/Govt. Security Shares Others
If yes Value of collateral (Rs.)

Guarantor Available Yes No If yes, then furnish details in Part II


Pending court cases of Banks/Financial Institutions Yes No
against Applicants/ As Partners/As Director: (Enclose details on an annexure, if needed)
Reference Details
Reference I Reference II

Name
Address

City: State: City: State:

Pin: Country: Pin: Country:


Mobile No./Telephone
*Supporting documents duly signed by the applicant should be attached

I/We hereby request for a loan as above and declare that: The information given in the loan application is true and nothing has been concealed. The
undersigned undertakes to inform the Bank any change in my residence/office address and to provide any further information that the Bank may
require. The undersigned has been informed of the charges/fee to be levied by the Bank and agrees to pay upfront fee, documentation charges, etc. as
applicable ad charged by the bank. The undersigned hereby agree to be bound by these terms and conditions or by the revised additional terms and
conditions which may at any time hereafter be made while the loan obtained by me/us is still outstanding.
Yours faithfully,

Signature of Applicant: ____________________________________ Signature of Co-Applicant:_________________________________

Name of Applicant: _______________________________________ Name of Co-Applicant: ____________________________________


Date: Date:
Place: Place:

Note: In case there is more than one co-applicant, he/she should fill up another form.
ENCLOSURE - 'A'
ADDITIONAL INFORMATION REQUIRED TO BE GIVEN IF THE LOAN IS REQUIRED FOR CONSTRUCTION OF A HOUSE OR FOR CARRYING OUT
REPAIRS/RENOVATION/ADDITION /ALTERATION TO THE HOUSE/FLAT
(* applicable only in case of carrying out repairs/renovation/addition /alteration to the house/flat)
Purchase price/acquisition cost of land:
1.
(Please attach attested copy of sale deed /lease deed)
Address, location & surroundings of the house/flat (a rough plan indicating
2.
the location and surroundings of the house should be attached)

Name & Address of the seller(s) /dealer/Housing Society to whom the


3.
payment is to be made

4. Area of land (sq.metres)


5. Proposed built up area
Estimated cost of construction OR repairs/renovation/addition/alteration
6.
(Estimate from qualified Engineer/ Architect be attached)
Particulars of construction OR particulars of repairs /renovation/
7. addition/alteration be given
(Plan approved by the competent authority be attached)
Purchase price/original cost of house/flat as per the sale/title deed in case
the house was constructed by the present owner, the purchase price of
8.
the plot and cost of construction of the house should be separately stated.
(Please attach a certified copy of the sale/title deed) *
9. Present market value of the house/flat *
Whether the plot is free hold or lease hold (In case the plot is lease hold,
10. please state whether the lessee is authorised to mortgage the house -
copy of the letter of authority from the lessor be attached)
Has sanction for construction from the Competent authority been
11. obtained? (If yes, give details and attach copy of plan duly approved by
Municipal Body / Corporation concerned)
Whether the plot on which construction or House on which
12. repairs/renovation/addition/alteration is proposed is free from all
encumbrances whatsoever (Attach non encumbrance certificate)
Whether the place where the property is/will be situated is served by some
13.
Municipal Body/other agency?
14. Any other information

ENCLOSURE - 'B'
ADDITIONAL INFORMATION REQUIRED TO BE GIVEN IF THE LOAN IS REQUIRED FOR PURCHASE OF A BUILT HOUSE / RESIDENTIAL
FLAT/UNDER CONSTRUCTION OR IF THE LOAN IS BEING TAKEN OVER FROM ANOTHER BANK/FI
Address, location and surroundings of the house proposed to be
1. purchased (Please attach a map/plan of the house)

Name & Address of the seller(s) /dealer/Housing Society to whom the


2. payment is to be made

3. Covered area of house/flat

4. Year in which the house/flat was Constructed /allotted


Whether completion certificate from the competent authority obtained
5. (If yes, attach copy)
Name & address of the present owner of the house / flat
6. (Attach proof)

The price at which the house/flat is proposed to be purchased (Attach


7. copy of agreement to sell / letter of allotment)
Whether the house is built on a lease hold plot. If so, whether
8. authority to mortgage the house is available to the lessee (copy of
letter of authority from the lessor be attached)
In case lease hold property is intended to be purchased on power of
attorney/agreement to sell basis (attach proof):
(a) Whether the vendor is original allottee of the house/flat:
9. (b) Whether the development authority/housing board, etc. which
allotted the property to vendor has a scheme in force for conversion of
lease hold property into free hold property
(c) Whether vendor is in possession of property
Whether the place where the property is/will be situated is served by
10. some Municipal Body/other agency?
Whether the house proposed to be purchased is free from all
11. encumbrances whatsoever (attach non encumbrance certificate)
Please provide the following Name of Bank/FI from which loan
details in case of a take-over is being taken over:
12. loan only Limit (Rs.):
Present Outstanding (Rs.):

Place:
Date: Signature of the applicant(s)
Recent Photograph
of Guarantor
Part II GUARANTOR INFORMATION

Personal and Employment Details


Personal Details Employment Details
Employment Nature
First Name
Salaried Self employed Professional Other
Middle Name
If professional
Last Name
CA Doctor Engineer/Architect Lawyer
Small/Marginal farmer Other agriculturist Other
Fathers/Husband's Name
Nature of Organization

Govt./PSU Public Ltd. Co. Pvt. Ltd.


Income Tax PAN No.*
Proprietorship Partnership Other
Identification no.(tick any one)* Period in Current Employment/Business
Passport no. Voter ID
Driving License UID Years Months
Name of Organization, Designation and Address
Date of Birth* and Gender d d m m y y y y Male Female

Educational Qualification and Spouse Parents


Relationship with applicant Son/Daughter Other

Email Id City: State:

Pin: Country:
Address Current Residence Address* Permanent Address
Address

City: State: City: State:

Pin: Country: Pin: Country:


__
Phone details (STD code Number) Mobile No:

Financial Details
Information Guarantor
Is he/she an Income tax payee Yes No
Total Income in last 2 Financial FY 1 (20__ - 20__) FY 2 (20__ - 20__)
years (Rs.)
Bank Account Details (Existing customer should give details of PNB account)
Name of Bank Branch
A/c No. (details of salary a/c. for
salaried)

Statement of Assets and Liabilities*


Liabilities Assets
Outstanding Loans/Advances Amount (Rs.) Immovable Properties Amount (Rs.)
Bank(s) Building/House

Employer Land

Relatives /Friends Movable Properties


Provident Fund Cash
Deposits
Investment in govt. securities
Others Others
Total Total

Net Worth (Actual in Rs.)


*Supporting documents duly signed by the guarantor should be attached
Having fully apprised myself of the particulars submitted in loan application dated.. for ... (mention purpose) loan of
Rs. to be considered by the bank to Shri/Smt/Miss Son/Wife/ Daughter of Shri
I have agreed to furnish my guarantee for repayment of the loan. I hereby declare that I know the above mentioned applicant(s) very well for the
lastno. of years. The information furnished by me is true and correct to the best of my knowledge and belief.
Yours faithfully,

Signature of Guarantor: ________________________________

Name of Guarantor: ___________________________________


Date:
Place:

Note: In case there is more than one guarantor, he/she should fill up another form (Part-II Guarantor Information).
FOR OFFICE USE ONLY: BO ____________ _______________.

PNB Score ID :___________________________Score_______________

Credit Information Report (CIBIL etc.) : No. Score ________


Borrower : ______________________________________________
Guarantor : ______________________________________________
Any Adverse report, if so
Detail thereof :_______________________________________

Whether KYC norms in respect of all


Applicants/co-applicants/guarantors
Have been complied with : Yes/ No

Is the applicant/co-applicant/s are


eligible for concessions under Women
Empowerment Scheme : Yes/No

Whether it is a take over of


Loan from Bank/ FI : Yes/ No

Whether the applicant/co-applicant is : Yes/ No, if yes. Details ___________________________


already having a dwelling unit, if so details ___________________________

In case of housing loan with multi-location


scenario, confirm that administrative : Yes/ No
clearance has been obtained

In case of construction of house, confirm : Yes/ No


that copy of Sanction Plan approved
by competent authority in the name of
applicant has been obtained

Legal Opinion
i) Name of approved Advocate :______________________________________________
ii) Date of NEC :______________________________________________
iii) Whether Counsel has given :______________________________________________
Clear and marketable title
Of the property

Gross monthly income of applicant


i) Gross Income : Rs. ______________________________
ii) Other Income : Rs.______________________________
iii) (-) Existing deductions : Rs. ______________________________
iv) Income available for proposed EMI : Rs.______________________________
v) Amount of EMI : Rs. ______________________________
vi) Net Take Home after proposed EMI : Rs. ______________________________

Total Income available for proposed EMI : Rs.______________________________


Eligible amount of loan as per repaying capacity :
Proof of Income verified
- Name & Designation of person who verified : _______________________________________
Documents from which verified : _______________________________________
- Income Tax Returns/ Salary Certificate : _______________________________________
Other terms & conditions

1. The borrower agrees to bear and pay any charge for switchover of the option in respect of rate of interest at
the rate as prescribed by the Bank from time to time.
2. That it will be the duty and responsibility of the borrower/s to obtain the necessary permission of the
Vendor/s and/or any authority/ lessor, if required, under any law, rules, regulations or any instrument to
create the security hereby agreed by him/her/them to be created in favour of the Bank and it will be open to
the Bank to refuse to disburse the loan.
3. The borrower/s undertake/s to take necessary steps to get the leasehold property converted into freehold
and get the conveyance/transfer deed executed and registered and bear all necessary expenses connected
therewith from his/her own sources.
4. The borrower/s hereby agree/s and give/s to the Bank during the currency and for the payment of said loan,
a general lien and right to set off and combine accounts without notice and charge on all movable properties
of every description coming into the possession on account of the borrower/s for the time being held by the
Bank on behalf of the borrower/s whether singly or jointly with others in India or elsewhere including, without
prejudice to the generality, any moneys, bullion, deposits, deposit receipts, promissory notes, bill of
exchange, cheques, railway receipts, Govt. bills and other documents of every description.

Comments/recommendations of Appraising Officer


(Mention the date of visit at Borrower(s) residence/work place)

Recommended for sanction of a Housing Loan of Rs._____________________ ________favouring


Sh./ Smt./ Km. _________________________________________________________________________ for
Construction of house/ Purchase of Built House /Residential Flat/ Purchase of Plot/ land / For Carrying out
Repairs/Renovation/ /Addition/ Alteration to the existing house/flat subject to terms & conditions mentioned above.
The loan is proposed to be guaranteed by Sh./Smt./Km._____________________________________ / collaterally
secured by _______________________________________________. The loan shall be repayable in
_____Equated Monthly Installments (EMIs) of Rs._____________ commencing w.e.f. ______________. The
applicable rate of interest @______________, upfront fee Rs.____________and documentation charges
Rs._______________ which be communicated through a Sanction Letter and acknowledgement may be obtained
and kept on record.

(Signature and name of Appraising Officer)

Orders of the Sanctioning Authority

(Signature and name of sanctioning authority)


Place:
Date:

PNB 1054/2012
BO: ____________________________________

To, Date: ____________


________________________
________________________
________________________

Dear Sir/ Madam,


YOUR APPLICATION FOR HOUSING LOAN - SANCTION LETTER

We are pleased to inform that we have sanctioned a Housing Loan of Rs. _________________in your
favour for ___________________________________ on the undernoted terms & conditions.

Sanction Terms
Sanctioned Amount
Rate of Interest
Type of Interest
Margin
Repayment Tenor
Number of EMIs Amt. of EMI* Rs.
Repayment to be commenced from
Amount of EMI
Upfront fee/ Processing fee Rs. Documentation Fee Rs.
Credit Information Report Charges
Security Guarantor (s)
Primary

Collateral

Prepayment Penalty NIL, (on loans at floating rate of interest option)


Penal Interest, if any In case of default in repayment of loan/non compliance of
terms & conditions the borrower shall be liable to pay penal
interest of 2% on the default/irregular amount.
In case construction of the house is not completed within 3
years from date of disbursement of the loan or in case the
plot/land is sold, penal interest @ 2% over & above the
prescribed rate of interest will be charged from the date of
disbursement of the loan.
* is subject to change from time to time from time to time

2. The above sanction is, however, subject to:


i) Execution of Loan documents as per Banks format & guidelines;
ii) The ROI/EMI is subject to change from time to time;
iii) The above sanction shall be valid for a period of six months from the date of issue of the sanction letter.
iv) That any third party liability coming on the Bank due to wrong information/ declaration given by
borrower, will be his/her responsibility.

3. Please convey acceptance for having accepted the terms & conditions of the sanction.

Thanking you.
Yours truly,
For Punjab National Bank

Authorised Signatory
ANNEXURE-I

AGREEMENT FOR HOUSING LOAN

THIS AGREEMENT FOR HOUSING LOAN is made on this ____day of ______________20__

BETWEEN

Shri/Ms __________________________________________________son/daughter/wife of
Shri_____________________________________________________,resident of _________________
__________________________________ and Shri/Ms_________________________________
________________________________________son/daughter/wife of Shri ________________
________________________________________, resident of ____________________________
___________________________________ and (hereinafter referred to as the Borrower)

AND

Punjab National Bank, a body corporate, constituted under the Banking Companies (Acquisition &
Transfer of Undertakings) Act, 1970, having its Head Office at 7, Bhikhaiji Cama Place, New Delhi and,
amongst others, a Branch Office at ____________________________ (hereinafter referred to as the
Bank).
(The Borrower and the Bank are collectively referred to as the Parties and individually as the Party and
unless it be repugnant to the subject or context the term Borrower and Bank shall include their heirs,
legal representatives, successors, assigns, etc; The masculine gender is to be taken to include females;
The singular includes the plural and vice versa. The Borrower, in case there is more than one Borrower,
shall include each one of them and their liability shall be JOINT & SEVERAL and any acknowledgment of
debt made by any one shall bind all)

WHEREAS

A. The Borrower has entered into an agreement with ___________________________________


(hereinafter called the "Vendor) for purchase of house/ flat vide agreement of sale dated
__________ OR The Borrower has been allotted a flat/house or site for construction of house
by_______________________(the Vendor) or owns/holds on lease a plot of land/house
situated at ________________;
B. The Borrower has approached the Bank for granting financial assistance for the purpose of
purchase of the house/flat; or construction of house building; or repair/renovation of the house;
AND

C. On the request of the Borrower the Bank has agreed to advance a sum of Rs _____________
(Rupees_________________________) (the "Loan) to the Borrower for the said purpose on the
terms and conditions herein appearing.

NOW THIS AGREEMENT WITNESSETH AS UNDER:-


1. The Bank can disburse the loan in lump sum or in stages, depending upon the progress in
construction - at stages like completion of plinth, construction up to lintel level, completion of roof
etc. and / or upon demand made by the Vendor, after satisfying that the borrower has paid his
contribution/margin money/balance amount. The payment shall be made directly to the Vendor
/Supplier/Contractor, as per the details furnished by the Borrower. The Bank shall make
subsequent disbursement only on furnishing by the Borrower of a certificate from qualified
architect/civil engineer verifying/certifying the stages of construction having been reached;
2. On completion of construction/repairs/renovation, the Borrower will furnish a certificate from the
approved architect/qualified engineer certifying the end use of the loan amount.

3. INTEREST RATE OPTIONS


a) Terms for Fixed Interest Rate Option

i. The option of FIXED RATE OF INTEREST exercised by the Borrower will not be allowed to be
changed for a minimum period (Block Period) of ______ years, unless the Bank otherwise agrees,
on such terms & conditions, including payment of switching over charges by the Borrower, as
prescribed by the Bank.
ii. After completion of the each Block period, it is open to the Borrower to switch over from one
Interest Rate Option to the other. If no intimation of change of Option is received it shall be
presumed that the Borrower continues with his earlier exercised Option.
iii. In case the change of option is allowed by the Bank to the borrower from Fixed Rate to Floating
Rate, the rate of interest would be the prevailing floating rate at the time of change of option.
iv. The rate of interest under Fixed Rate Option shall be reviewed and re-set by the Bank on
completion of each Block Period. For this purpose 1st year of each Block Period will commence
from 1st of April of the year in which the first disbursement under the Loan is made, irrespective of
the month of disbursement, and shall end on 31st March of the following year. After completion of
each Block period, the interest rate as re-set will be applicable. If there is any delay in revision/re-
set in interest rate, appropriate adjustment will be made in the account, effective from 1st April of
the year. If the interest rate is not re-set, the prevailing rate shall continue to be applied until it is
re-set. If interest rate is not re-set in the year when it is due, it shall be open to Bank to re-set the
interest in any subsequent year and, in such an event, the interest rate as re-set, will be
applicable from 1st April of the year in which it is re-set for the remaining years of the block period.

b) Terms of Floating Interest Rate Option


(i) The option of the Floating Interest Rate exercised by the Borrower will not be allowed to be
changed for a minimum period of ______ years (Block Period), unless the Bank otherwise agrees,
on such terms & conditions, including payment of switching over charges by the Borrower, as
prescribed by the Bank.
(ii) After completion of each block of three years it is open to the Borrower to switch over from one
option to the other. If no intimation of change of option is received, it shall be presumed that the
Borrower continues with his earlier exercised option.
(iii) In case the change of option of the Interest Rate is allowed by the Bank the Fixed Interest Rate
would be the prevailing fixed interest rate at the time of change of option. The Option so exercised
will remain applicable for next Block Period.

4. Exercise of Option
(i) The Borrower hereby exercises the *Floating Interest Rate / Fixed Interest Rate Option and
agrees to pay pay interest at ...% as spread over _______ Marginal Cost of Funds Based
Lending Rate (MCLR) of the Bank, presently being ..%, (hereinafter referred to as the
Benchmark Rate) i.e ..% per ________ with _______ rests plus applicable interest tax, if
any. The _____________ MCLR will be changed from time to time by the Bank subject to the
reset of interest rate after an interval of ___________ months.
(ii) The interest shall be calculated on daily balance basis due to the Bank and shall be charged
monthly so long as the amount due is not repaid in its entirety and shall form part of the principal
and carry interest at the applicable interest rate.
(iii) The Spread may also change from time to time and the revised rate of interest shall accordingly
be charged from time to time.
(iv) Besides interest, applicable interest tax and incidental charges are also payable by the borrower.

5. Notwithstanding the above, if the Bank, on the request of the Borrower, in its discretion, decides
to make available to the Borrower the option of application of lower rate of interest, as may be
applicable to fresh loans under the Scheme, it is open to the Bank to charge and levy a
Switchover Fee at the rate prescribed by the Bank.
6. The Borrower agrees that the amount of the loan, together with interest, will be paid by the
Borrower regularly in equated monthly installments (EMI) of Rs.______(Rupees ___________)
each and the first such EMI shall fall due for payment on _____________. OR
Borrower has exercised option of Graduated EMI for repayment of the loan amount and agrees
that amount of loan together with interest and other charges, will be paid by the borrower regularly
in equated monthly installments of Rs.____________ (Rupees_____________-
____________________________) each for an initial period of __________ years and
subsequently in equated monthly installments of Rs.____________
(Rupees________________________________) each for remaining period of _________
years/till the loan account stands fully adjusted. The first of such EMI shall fall due for payment on
_______________.

7. The borrower understands that the amount of EMI shall be subject to change in accordance with
change/revision in applicable interest rate. The borrower shall have one of the following options to
exercise for repayment of the Loan
a) To pay the increased amount of the EMI; or
b) To continue to pay the existing amount of the EMI with the condition that the balance
outstanding in the Loan account shall be paid in one go with the last EMI of the originally
applicable repayment tenor; or
c) To prolong the repayment period.
7.1 In case no option is exercised by the Borrower on account of change in the applicable interest
rate affecting the EMI, the option, as given at (7.c) above, shall be deemed to have been
exercised by the Borrower.

8. *(i) The Borrower irrevocably authorizes the Bank to recover the amount of the EMI and other
charges from his SF/CA /OD Account no._____________( the said Account) maintained with the
said BO until the loan along with interest, charges, etc. is fully repaid and adjusted. The borrower
further undertakes to keep sufficient balance in the account for recovery of the EMI by the Bank.
*(ii) The Borrower agrees to authorize his employer to remit his salary to the Banks said BO for
crediting the same to his said account.
*(iii) The Borrower hereby deposits post-dated cheques to facilitate the due payment of the EMI as per
the Schedule-II hereunder.
*(iv) The Borrower is willing to make the payment of EMI, through participation in Electronic Clearing
Service (ECS) of the National Clearing Cell of RBI and authorizes the Bank to raise the debits
against the EMI from his account No.___________________ maintained at
BO:_______________ of _____________________Bank (Give name and address of the Bank)
through ECS for payment of the EMI and understands that in the event of the Bank not realizing
payment from ECS for any reason whatsoever, the Borrower shall pay the EMI to the Bank by
cash or cheque along with the interest for the delayed period. The Borrower has given the
necessary mandate and also bear any service charges/fees as prescribed by the Bank/RBI from
time to time.
8.1 To facilitate collection of the EMI in the event of non-receipt of the EMI by ECS, the Borrower has
provided the Bank with ______number of undated cheques for the amount of the EMI. The
Borrower authorizes the Bank to fill up the date as and when required, but without being bound, to
collect the cheques to meet defaults in payment of the EMI.
(*Delete, if not applicable)
9. The Borrower agrees to pay additional interest at______% p.a. with agreed rests in case of:
a) Non-payment of any installment of principal and/or interest, costs and other charges due, on the
amount in default from the date of default;
b) Default in Furnishing information as prescribed/called for by the Bank or any irregularity in a/c.
c) Diversion or siphoning of the Loan amount;
d) Default in creation of security within the stipulated time;
e) Non-compliance of any of the terms & conditions of this Agreement;
9.1 However, this right is in addition to and not in derogation of the Banks other rights to immediately
call upon the Borrower to repay the entire amount outstanding or to enforce the security and, in
the event of the Bank exercising its right to recall the Loan as aforesaid, the Borrower undertakes
that, irrespective of the period for which the Loan is made, the Borrower shall pay to the Bank
immediately after demand, whereby the recall is made, the balance then outstanding in the loan
account, together with interest and all other charges till liquidation of the dues under the loan.

10. Pre-Payment Charges

The borrower agrees that in case the Loan is pre-paid by availing loan from any other bank/FI, the
Borrower will bear and pay the prepayment charges at ___% of the outstanding amount of the;
loan pre-paid and the Bank shall be entitled to seek information from the borrower about source of
pre-payment made or any other particulars in order to levy pre-payment charge and the borrower
agrees to furnish the information called for by the Bank. The Bank shall also be entitled, inter-alia,
to recover pre-payment charges by debiting any account of the borrower.

11. The Borrower undertakes not to raise any loan for the purpose and/or for his productive activity
from any institution other than the Bank.

12. The Borrower undertakes to create 1st charge by way of mortgage within ________ days on the
property described in Schedule-I hereunder to secure the repayment of the Loan after he gets the
conveyance of the Secured Asset in his favor as may be required by the Bank.

13. The Borrower agrees to execute an irrevocable Power of Attorney in favor of the Bank, as and
when required by the Bank, as per the Performa annexed with this Agreement.

14. 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 the 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, if the progress of the
construction work is not satisfactory and/or failure to pay margin by the borrower.

15. The Borrower shall get the security fully insured against loss, damage by fire, riots and other
hazards like earthquake, floods as per the requirements of the Bank in the joint name of the
Borrower and the Bank with the usual Bank clause till repayment of in full of the entire loan liability
of the Borrower. In case the Borrower fails to insure the said property, it will be open to the Bank
to get the same insured, without being bound to do so, as aforesaid and to debit the amount of
premium to the Borrowers account which shall thereupon be treated as part and parcel of the
principal amount advanced.

15.1 The Borrower hereby further declares and agrees that :

a) Upon any money becoming payable under the insurance policy, the same shall be paid by the
Insurance Company to the Bank and such part of any moneys so paid, as may relate to the
interest of other parties insured there-under, shall be received by the Bank as agent for such other
parties. And any sum received under such insurance shall be applied in or towards liquidation of
the amount due to the Bank and other parties on account of the said loan, interest and other
charges as aforesaid and in the event of there being a surplus; the same shall be refunded to the
Borrower.

b) The receipt by the Bank of insurance proceeds shall be a complete discharge of the insurance
company and shall be binding on all parties insured there under.
c) Any adjustment, settlement, compromise or reference to arbitrations in connection with any
dispute between the Insurance company and the insured or any of them arising under or in
connection with the policy shall be valid and binding on all parties insured there under, but not so
as to impair the right of the Bank to recover the full amount of any claim, it may have on other
parties insured there under.

16. It will be the duty and responsibility of the Borrower to obtain necessary permission of Vendor
and/or any Authority/ lessor, if required, under any law, rules, regulations or any instrument 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 obtained and submitted to the
Bank.

17. 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 sources.

18. The Borrower hereby agrees to hold himself liable on all the confirmation letters signed by anyone
of the borrowers and on all the accounts stated to any one of them. The Borrower agrees that
each one of them is agent for the others to acknowledge and admit liability outstanding in the
account from time to time.

19. The Borrower agrees and hereby gives to the Bank, during the currency and for the payment of
the Loan, a general lien and right to set off; and combine accounts without notice; and charge on
all movable property of every description coming into the Banks possession on account of the
Borrower for the time being held by the Bank, whether singly or jointly with others in India or
elsewhere including, without prejudice to the generality, any monies, bullion, deposits, deposit
receipts, promissory notes, bill of exchange, cheques, railway receipts, Govt. bills and other
documents/securities of every description.

20. Any demand herein may be made on the Borrower by an officer of the Bank or any notice in
writing under the hands of any such officer either served personally on the Borrower or left at or
sent by post to him at his address registered/available with the Bank.

21. The Borrower hereby consents that in case he commits default in repayment of the Loan, the
Bank/RBI can disclose his name in such manner and through such medium, as they deem fit. The
Borrower further consents for disclosure of his name by the Bank to any Credit Information
Company/Agency, as deemed fit.

SCHEDULE-I
(Description of the Property to be mortgaged)

SCHEDULE-II

DATE OF CHEQUES* AMOUNT

1.
2.
3.
4.
5.
* Note: Advance cheques may be obtained under the Scheme. The number, amount and dates of
such cheques should be synchronized with the number, amount and due dates of term Loan
installments. Such cheques should be drawn favoring Punjab National Bank and on the reverse
of the cheques, payment of installment in term Loan account No. ____ can be written.

IN WITNESS WHEREOF, THE PARTIES HAVE SIGNED THESE PRESENTS ON THE DAY,
MONTH AND YEAR ABOVE MENTIONED.

BORROWER FOR PUNJAB NATIONAL BANK

(PNB 1121)
ANNEXURE II

MORTGAGE DEED

This Deed of Mortgage is made at on this day


of_____________ 20 _______ between ____________________________________
______________________________________________________________-__________
(Full
description of the borrower/s), hereinafter called the Mortgagor/s (which expression shall
include his/her/their heirs executors, administrators, and assigns) of the one part and Punjab
National Bank, having its Head Office at 7, Bhikhaiji Cama Place New Delhi and among others,
a Branch Office at hereinafter called the mortgagee (which
expression shall include its successor and assigns) of the other part.

WHEREAS the Mortgagor/s is/are the absolute owner in possession of the properties fully
described in the schedule hereunder; and WHEREAS the mortgagee has advanced/agreed to
advance a sum of Rs. (Rupees
) by way of housing loan upon securing the repayment thereof
together with interest, cost and other charges in the manner as hereinafter appearing.

NOW THIS DEED OF MORTGAGE WITNESSETH AS FOLLOWS:

That in consideration of the sum of Rs.____________________


(Rupees__________ ) advanced/agreed to be advanced by the Mortgagee to the
Mortgagor/s as per the loaning documents executed in Mortgagees favour, the Mortgagor/s,
hereby mortgage/s unto the Mortgagee the said property by way of simple mortgage to
secure the repayment of the principal amount aforesaid together with interest, charges and
all other expenses due to the Mortgagee payable as per the terms and conditions contained in
the agreement of housing loan and documents executed by the Mortgagor/s.

That the Mortgagor/s agree/s to keep fully insured for its full market value in the name of the
Mortgagor/s and the Mortgagee with agreed Bank clause, the said property against damage
and loss or destruction by fire, civil-commotion, riots, floods, earthquake and any other insurable
risk and keep up 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 Mortgagor/s. In case the
Mortgagor/s fail/s at any time to insure and pay the necessary premium, the Mortgagee may but
it will not be bound to, insure and debit the cost of the premium to the 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.

That the Mortgagor/s shall also continue to pay all rates and taxes accruing due in respect of
the said property under any law or rule for the time being in force.

That the Mortgagor/s covenant/s that the property is free from all encumbrances and that the
Mortgagor/s is/are entitled to mortgage the same unto the Mortgage.

That the Mortgagor/s shall not lease out or part with possession of the property or create any
further charge, mortgage on the same in favour of any person without prior consent of the
Mortgagee in writing.

That in case of the default/breach of any of the terms and conditions contained in this Deed or
in the Loaning Documents executed by the Mortgagor/s, the Mortgagee shall have the option
and the right to realize all its due outstanding in the account and cause the mortgaged property
to be sold with all its accretions, without being bound to proceed against other securities or
sureties, if any held by the Mortgagee.

That on payment of all the dues of the said mortgagee under these presents, the mortgagee
shall be bound to recovery the said property free from all encumbrances to the Mortgagor/s and
execute deed of discharge/transfer and every other writing in favour of the Mortgagor/s at its
expense necessary for this purpose.

In witness whereof the Mortgagor/s and the Mortgagee have set their hands on the day, month
and the year hereinabove first written.

SCHEDULE
(Description of the property hereby mortgaged)
All that Plot No. situated at
(full address
of the house/flat/plot of land) ensuring and so
also the construction and superstructure to be built thereon together with all rights of
easements of all kinds appertinent thereto and bounded as given below;

North
South
East
West

WITNESSES: MORTGAGOR/S

1.

2. MORTGAGEE

PNB 1122
ANNEXURE III

(To be stamped as an agreement)

AGREEMENT FOR HOUSING LOAN


(FOR PURCHASE OF PLOT)

THIS AGREEMENT is made on this____day of _______, 20___


at_______________________

BETWEEN

Shri/Ms._________________________________________________________________
__________ Son/Daughter/Wife of Shri
_______________________________________________________
r/o______________________________________________________________________
____ (hereinafter called the Borrower)
AND

Punjab National Bank, a body corporate constituted under the Banking Companies
(Acquisition & Transfer of Undertakings) Act 1970 having its Head Office at 7, Bhikhaiji
Cama Place, New Delhi and, inter alia, one of its branches at (hereinafter called the
Bank)
(The Borrower and the Bank are collectively referred to as the Parties and individually as
the Party and unless it be repugnant to the subject or context the term Borrower and the
Bank shall include their heirs, legal representatives, successors, assigns, etc; The
masculine gender is to be taken to include females; The singular includes the plural and
vice versa. The Borrower, in case there is more than one Borrower, shall include each
one of them and their liability shall be JOINT & SEVERAL and any acknowledgment of
debt made by any one shall bind all)

WHEREAS

A. The Borrower has entered into an Agreement of Sale dated_______ with Shri / Ms
______________________________ /Development Authority/ Housing Board/ Shri/
Ms. Son /Daughter / Wife of Shri
_______________________________________________
r/o____________________________________________________________________
(hereinafter called the Vendor) for purchasing from the Vendor a plot bearing
No._____________________ situated at___________________ and bounded as under:

North:

South:

East:

West:
Admeasuring ______ sq.fts/sq.yds./sq.mtrs for a consideration of Rs._________________
(Rupees__________________ ), on the terms and conditions contained in the
Agreement of Sale;

B. The Borrower has paid to the Vendor a sum of Rs. __________________


(Rupees______________________________________________) as earnest money/
part payment under the said Agreement of Sale;

C. The Borrower is unable to pay the remaining sale price of Rs. _______________
(Rupees ________________________) and has approached the Banks BO at
________________ for a loan of Rs. _________________ (Rupees
________________________________ ) to enable him to purchase the said plot from the
Vendor; and

D. The Bank has agreed to advance a sum of Rs. ________________


(Rupees______________________________________________ ) to the Borrower for the
purchase of the said plot on the terms and conditions as hereinafter appearing:

NOW THIS AGREEMENT WITNESSTH AS FOLLOWS:

1. That the Bank shall advance a sum of Rs.____________


(Rupees________________________________________) to the Borrower for the
purpose of the purchase of the aforesaid plot from the Vendor as per the Agreement of
Sale referred to above. The said advance shall be disbursed / paid by the Bank directly to
the Vendor under the authority of the Borrower at the time of registration of Sale Deed.

2. INTEREST RATE OPTIONS

a) Fixed Interest Rate Option

i. The Borrower agrees to pay interest under the Fixed Interest Rate Option at the rate as
prescribed and prevailing as on the date of this Agreement/at the time of exercise of the
Fixed Interest Rate Option.

ii. The option of FIXED RATE OF INTEREST exercised by the Borrower will not be allowed to
be changed for a minimum period of three years, unless the Bank otherwise agrees, on
conditions, including payment of switching over charges by the Borrower, as prescribed by
the Bank.

iii. In case the change of option is allowed by the Bank from the Fixed Rate to the Floating
Rate, the rate of interest would be the prevailing floating rate at the time of change of
option and thereafter at the rate as prescribed by the Bank from time to time.

iv. The option exercised by the Borrower shall be for a block period of three years (the
Block), as mentioned in (ii) above, unless the Bank otherwise agrees on conditions as
prescribed by the Bank. After completion of the Block it is open to the Borrower to switch
over from one Interest Rate Option to the other. If no intimation of change of Option is
received it shall be presumed that the Borrower continues with his earlier Option which the
Borrower is availing.

v. The rate of interest under this Option (Fixed Interest Rate Option) shall be reviewed and re-
set on completion of a Block of Five Years. For this purpose the 1st year of such Block of
Five Years is to commence on and from 1st of April of the year in which the first
disbursement under the Loan is made, irrespective of the month of disbursement, and shall
end on 31st March of the following year.

After completion of every Block of Five Years in the aforesaid manner, the interest rate as
re-set will be applied. If there is any delay in revision/re-set of the interest rate, appropriate
adjustment will be made in the account, effective from 1st April of the year. If the interest
rate is not re-set, the prevailing rate shall continue to be applied until it is re-set. If interest
rate is not re-set in the year when it is due, it shall be open to Bank to re-set the interest in
any subsequent year and in such an event, the interest rate as re-set, will be applicable
from 1st April of the year in which it is re-set for the remaining years of the block of five
years. The Bank alone has full discretion to fix/ prescribe/ revise/ re-set the rate of interest.

b) Floating Interest Rate Option


(i) The Borrower agrees to pay interest under the Floating Interest Rate Option at the rate
and periodicity of rests as prescribed by the Bank from time to time;

(ii) The option of the Floating Interest Rate exercised by the Borrower will not be allowed to be
changed for a minimum period of three years, unless the Bank otherwise agrees, on
conditions, including payment of switching over charges by the Borrower, as prescribed by
the Bank;

(iii) In case the change of option of the Interest Rate is allowed by the Bank the Fixed Interest
Rate would be the prevailing rate at the time of change of option; and

(iv) The option exercised by the Borrower shall be for the block period of three years as
mentioned in (ii) above, unless the Bank otherwise agrees on conditions as prescribed by
the Bank. After completion of each block of three years it is open to the Borrower to switch
over from one option to the other. If no intimation of change of option is received, it shall
be presumed that the Borrower continues with his earlier option which the Borrower is
availing.

2A (i) The Borrower exercises the *Floating Interest Rate / Fixed Interest Rate Option and
agrees to pay interest at ...% as spread over _______ Marginal Cost of Funds
Based Lending Rate (MCLR) of the Bank, presently being ..%, (hereinafter referred to
as the Benchmark Rate) i.e ..% per ________ with _______ rests plus applicable
interest tax, if any. The _____________ MCLR will be changed from time to time by the
Bank subject to the reset of interest rate after an interval of ___________ months. The
interest shall be calculated on daily balance basis due to the Bank and shall be charged
monthly so long as the amount due is not repaid in its entirety and shall form part of the
principal and carry interest at the Applicable Interest Rate.

(ii) The Spread may also change from time to time and the revised rate of interest shall
accordingly be charged from time to time in the Loan account;

(iii) Notwithstanding the above, if the Bank, on the request of the Borrower, in its discretion,
decides to make available to the Borrower the option of application of lower rate of interest,
as may be applicable to fresh loans under the Scheme, it is open to the Bank to charge
and levy a Switchover Fee at the rate prescribed by the Bank.

3. The borrower intends and agrees to construct the house on the plot within ____ years. In
case the construction of the house on the said plot is not completed within a period of
years or in the event of the plot / land is sold for gains or profit or for any other reason
the interest chargeable shall be @ _____% over and above the prescribed rate of
interest from the date of disbursement of the loan and the borrower agrees to pay to the
Bank the interest so payable and the Bank is authorized to debit the loan account of the
Borrower with the amount of difference of interest thus arrived at. This will be in addition to
the interest payable by the Borrower at the prescribed rate as mentioned in Clause 2A
above.

4. The Borrower agrees that the amount of the Loan together with interest will be paid by the
Borrower regularly in equated monthly installments (the EMI) of
Rs.____________(Rupees _______________) each and the first such EMI shall fall due
for payment on _____________.

5. The amount of the EMI shall be subject to change in accordance with the change/revision
in the Applicable Interest Rate to be charged in the Loan account and the Borrower shall
have one of the following options to exercise for repayment of the Loan

a) To pay the increased amount of the EMI; or

b) To continue to pay the existing amount of the EMI with the condition that the balance
outstanding in the Loan account shall be paid in one go with the last EMI of the originally
applicable repayment tenor; or

c) To prolong the repayment period.

In case no option is exercised by the Borrower on account of change in the Applicable


Interest Rate affecting the EMI, the option as given at (5.c) above will be deemed to have
been exercised by the Borrower.

6. *(i) The Borrower irrevocably authorizes the Bank to recover the amount of the EMI and
other charges from his SF/CA /OD Account no._____________( the said Account)
maintained at the Banks said BO until the Loan along with interest, charges, etc. is fully
repaid and adjusted. The Borrower further undertakes to keep sufficient balance in his said
Account for recovery of the EMI by the Bank.

*(ii) The Borrower agrees to authorize his employer to remit his salary to the Banks said BO
for crediting the same to his said Account.

*(iii) The Borrower hereby deposits post-dated cheques to facilitate the due payment of the EMI
as per the Schedule-II hereunder.

*(iv) The Borrower is willing to make the payment of EMI, through participation in Electronic
Clearing Service (ECS) of the National Clearing Cell of RBI and authorizes the Bank to
raise the debits against the EMI from his account No.__________ maintained at
BO:_________________________ of ____________Bank (Give name and address of the
Bank) through ECS for payment of the EMI and understands that in the event of the Bank
not realizing payment from ECS for any reason whatsoever, the Borrower shall pay the
EMI to the Bank by cash or cheque along with the interest for the delayed period.

The Borrower has given the necessary mandate/will comply with the procedural
requirements for participation in ECS and also bear any service charges/fees as prescribed
by the Bank/RBI from time to time.

To facilitate collection of the EMI in the event of non-receipt of the EMI by ECS, the
Borrower has provided the Bank with ______number of undated cheques for the amount of
the EMI. The Borrower authorizes the Bank to fill up the date as and when required, but
without being bound, to collect the cheques to meet defaults in payment of the EMI.
(*Delete, if not applicable)

7. The Borrower agrees to pay additional interest at______% p.a. with agreed rests in case
of:
a. Non-payment of any installment of principal and/or interest, costs and other charges due,
on the amount in default from the date of default; or
b. Any irregularity in the Loan account
c. Default in Furnishing information as prescribed/called for by the Bank; or
d. Diversion or siphoning of the Loan amount;
e. Default in creation of security within the stipulated time;
f. Non-compliance of any of the terms & conditions of this Agreement;
g. Any other case as the Bank may deem fit.

However, this right is in addition to and not in derogation of the Banks other rights to
immediately call upon the Borrower to repay the entire amount outstanding or to enforce
the security and in the event of the Bank exercising its right to recall the Loan as aforesaid,
the Borrower undertakes that irrespective of the period for which the Loan is made, the
Borrower shall pay to the Bank immediately after demand, whereby the recall is made, the
balance then outstanding on account of the Loan together with interest and all other
charges till liquidation of the dues under the Loan.

8. The Borrower agrees that in case the Loan is pre-paid by availing loan from any other
bank/FI, the Borrower will bear and pay the prepayment charges at ___% of the
outstanding amount of the Loan pre-paid and the Bank shall be entitled to seek information
from the Borrower about source of prepayment made or any other particulars in order to
levy pre-payment charge and the Borrower agrees to furnish the information called for by
the Bank. The Bank shall also be entitled, inter-alia, to recover pre payment charge by
debiting to any account of the Borrower.

9. The Borrower undertakes not to raise any loan for the purpose and/or for his productive
activity from any institution other than the Bank.

10. The Borrower, undertakes to create 1st charge by way of mortgage within ________ days
on the plot described in Schedule-I hereunder (the Secured Asset) to secure the
repayment of the Loan after he gets the conveyance of the Secured Asset in his favor as
may be required by the Bank.

11. The Borrower will execute an irrevocable power of attorney in favor of the Bank as and
when required by the Bank as per the Performa annexed with this Agreement.

12. In case the Borrower dies or becomes insolvent or in the event of non-observance of any of
the conditions set out herein including failure to create/execute the required mortgage or in
the event of default of payment of any of the EMI or interest, costs and other expenses, the
entire amount outstanding in the loan account and remaining unpaid shall, at the option of
the Bank, after making demand in writing, become immediately payable and the security
held by the Bank will become enforceable for realization of its outstanding dues with
interests, costs and other expenses.

13. The Borrower shall fully insure the Secured Asset against loss, damage by fire, riots and
other hazards like earthquake, floods as per the requirements of the Bank in the joint name
of the Borrower and the Bank 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 Bank to get the same insured, without being bound to do so, as aforesaid and
debit the amount of premium to the Borrowers account which shall thereupon be treated
as part and parcel of the principal amount advanced.

14. The Borrower hereby further declares and agrees that -

a) Upon any money becoming payable under the insurance policy, the same shall be paid by
the Insurance company to the Bank and such part of any moneys so paid as may relate to
the interest of other parties insured there-under shall be received by the Bank as agent for
such other parties. And any sum received under such insurance shall be applied in or
towards liquidation of the amount due to the Bank on account of the said loan, interest and
other charges as aforesaid and in the event of there being a surplus the same shall be
refunded to the Borrower.

b) The receipt of the Bank shall be a complete discharge of the insurance company,
therefore, and shall be binding on all parties insured there under.

c) Any adjustment, settlement, compromise or reference to arbitrations in connection with any


dispute between the Insurance company and the insured or any of them arising under or in
connection with this policy, if made by the Bank, shall be valid and binding on all parties
insured there under, but not so as to impair the right of the Bank to recover the full amount
of any claim, it may have on other parties insured there under.

15. It will be the duty and responsibility of the Borrower to obtain the necessary permission of
the Vendor and/or any authority/lessor, if required, under any law, rules, regulations or any
instrument 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
obtained and submitted to the Bank.

16. 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/her own sources.

17. The Borrower hereby agrees to hold himself liable on all the confirmation letters signed by
anyone of the borrowers and on all the accounts stated to any one of them. The Borrower
agrees that each one of them is agent for the others to acknowledge and admit liability
outstanding in the account from time to time.

18. The Borrower agrees and hereby gives to the Bank during the currency and for the
payment of the Loan, a general lien and right to set off; and combine accounts without
notice; and charge on all movable property of every description coming into the Banks
possession on account of the Borrower for the time being held by the Bank on behalf of the
Borrower whether singly or jointly with others in India or elsewhere including, without
prejudice to the generality, any monies, bullion, deposits, deposit receipts, promissory
notes, bill of exchange, cheques, railway receipts, Govt. bills and other
documents/securities of every description.

19. Any demand herein may be made on the Borrower by an officer of the Bank or any notice
in writing under the hands of any such officer either served personally on the Borrower or
left at or sent by post to him at his address registered/available with the Bank.
20. The Borrower hereby consents that in case he commits default in repayment of the Loan,
the Bank/RBI can disclose his name in such manner and through such medium, as they
deem fit. The Borrower further consents for disclosure of his name by the Bank to any
Credit Information Company/Agency, as deemed fit.

SCHEDULE-I

(Description of the Property to be mortgaged)

SCHEDULE-II

DATE OF CHEQUES* AMOUNT

1.
2.
3.
4.
5.
* Note: Advance cheques may be obtained under the Scheme. The number, amount and
dates of such cheques should be synchronized with the number, amount and due dates of
term Loan installments. Such cheques should be drawn favoring Punjab National Bank
and on the reverse of the cheques, payment of installment in term Loan account No.
____ can be written.

IN WITNESS WHEREOF, THE PARTIES HAVE SIGNED THESE PRESENTS ON THE


DAY, MONTH AND YEAR ABOVE MENTIONED.

BORROWER FOR PUNJAB NATIONAL BANK

PNB 1123
ANNEXURE IV

POWER OF ATTORNEY

This i r r e v o c a b l e P o w e r of Attorney is executed at


(place) this ______________________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
APPOINTOR(s) which term shall unless repugnant to the context hereof, include
his/her/their heirs, successors, administrators and assigns) in favour of Punjab National
Bank, a body corporate constituted, under Banking Companies (Acquisition & Transfer of
Undertakings) Act, 1970, having its Head Office at 7, Bhikhaiji Cama Place, New
Delhi, and amongst others one BO: ____________(hereinafter
referred to as Bank, which term shall include its successors and assigns).

WHEREAS

1) The Appointer(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 and also described in the schedule hereto (hereinafter referred to as the said
Property).

2) Vide the said agreement, the Appointer (s) has/have agreed, inter alia, to deliver to and
deposit with the Bank each and every of the documents of title relating to the said
property as and when it comes into his/her/their possession with intent to create a
security thereon for the 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
agreement.

3) Vide the said agreement; the Appointer(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
Appointer(s), under the said agreement inter alia, in regard to the creation of the
aforesaid security, etc.

NOW THIS DEED WITNESSETH THAT the Appointer(s) hereby


appoint(s)/nominate(s) & constitute(s) the Bank 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 and, execute all or any of the
following instruments, acts, deeds and things;

1) To make payment of the said advance that may be sanctioned to the Appointer(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 lease hold 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.

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 Appointer(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
purposes of matters aforesaid.

And the Appointer(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 Appointer(s) and the Appointer(s)
hereby declare that this Power of Attorney shall be irrevocable till all the repayments
under the said Agreement have been duly made by the Appointer.

SCHEDULE
(here describe the property to be purchased)

IN WITNESS WHEREOF the within named Appointer(s)


Has /have executed this Power of Attorney on the day, month and the year first above
written.

WITNESSES APPOINTER/S

PNB 1 1 24
ANNEXURE V

TRIPARTITE AGREEMENT

This agreement is made at __________ this____day of _______ 20__


amongst:
i) Sh./Smt.
S/D/W of
R/o
[Name and address of the Borrower/s] hereinafter termed as the Borrower/s which term
shall, unless repugnant to the context, be deemed to include his/her/their heirs, executors,
administrators and assigns) of the First Part, and

ii) M/s ________________________________________________Co-operative Group


Housing Society Ltd. and having its registered office at
________________________
_____________________and represented by its President,
Shri/Smt.____________
S/D/W of
Shri and its Secretary,
Shri/Smt. S/D/W of Shri
____________________________________________________ both duly authorized
to execute these presents on its behalf by a resolution passed by its Management
Committee at its meeting held on (Hereinafter called The Society
Which term shall, unless repugnant to the context, include its successors,
administrators and assigns) of the Second Part, and

iii) Punjab National Bank, a body corporate constituted under the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at 7, Bhikhaiji
Cama Place, New Delhi and amongst others one of its Branch Offices at
(hereinafter referred to as the Bank which expression shall, unless repugnant to the
context, include its successors and assigns) of the Third Part.

WHEREAS

1. 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.________________________________ all that piece of land admeasuring
about
acres, situated at for the
construction of dwelling units to be built at the cost of its members according to their
allotment and to be occupied by such members so allotted on leasehold/ownership
basis and also for construction of other buildings to house community facilities which
shall be owned by the Society in accordance with the lay out plan sanctioned by the
competent authority.

2. The Borrower/s had applied to the Bank for a loan to purchase dwelling unit to be
constructed by the Society.

3. The Bank has sanctioned a loan of Rs (Rupees


) to the Borrower/s on the terms and conditions agreed
vide Loan Agreement dated , one of the conditions thereunder being that the Borrower/
s shall mortgage the dwelling unit to be purchased from the Society in favour of the
Bank and the Society has agreed to render all assistance to the Borrower(s)/Bank to
comply with this condition and in particular has agreed to obtain/assist to obtain
permission to mortgage from the lessor and/or such other persons/authorities as may be
needed.

NOW THIS AGREEMENT WITHNESSETH AS UNDER:-

In consideration of allowing a loan of Rs. (Rupees


) to the Borrower/s by the Bank for the purchase of
the dwelling unit to be constructed by Society under its scheme, it is hereby agreed
among the parties hereto as under:-

1. The Bank will make disbursement of the sanctioned loan by making payment to the
Society directly on behalf of the Borrower/s as and when demanded by the Society
subject to the Loan Agreement entered into between the borrower/s and the Bank and
the covenants hereunder agreed to among the parties hereto and any payment made to
the Society shall be deemed to be payments made to the Borrower/s and the
Borrower/s shall, in each case, be liable for the amount of the loan disbursed on
his/her/their behalf to Society as though the same had been disbursed directly to
Borrower/s. It is further agreed by the Borrower(s) 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 the Bank to effect disbursement as aforesaid.

2. The Borrower/s will not further mortgage/charge/let out/part in the possession of the flat/
house allotted as abovesaid to any person/financial institution for raising any loan
without the prior written consent of the Bank.

3. The Society will maintain a separate account of the Borrower/s and adjust the Payment
received by it from the Bank/borrower(s) against the cost of the particular category of
dwelling unit applied by the Borrower/s.

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 Society and the Borrower/s or
make payments to the Society as requested. The Bank shall not be responsible for
any delay or omission in disbursements on account of breach/default attributable to the
borrower(s)/society.
The Borrower/s shall be responsible to follow-up with the Bank to make disbursement on
his/her/their behalf as per any agreement he may have with the Society.
5. It is further agreed by the borrower/s 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 the Bank to effect disbursements aforesaid. Without prejudice
to above and notwithstanding anything to the contrary contained herein, the Bank may
in its sole discretion refuse to disburse the loan until :-

i) The Borrower/s has paid his/her/their own contribution in full to Society i.e. the cost of
the dwelling unit (including escalation, if any) less loan and/or

ii) Progress and need of construction justifies (Bank being the sole judge thereof) the
disbursement requested.

6. The Society undertakes that the Title Deed/Sale Deed/Deed of apartment in favour of the
Borrower/s by Society shall be executed and registered within days after the date of
delivery of possession. 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 of apartment is executed and registered, the
Borrower/s undertake/s 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 by
Borrower/s in favour of the Bank and agrees to give necessary consent/no-objection as
and when required.

9. The Borrower/s shall diligently and faithfully observe and comply with all the rules,
regulations and bye-laws of Society.

10. If for any reason there is an increase/escalation in the cost of the dwelling unit such
increase shall be paid and borne by the Borrower/s without any reference to the Bank
and until such payment is made, the Bank shall have the right to suspend further
disbursement of the sanctioned loan.

11. In the event of default by the Borrower/s in repayment of dues of the Bank, the Bank
will be entitled to sell the flats and the Society will have to accept the purchaser of
dwelling unit/ flat as member of the Society.

12. The Society shall not transfer the dwelling unit/flat of the Borrower/s to any other
member of the Society without the prior written consent of the Bank.
13. If the Borrower/s withdraw/s from the scheme of Society or in the event of cancellation
of Borrowers name by the Society or death of Borrower/s, the Society will refund the
entire amount standing to the credit of the Borrower/s (including borrowers
contribution). the Bank shall refund the balance, if any, to the borrower(s) after adjusting
entire outstanding dues of the borrower(s) withinterest, costs and other amounts payable
by the borrower(s) to the Bank. In any event in which any refund becomes due and
payable under the Agreement/arrangement executed/made between the Borrower/s and
Society or otherwise, Society agrees not to pay any amount on any account to the
Borrower/s by way of refund or otherwise without written consent of the Bank. In case so
required by the Bank, any such amount shall be paid by the Society to the Bank.

IN WITNESS WHEREOF the parties hereto have signed this agreement on the day,
month and year first above written.

SIGNED AND DELIVERED by the within named Borrower/s Shri/Smt.

Witnesses (Signatures with full names and address)

1.

2. BORROWER/S

SIGNED AND DELIVERED by the within named Society


___________by the hand of________________________________its ______________
.

Witnesses (Signatures with full names and address)

1.

2. FOR THE SOCIETY

SIGNED AND DELIVERED by the within named PUNJAB NATIONAL BANK by the hand of Shri/
Smt.
Witnesses (Signatures with full names and address)

1.

2. FOR THE BANK


PNB 1125
ANNEXURE VI

TRIPARTITE AGREEMENT

THIS AGREEMENT MADE at___________________ this______day of_______________ 20____


amongst (i) Shri/Smt./Km.__________________________________________
____________________________________________________________ S/o,W/o,D/o
Shri_____________________________________________________________ residing
at______________________________________________________________________
(hereinafter referred to as the borrower which expression shall unless repugnant to the
context, include his/her/their heirs, executors, administrators and assigns) of the first part,
and

*(ii)_______________________________________________________________
(hereinafter referred to as `the Builder' which term shall include its successors and assigns) of
the second part, and

*(Give detail regarding the name, constitution and address of the Builder which allotted/is selling
the property to the borrower/s)

(iii) Punjab National Bank, a body corporate constituted under the Banking Companies
(Acquisition & Transfer of Undertakings) Act, 1970 having its Head Office at 7, Bhikhaiji Cama
Place, New Delhi and amongst others one of its Branch Offices at
____________________________________________ (hereinafter called `the Bank' which
expression shall unless repugnant to the context include its successors and assigns) of the third
part.

WHEREAS
1. The borrower/s desire/s to purchase a ready built flat/ house allotted to him/her/their
on________________by the Builder under its____________________
__________________________ scheme (hereinafter referred to as `the said scheme').

2. The Bank has allowed a housing loan of Rs.__________(Rupees___________


___________________________________) to the borrower/s for the purchase of said flat/house
as per the terms and conditions agreed to under Loan Agreement dated __________ entered
into between the Bank and the borrower/s (hereinafter referred to as `the said agreement'), one
of the conditions thereunder being that the borrower/s shall mortgage the said flat/house to be
purchased from the Builder in favour of the Bank.

3. The title of the said flat/house shall be conveyed by the Builder unto the borrower/s after
__________years from allotment on payment of the total cost of the said flat/house as per the
demands for payment by Builder/instalments agreed to between the borrower/s and Builder.

NOW THIS AGREEMENT WITNESSETH AS UNDER:-


In consideration of a sum of Rs.______________(Rupees________________________
_______________________________) already deposited by the borrower/s with the Builder
on ______________________ as initial payment for the purchase of the said property under the
said scheme and a further sum of Rs.______________
Rupees___________________________________________________) to be paid by the Bank
directly to the Builder on behalf of borrower/s as per the demands for payment by the
Builder/instalments agreed to between the borrower/s and Builder, it is hereby agreed to by and
amongst the parties as follows:-

The Bank will make disbursement of the sanctioned loan by making payment to the
Builder directly on behalf of the borrower/s and any payment made to the authority shall be
deemed to be payments made to the borrower/s and the borrower/s shall, in each case, be liable
for the amount of loan disbursed on his/her/their behalf to the Builder as though the same had
been disbursed directly to borrower/s.

2. It is further agreed by the borrower/s 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 disbursement 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 until:-

i) The Borrower/s has/have paid his/her/their own contribution in full to Builder i.e. the cost of
the dwelling unit (including escalation, if any) less the loan and/or
ii) Progress and need of construction justifies (being the sole judge thereof) the disbursement
requested.

3. The Builder will maintain a separate account for the borrower/s and adjust payment of
housing loan received by it from the Bank/borrower(s) against the cost of the particular category of
flat/house applied by him.

4. On completion of the flat, its possession will be handed over to the borrower/s forthwith
along with the conveyance of the title thereto on lease hold/free hold basis. The borrower/s will
mortgage the said flat/house forthwith thereafter to the Bank as security for the said loan as per
the terms and conditions of the said agreement.

5. The cost of the flat, in excess of the amount of the Housing Loan sanctioned, will be borne and
paid by the borrower/s.

6 If the borrower/s withdraw/s from the scheme or fail/s to pay the balance amount representing
the difference between the housing loan allowed by the Bank and the actual cost of the house/flat
(including escalation) or die/s or allotment of the flat/house is otherwise cancelled, the entire
amount standing to the credit of the borrower/s (including margin money and borrower's
contribution) will be refunded by the Builder to the Bank. The Bank shall refund to the borrower/s
balance, if any, after adjusting the entire outstanding dues, including interest, costs and other
amount recoverable by the Bank from the borrower/s.

7. The covenants hereunder shall not be construed to mean and fasten any responsibility
upon the Bank to observe the payment schedule, if any, between the Builder and the borrower/s or
make payments to the Builder, as requested. The Bank shall not be responsible for any delay or
omission in disbursement on account of breach/default attributable to borrower/society. The
borrower shall be responsible to follow-up with the Bank to make disbursement on his/her/their
behalf as per arrangement he may have with the Builder.
8. The Builder will give/provide necessary consent/no objection for mortgage of the house/flat
by the borrower/s in favour of the Bank.

9. If for any reason there is an increase/escalation in the cost of the house/flat, such
increase shall be paid and borne by the borrower without any reference to the Bank and until
such increase is paid, The Bank shall have the right to suspend further disbursement of
sanctioned loan.

10. The borrower/s will not further mortgage/charge the flat/allotted as above said to any
person/financial institution for raising any loan without the prior written consent of The Bank.

11. The Builder shall not entertain the request of transfer of the flat/house of the borrower/s
without the prior written consent of the Bank.

12. In any event in which any refund becomes due and payable, under any
agreement/arrangement executed/made between the borrower and the Builder or otherwise, the
Builder agrees not to pay any amount on any account to the borrower/s by way of refund or
otherwise without the written consent of the Bank. In case so required by the Bank, any such
amount shall be paid by the Builder to the Bank.

IN WITNESS WHEREOF the parties hereto have signed this agreement on the day, month and
year first above written.

Signed by Shri/Smt. _________________________, the borrower/s in the presence of

1st Witness:_________________________
(Name & address)
2nd Witness:________________________
(Name & address)
BORROWER/S
(Signatures)

Signed by Shri/Smt.___________________________________ for and on behalf of the Builder in


the presence of:
1st Witness ______________________
(Name & address)

2nd Witness_______________________
(Name & address)
FOR THE BUILDER
(Signatures)

Signed by Shri/Smt. _______________________________________of Branch Office________


__________________________for and on behalf of the Bank in the presence of:

1st Witness ______________________


(Name & address)
2nd Witness_______________________
(Name & address)
FOR THE BANK
PNB 1126 (Signatures)
ANNEXURE VII

LETTER OF AWARENESS-CUM-POSSESSION

The Manager
BO:

Sir,

Reg: Housing Loan extended to For purchase

1. The above said property is being sold to ________________


(purchaser) by me/us, the owner/s of the said property.

2. I/We am/are aware that the Bank has financed the purchase. I/we have received the
amount of loan towards sale price.

3. I/We will extend all cooperation in the execution of necessary documents/ agreements
for completion of sale and/or for conversion of property from lease hold into free hold.

4. I/We have given possession of property to _______________________


(Purchaser) on .

Place: Yours faithfully,

Date:

VENDOR/s

PNB 1127
ANNEXURE VIII

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

Date :
The Manager/The Managing Director/Chairman

Dear Sir,

REG: LOAN FACILITIES SANCTIONED BY PUNJAB NATIONAL BANK, BO :


___________________________ TO SH. / SMT. _________________
________________________________________________________ S/D/W of
Shri CREATION OF PARI PASSU
/ 2ND CHARGE ON BLOCK/FIXED ASSETS.

Punjab National Bank has sanctioned following loan facilities to Sh./


Smt.
S/D/W of
r/o

i)
ii)
Sh./ Smt. has agreed to create
pari passu / 2nd charge i.e. charge subject to prior charge in your favour, by way of mortgage
on its immovable property/fixed assets situated at __________________
in favour of Punjab National Bank by
deposit of title Deeds and also by execution of hypothecation agreement in respect of movable
assets forming part of fixed assets. You have also consented for creation of the pari passu / 2nd
charge in favour of the Bank vide letter dated .

We, Punjab National Bank hereby appoint you ________________________________


(name of the 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 our Bank besides interest and other charges due
thereon. You are also authorised to further make entry in respect of the above deposit in your
records. Please confirm the creation of mortgage.

Thanking you,
Yours faithfully

FOR PUNJAB NATIONAL BANK

MANAGER
PNB 1128
ANNEXURE IX

LETTER OF PARI PASSU/ FIRST CHARGE HOLDER ACCEPTING THE AGENCY OF THE
BANK
The Manager,
Punjab National Bank,
BO :
Date:

Dear Sir,

REG: APPOINTMENT OF OUR CORPORATION AS AGENT FOR ACCEPTANCE OF TITLE


DEEDS AS SECURITY FROM SMT./SHRI

Please refer to your letter dated __________. We, ____________________________


accept and agree to act as agent of Punjab
National Bank (hereinafter called the Bank) for acceptance on behalf of your Bank, of title
deeds by delivery/constructive delivery from SMT./ SH.
for creation of mortgage to secure loan facilities
mentioned in your above referred letter and money advanced or to be dvanced to SMT./ SH.
by your Bank.

We, hereby confirm that we shall also duly enter the deposit of title deeds in our records. We
further undertake that on adjustment of our loans, the title deeds shall not be handed over to
the mortgagors SMT./ SH.
but shall be retained by us on behalf of the Bank till further instructions from you.

Thanking you,

Yours faithfully,

FOR PARI PASSU / FIRST CHARGE HOLDER

PNB 1129
ANNEXURE X

LETTER BY THE BORROWER/S CONFIRMING DEPOSIT OF TITLE DEEDS WITH THE


PARI PASSU/ FIRST CHARGE HOLDERS ON BEHALF OF THE BANK TO SECURE LOANS
ADVANCED BY THE BANK.

Dated
(to be dated subsequent to date of entry of mortgage in favour of Punjab National Bank)

FROM:

Smt/ Sh _____________________
____________________________
____________________________

To, The Chairman/ Managing Director


______________________________
______________________________

Dear Sir,

REG: LIMITS_______________________SANCTIONED T O S M T . / S H . /
MESSERS

I/we have already on (date of deposit) deposited with you in your office
the undernoted 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:

i)

ii)

(loan facilities of pari passu / first charge holder)

Punjab National Bank has at my/our request sanctioned the following housing loan
facilities:-

i)

ii)

(Housing loan facilities of Punjab National Bank)

Your corporation was authorized by Punjab National Bank to accept title deeds (mentioned herein)
by constructive delivery for creation of equitable mortgage by me/ us and I/we confirm having
agreed with you on _____ that the title deeds of immovable property already deposited with you
on ______ (same date shall continue to be held with you as security for the repayment of the loan
facilities and moneys advanced/ or to be advanced as aforesaid by the said Bank to us and
interest, costs and charges due thereon.

LIST OF TITLE DEEDS

1)

2)

PROPERTY COVERED

1)

2)

(Together with all buildings and other structures, fixtures and fittings, constructed, erected
or embedded/installed thereon or to be constructed, erected or embedded/installed thereon).

Thanking you,

Yours faithfully,

(BORROWER/S)

CC: Punjab National Bank, Branch Office:_________________


ANNEXURE XI

(TO BE STAMPED AS AN AGREEMENT)

INTER SE AGREEMENT

This agreement is made at on this day of


20 between Punjab National Bank, a body
corporate constituted under Banking Companies (Acquisition & Transfer of Undertakings) Act 5
of 1970, having its Head Office at Bhikaiji Cama Place, Africa Avenue, New Delhi
110066 and inter alia a Branch Office at (hereinafter referred to
as the Bank)
And

_______________________________________________________________

(the pari passu / first charge holders).

WHEREAS at the request of **

_______________________________________________________________

(hereinafter referred to as the borrower/s), the pari passu charge/ first charge holder and the
Bank have granted/have agreed to grant to the borrower/s the following loan facilities :-
(Indicate all facilities covered / to
be covered by pari passu/first charge and second charge)

Institution Facility Sanctioned Limit/Amount


(hereinafter referred to as credit facilities)

WHEREAS Shri/Smt.

(hereinafter referred to as the mortgager/s) have created charge on his/ her/their immovable
properties (more particularly described in schedule I of the mortgager/s), situated
at _________
in favour of the pari passu
charge / first charge holder vide mortgage created / executed on as security for
the repayment of the principal amount of the aforesaid credit facilities, interest, cost, expenses,
and other charges payable to the pari passu / first charge holder in terms of loaning and
security documents executed by the borrower/s and / or mortgager/s.

WHEREAS the mortgager/s has/have also created charge on the immovable property of
the mortgager/s situated at
in favour of the Bank vide mortgage created
/ executed on as security for the due repayment of the
principal amount of the aforesaid credit facilities, interest, interest tax, cost, expenses, and
other charges payable to the Bank in terms of loaning and security documents executed
by the borrower/s and or mortgager/s.

WHEREAS it has been agreed by and between the pari passu / first charge holder and the
Bank that the charge as aforesaid created/ to be created in favour of the Bank stands pari
passu to / subject to and sub- servient to the charge as aforesaid created or to be created in
favour of the pari passu / first charge holder.

WHEREAS pursuant to the said agreement by and between the pari passu / first charge
holder and the Bank with a view to defining rights and obligations inter se, the participating
institutions have agreed to enter into this agreement.

NOW THIS AGREEMENT WITNESSETH AND THE PARI PASSU / FIRST CHARGE HOLDER
AND THE BANK AGREE AS FOLLOWS :

1. That the pari passu / first charge holder and the Bank shall grant/
continue to grant the borrower/s the credit facilities aforementioned.

2. That notwithstanding anything to the contrary contained in or by virtue of the security


documents, the charge created / to be created aforesaid in favour of the Bank shall rank pari
passu to / subject to and sub- servient to the charge created in favour of the pari passu / first
charge holder.

3. 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 therefrom the cost
(between attorney/advocate and client), charges and expenses incidental to such realization
shall in the first instance be appropriated towards or in satisfaction of indebtedness of the
borrower/s or the mortgagor/s in respect of credit facilities due and outstanding to
* In case of second *______________________________________________(the first
charge charge holder), thereafter the balance if any shall be available for and be
appropriated to the outstanding indebtedness or liabilities of the
borrower/s and mortgager/s in respect of the credit facilities as
aforesaid availed from the Bank

**_____________________________________________(the pari
** in case of pari passu charge holder) and the Bank proportionately on pari passu
passu charge 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, charges and whether actually debited or not

4. That the pari passu / first charge holder and the Bank shall give each
other the information and other periodical data received from the
borrower/s from time to time and shall keep each other informed about the
total outstanding due from the borrower/s and mortgager/s from time to
time.

5. That all the moneys received by the pari passu / first charge holder

(a) by realization of the mortgaged security from the insurers in


respect of the insurance of the mortgaged/charged security,

(b) in any other manner from the mortgaged/charged security, shall be


held by the pari passu / first charge holder or the Bank as the case may be
for and on behalf of the pari passu / first charge holder and the Bank and
shall be paid and appropriated in the manner as indicated and agreed
to in these presents.

6. That the pari passu / first charge holder or the Bank shall inform each
other before taking any steps to take possession or realise 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 presents

Other 7.
conditions. 8.
9.
.

SCHEDULE I
Detail the particulars of mortgaged properties)

In witness whereof the parties hereto have executed these presents, the day, month and year
above written.

FOR THE BANK

For The pari passu /


first charge holder

PNB 1132
ANNEXURE XII

IN THE TITLE DEED REGISTER/ RECORDS OF PARI PASSU/ FIRST CHARGE HOLDER

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


CONSTRUCTIVE DELIVERY

1. Date of creation of the mortgage

2. Name/s of the mortgagor/s

3. Nature and amount of facilities secured

4. List of documents of title, evidences, deeds & writings

5. Description & location of the mortgaged property

MEMORANDUM

give name, On the day of Shri / Smt


representative
capacity e.g. (hereinafter referred to as the mortgagor/s) attended the branch/ regional
Director, office of ________________________________________
Constitution, *(hereinafter
address/ referred to pari passu / first charge holder and saw Shri/Smt.
registered of pari passu /
office first charge holder.
* give name
& address of The said Shri/Smt. , the
pari passu / mortgagor/s, stated that the documents of title, evidence, deeds and
first charge writings more particularly described at point 4 above (hereinafter called
holder. the said title deeds) in respect of the mortgagors immovable properties
situated at _________________
(more fully described at
point 5 above) were deposited on with pari passu / first charge
holder in order to create security by way of mortgage by deposit of title
deeds on the mortgagors immovable properties together with the buildings
and other structures, fixtures and fittings, constructed, erected or installed thereon or to be
constructed, erected or installed thereon for securing the due repayment, discharge and
redemption by the

* give the detail of the loan, limits availed from pari passu / first charge holder.
Mortgagor/s to pari passu/ first charge holder for its *________
__________________________________________________________________________________________________________________________
______________________________________________________________
together with interest, additional interest, further interest, interest tax, liquidated damages,
compound interest, commitment charges, cost, charges, expenses and other moneys
payable under the respective loan agreement/s.

Shri/Smt. ___________________________________________on the same day


accorded and gave oral consent to give Shri/Smt.
___________________________________________
acting for pari passu / first charge holder and pari passu / first charge holder acting as agent
of Punjab National Bank to hold and retain the said title deeds as and by way of mortgage
by deposit of title deeds by constructive delivery of the mortgagors immovable properties
(more fully described at point 5 above) together with all buildings and structures (hereinafter
collectively referred to as the said immovable properties) as security also for the due
repayment, discharge and redemption by the company to Punjab National Bank of the
outstandings under the following housing loan facilities:

Give details of the housing loan facilities extended by the Bank


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.

FOR PARI PASSI / FIRST CHARGE HOLDER (Signature of the person accepting the
title deeds)

PNB 1131

0
ANNEXURE XIII

AGREEMENT OF GUARANTEE

This Agreement of Guarantee is made at ____________________ (Place) this ___ day of


__________'20____, between
______________________________________________________
____________________________________ (hereinafter called the Guarantor(s) which term
shall, wherever the context so permits, mean and include his/her/their (heirs, successors,
administrators, executors and assigns) of the first part and Punjab National Bank, a body
corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings )
Act 1970, having its Head Office at Bhikhaiji Cama Place, New Delhi (hereinafter called the
Bank, which term shall, wherever the context so permits, mean and include its successors and
assigns) of the second Part.

Whereas at the request of the Guarantor(s) the Bank has agreed to allow/ continue/enhance an
accommodation by way of _____________________ to Shri/Smt/Messrs. ___________
_______________________________________________ (hereinafter called the Borrower(s))
on the terms and conditions contained ____________________________________
___________________ AND whereas the Guarantor(s) has/have agreed to guarantee due
payment of the amount due to the Bank in respect of the said limits of `._____________
(`______________________________________________________________).

NOW THIS INDENTURE WITNESSETH AS UNDER:

1. That in consideration of the Bank allowing/continuing/ enhancing at the request of the


Guarantor(s) an accommodation by way of _________________________________ to the
Borrower(s) at its ______________________________Branch on terms and conditions
contained in _____________________ the Guarantor(s) hereby agree(s) with the Bank as
under:-

2. The Guarantor(s) hereby guarantee(s) jointly and severally to pay to the Bank after
demand in writing all principal, interest, cost, charges and expenses due and which may at any
time become due to the Bank/from the borrower(s), on the accounts opened in respect of the
said limits (hereinafter called the said accounts) down to the date of payment and also all loss or
damages, costs, charges and expenses and in the case of legal costs, as between attorney and
client occasioned to the Bank by reason of omission, failure or default temporary or otherwise in
such payment by the Borrower(s) or by the Guarantor(s) or any of them including costs (as
aforesaid) of enforcement or attempted enforcement of payment by suit or otherwise or by sale
or realisation or attempted sale or realisation of any security for the said indebtedness or
otherwise howsoever or any costs (which costs to be as aforesaid) charges or expenses which
the Bank may incur by being joined in any proceeding to which the Bank may be made or may
make itself party either with or without others in connection with any such securities or any
proceeds thereof.

1
3. The Guarantor(s) hereby declare(s) that this guarantee shall be a continuing guarantee
and remain operative in respect of each of the said limits severally and may be enforced as
such in the discretion of the Bank, as if each of the facilities / limits had been separately
guaranteed by him/her/them. This guarantee shall not be considered as cancelled or in any
way affected by the fact that at any time or from time to time any of the said accounts may show
on liability against the Borrower(s) or may even show credit in his/her/their favour but shall
continue and remain in operation in respect of all subsequent transactions till the accounts are
closed.

4. The Guarantor(s) hereby consent(s) to the Bank making any variance without reference
or notice to him/her/them, that it may think fit in the terms of contract, including any change in
rate of interest charged to the account, with the Borrower(s). The Guarantor(s) further
consent(s) to the Bank accepting additional collateral security of any kind, determining enlarging
or varying any credit to him/her/them or making any composition with him/her/them or promising
to give him/her/them time are not sue him/her/them and to the Bank parting with any security it
may hold for the guaranteed debt. The Guarantor(s) also agree(s) that he/she/they shall not be
discharged from his/her/their liability by the Bank releasing the Borrower(s) or by any action or
omission of the Bank, the legal consequences of which may discharge the
Borrower(s) or by any act of the Bank which would, but for this present provision be inconsistent
with his/her/their rights as Guarantor(s) or by the Bank's omission to do any act which, but for
this present provision, the Bank's duty to the Guarantor(s) would have required the Bank to do.
Though as between the borrower(s) and the guarantor(s) he is/she/they are guarantor(s) only,
the guarantor(s) agree(s) that as between the Bank and guarantor(s) he/she/they are debtor(s)
jointly with the borrower(s) and accordingly he/she/they shall not as such be entitled to claim the
benefit of legal consequences of any variation in the terms of the contract and to any of the
rights conferred on a Guarantor by Sections 133, 134, 135, 139 and 141 of the Indian Contract
Act. The Guarantor(s) further agree(s) that the acceptance by the Bank of any irregular
payments or any amount short of the Amount of agreed instalment/s. whether made before or
due dates or thereafter by the Borrower(s), shall not discharge the Guarantor(s) from
his/her/their liability and such acceptance will not amount to or create any new or fresh contract.
The Guarantor(s) further agree(s) that the Bank shall be under no obligation to notify
him/her/them, any default committed by Borrower(s) at any time or from time to time.

5.The Guarantor(s) hereby consent(s) to the Bank renewing from time to time and said
_____________________ limits of `_________________ allowed to the Borrower(s) obtaining
fresh documents from him/her/them closing the existing account, opening new accounts, or
transferring the same or part thereof to any branch of the Bank. Notwithstanding this, the
Guarantor(s) agree(s) and declare(s) that he/she/they shall remain liable to the Bank for any
indebtedness of the Borrower(s) under the renewed limit and terms and conditions of this deed
shall apply and govern his/her/their liability under the renewed limit.

6. The Guarantor(s) further declare(s) that all dividends, compositions or payment


received by the Bank from guarantor(s) or any other persons liable to him/her/them or
his/her/ their representative shall be taken and applied as payment in gross and the
Guarantor(s) and his/her/their representatives shall have no right to claim the benefit of
any such dividends, compositions or payment until full amount of all claims of the Bank
against the Borrower(s) and his/her/their representatives which are covered by this
guarantee shall have been paid.

2
7. No advance, overdraft or other credit facilities that the Bank may give to the Borrower(s)
beyond the limit mentioned in para No.1 above or obtaining of any other guarantee or security
from the Borrower(s) shall determine, prejudice or lessen the liability of the Guarantor(s)
hereunder.

8. The Guarantor(s) further agree(s) that any accounts settled between the Bank and the
Borrower(s) or the balance admitted or confirmed by him/her/them or his/her/their authorised
agents as due on the said accounts to the Bank will be conclusive and shall not be disputed or
questioned by the Guarantor(s).

9. The Guarantors authorise and appoint each of the guarantors or any person duly
authorised by them as agent to confirm the balance due and acknowledge liability on
his/her/their behalf as Guarantors from time to time. The Guarantors further agree that any
acknowledgement of liability made by Borrower(s) or any person duly authorised by
him/her/them to operate account or any of the co-guarantors as agent on behalf of the
Guarantors shall be binding on him/her/them for giving fresh start of limitation and also for
admission of liability against him/her/them.

10. In case the Bank sells the hypothecated, pledged or mortgaged security/ies held in the
loan account, the Guarantor(s) agree(s) that the Bank may sell said securities without giving any
notice of such sale of the Guarantor(s). The Guarantor(s), agree(s) that he/she/they will not
question the sale or the sale price in any manner or on any ground whatsoever.

11. In case the amount guaranteed by the Guarantor(s) is paid by the Borrower(s) to the
Bank and the Bank in consequence discharge the Guarantor(s) from all liabilities under this
guarantee, but it is subsequently determined by a Court of Law or otherwise that the said
payment was a fraudulent preference and the Bank is made to refund the said amount, the
Guarantor(s)' liability to the Bank on the basis of this guarantee shall revive to the same extent
and in the same manner as if such payment had never been made.

12. The Guarantor(s) also agree(s) that the Bank may enforce the guarantee without
enforcing, selling or realising any of the securities kept under lien, hypothecated, pledged or
mortgaged with it, notwithstanding that any bills or other instruments given by the Borrower(s) in
the said account may be in circulation for collection and outstanding.

13. The guarantee hereby given shall not be determinable or taken as satisfied by the
Guarantor(s) except on the terms of his/her/their making full payment unto the limit of
his/her/their guarantee for any then outstanding liabilities or obligations on the said account.
The guarantee shall not be affected by his/her/their death or insanity until the Bank shall have
received formal authentic notice in writing thereof.

14. If the Guarantor(s) has/have or shall hereafter take any security from the borrower(s) in
respect of his/her/their liability under this guarantee, the Guarantor(s) will not prove in the
liquidation of the Borrower(s) in respect thereof to the prejudice of the Bank and such security
shall stand as security and shall be forth with deposited with the Bank.

15. So long as any money remains owing under this guarantee, the Bank shall have lien on
all moneys standing to the credit of guarantor(s) and on any securities or goods in the hands of
the Bank belonging to any of the Guarantor(s) and the Bank shall be entitled to appropriate/set
off/realise to same.

3
16. The absence or infirmity in the borrowing powers on the part of the Borrower(s) or any
irregularity whatsoever in the exercise thereof shall not affect the liability of the Guarantor(s) and
any moneys advanced to the Borrower(s) shall be deemed to be due and owing notwithstanding
such absence, infirmity or irregularity and this guarantee shall not be affected by any change in
the name or constitution of the Borrower(s). It is further expressly agreed that this guarantee
shall remain enforceable against the Guarantor(s) irrespective of the fact whether the contract
between the Borrower(s) and his/her/their creditor is enforceable at law or not. It is also
expressly agreed that in case the guarantee given by the Guarantors can not be enforced or
becomes unenforceable at law for any reason whatsoever, the guarantee given hereunder be
enforced as an indemnity against the Guarantor(s) and he/she/they agree(s) and undertake(s)
indemnify and reimburse the Bank for any loss, damages, costs and other charges which the
Bank may have to recover and realise from the Borrower(s) in his/her/their loan accounts with it.

17. Any notice by the Bank in writing under this guarantee or a demand in writing shall be
deemed to have been duly given to the Guarantor(s) by sending the same by post addressed to
him/her/them at the address hereunder written and shall be effectual notwithstanding any
change of residence or death and notwithstanding the notice therefore to the Bank and such
demand shall be deemed to have been received by the Guarantor(s) 24 hours after the posting
thereof and shall be sufficient to prove that the letter containing the demand was properly
addressed and posted.

18. The Guarantor(s) agree(s) that a copy of account of the principal debtor(s) contained in
the Bank books of account signed by the Manager for the time being of the office at which such
accounts shall be kept or any officer of the Bank shall be conclusive evidence against
him/her/them of the amount for the time being due to the Bank from the principal debtor(s) in
any accounts or other proceedings brought against him/her them upon this guarantee.

19. The Guarantor(s) hereby agree(s) that in case of any default in the repayment of the
dues under the Facilities / Limits, including the interest, installment, charges, etc., by
the Borrower and / or any default committed by the Guarantor(s) in discharging
his/her/their obligations under this guarantee, the Bank and/or Reserve Bank of India
will have an unqualified right to disclose or publish the Guarantor(s) names or the
names of the Guarantors/Guarantors company/firm/unit and its
directors/partners/proprietors as defaulter in such manner and through such medium as
the Bank and/or Reserve Bank of India in their absolute discretion may deem fit.

20. The guarantor(s) hereby further agree(s) that in case demand / claim is made on
him/her/them by the Bank for repayment of the dues under the Facilities/ Limits and the
guarantor(s), despite having sufficient means, refuse(s)/neglect(s) in discharging
his/her/their obligation under this guarantee, he/she/they will be treated as a wilful
defaulter and Bank/RBI will have an unqualified right to declare the name of such
guarantor as wilful defaulter and to initiate further action as per Bank/RBI guidelines or
applicable law/statute, in respect of wilful defaulters.

21. The Guarantor(s) accept(s) and confirms(s) that the Bank requires consent of the
Guarantor(s) for disclosure of the information and data relating to the obligations
assumed and / or any default committed by the Guarantor(s) under this Guarantee.

4
Accordingly, the Guarantor(s) hereby give(s) consent for disclosure by the Bank of all
or any such:
Information and data relating to the Guarantor(s);
The information or data relating to the obligations of the Guarantor(s) under this
Guarantee; and
Default, if any, committed by the Guarantor(s) in discharge of such obligations;
as the Bank may deem appropriate and necessary, to disclose and furnish to Credit
Information Bureau (India) Limited (CIBIL) and any other Credit Information Company
/ person authorized in this behalf by Reserve Bank of India.
The Guarantor(s) declare(s) that the information and data furnished by the
Guarantor(s) to the Bank are true and correct.
The Guarantor(s) agree(s) that CIBIL and any other Credit Information Company/person
so authorized may use and process the said information and data disclosed by the Bank
in the manner as deemed fit by them; and furnish, for consideration, the processed
information and data or products thereof prepared by them, to banks/financial
institutions, etc. and other credit grantors or registered users, as may be specified by
Reserve Bank of India in this behalf.

22.The Guarantor(s) further agree(s) not to induct, on their part, a person, who has been
identified as Willful Defaulter by the Bank in terms of the directions/guidelines issued by
Reserve Bank of India or the guidelines framed by the Bank, as director on the Board of the
Directors of the Guarantor(s). If any person, who is a Willful Defaulter, as hereby referred,
is a director on the Board, the Guarantor(s) undertake(s) to get him removed from the
Board of the Directors. The Guarantor(s) also agree(s) to make necessary amendments in
the Articles of Association of the Guarantor(s) to make the said requirement as a ground for
removal of such directors and furnish a copy of the Articles of Association as amended to
the Bank. (Applicable in case of corporate Guarantor/s)

In witness whereof the Guarantor(s) and the Bank have set their hands hereunto at the
place and on the date as first hereinabove mentioned.

GUARANTOR/S
WITNESSES:
1._______________________
_______________________
_______________________
_______________________ FOR THE BANK

2.______________________
_______________________
_______________________
_______________________
PNB 58

5
ANNEXURE XIV

IRREVOCABLE LETTER OF AUTHORITY FROM BORROWER AUTHORISING THE


EMLPOYER TO REMIT SALARY/INSTALMENT AND OTHER AMOUNT PAYABLE TO
THE BANK CUM LETTER OF ACKNOWLDGEMENT FROM EMPLOYER

To
------------------------------------
------------------------------------
------------------------------------
------------------------------------

REG: __________________ LOAN OF Rs._________


(Rs.________________________)
A/C No. ___________ SANCTIONED TO ME BY PUNJAB NATIONAL BANK
BO:___________________________.

Dear Sir,

The above loan has been sanctioned to me by Punjab National Bank (PNB).

*I hereby authorise you to remit my salary every month to PNB BO:______________________ for
crediting my account No. ______________.

*I hereby authorise you to pay a sum of Rs. _________(Rs._________________________


_____________only) every month from my salary to PNB BO:______________for credit to my aforesaid
loan account No. __________with them.

I hereby authorise you to remit the amount payable to me by way terminal benefits and gratuity, by
reason of my retirement, resignation or discontinuing in the service for any reason, to PNB
BO:________________________ for crediting to my aforesaid loan account No. _________ with them.

This authority is irrevocable until the loan amount mentioned above with interest is paid in full and written
consent of the Bank is obtained.

Your faithfully,
PLACE:_____________
ADDRESS____________________________
DATED:____________
SIGNATURE_________________________
NAME OF EMPLOYEE__________________

* DELETE WHICHEVER IS NOT APPLICABLE


We have received the above letter of authority of Sh._____________________ and noted for compliance.
_____________________
(EMPLOYER)

Signature & stamp of the officer authorised to disburse salary and allowance
PLACE :_________________
DATED:_________________
PNB 1134

6
ANNEXURE XV
LETTER CEDING PARI PASSU CHARGE

From
______________________
______________________
(pari passu charge holder)
Date:-_________

To
The Manager
BO:-____________________.
Punjab National Bank.

Dear Sir,

Reg: Letter ceding pari passu charge over immovable property situated
at____________________________________________in respect of housing loan
facility sanctioned to Sh. / Smt.
_____________________________________________
______________________________________________( Borrower/s).

We___________________________________________________________________
_
(mention the name of the first charge holder) do hereby agree and confirm that
notwithstanding any thing to the contrary contained in or by virtue of the mortgages and
charges created and or to be created by Sh. / Smt.
________________________________
______________________________________________________________________
_
S/D/W of ______________________________________________________________
r/o
______________________________________________________________________
___
(hereinafter referred to as the borrower/s) in our favour in respect of the borrowers
immovable properties both present and future to secure our:-
-
-

(mention the facilities)


together with interest and other moneys payable by the borrower/s, the mortgages and
charges in our favour shall rank pari passu with the mortgages and charges created or
to be created by the borrower/s in your favour with interest thereon and moneys payable
to you under the respective loan agreements, sanction letters etc. for all purposes and
intents.

7
We further agree and undertake and confirm that we shall execute an inter se pari
passu agreement with you to provide that securities created by / to be created by the
borrower/s 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 applicable 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)

8
ANNEXURE XVI

(LETTER CEDING SECOND CHARGE BY THE FIRST CHARGE HOLDER)

From
______________________.
______________________.
(first charge holder)
Date:-_________

To
The Manager
BO:-____________________.
Punjab National Bank.

Dear Sir,

REG: Letter ceding second charge over immovable property situated


at____________________________________________in respect of housing loan
facility sanctioned to Sh./ Smt._________________________________________
(Borrower/s).

Please refer to your letter dated__________________,


We___________________________________________________________________
__ (mention the name of the first charge holder) do hereby agree that Sh. / Smt.
__________________________________________________________(herein after
referred to the borrower/s) may create charge in your favour to secure your housing
loan facilities:
-

(mention the facilities)


together with interest and other moneys payable on immovable properties subject to
and subsequent to mortgaged charge in our favour to secure:-
-

(mention the facilities)


together with interest and other moneys payable by the borrower/s. You may take
necessary steps as may be necessary to execute required documents / create
securities in this connection in your favour.

Yours faithfully,
(FIRST CHARGE HOLDER)

9
ANNEXURE XVII

The Manager
Punjab National Bank
______________________
______________________

Dear Sir,

HOUSING LOAN TO MEMBER OF OUR COOPERATIVE GROUP HOUSING


SOCIETY
______________________________________________________________________
___
SMT./SHRI/KM._________________________________________________________
___

This is to confirm that the above named party is a bonafide Registered shareholder of
our Society. Smt./Shri/Km.____________________________ has booked a Dwelling
Unit in our ____________________________________ (Name of Cooperative Group
Housing Society). The Member has opted for Type __________________ Flat and the
tentative cost of the same is Rs._________________________. The member has
already paid to the Society Rs.______________________ and the balance
Rs.__________________ is payable in ___________ instalments (No. of instalments).

We confirm that we have obtained necessary permission/approval/ sanction for


construction of the said flats from
___________________________________________________. The proposed
Dwelling Unit is meant for residential purposes only as per the sanctioned Plan.

We inform you that the said Dwelling Unit as well as the land appurtenant thereto are
not subject to any encumbrance/ charge or liability of any kind whatsoever and the
entire property is free from all encumbrances.

We have no objection in giving of loan by Punjab National Bank to Smt./ Shri/Km.


____________________________________ and mortgaging the said Dwelling Unit
with you as a security for repayment of the loan so granted.

Thanking you,
Yours faithfully,

Place:

Date:

10
ANNEXURE XVIII

BO:__________________________

Date: ___________________

_________________________
_________________________
_________________________

Dear Sir/Madam,

HOUSING FINANCE ELIGIBILITY PERMISSIBLE BANK FINANCE


- EXPRESSION OF INTEREST (In- Principle sanction)

Please refer to your letter dated ______________. We evince interest in the proposal
and reply as under:

(Give the required reply)

2. The above is not to be regarded as sanction of loan. Sanction of loan will be


considered on receipt of application, complete with all particulars.

Yours faithfully,

MANAGER

11
ANNEXURE XIX

SUPPLEMENTARY AGREEMENT FOR HOUSING LOAN

This supplementary Agreement made at ______________ on this __________Day of


__________ 20___ between
Shri/Smt./Km.________________________Son/wife/daughter of Shri
___________________ r/o _____________________ _______________________
_________________________________________________________ (hereinafter
called
the borrower which expression shall unless repugnant to context include his/hier heirs,
executors, administrators and assigns) of the One Part and Punjab National Bank, a
body corporate constituted under the Bankng Companies (Acquisition & Transfer of
Undertakings)Act, 1970 having its Head Office at 7, Bhikhaji Cama Place, New Delhi
and amongst other a branch office at
_________________________________________ (hereinafter called the bank which
term shall unless repugnant to context include its successors and assigns) of the Other
Part.

Whereas the bank has allowed a housing loan of Rs.____________________ (Rupees


_______________________________________________) to the borrower for the
purpose of ______________________________________as per terms and conditions
agreed to under the Agreement for Housing Loan dated _________________ entered
into between the bank and the borrower (hereinafter referred to as the said
Agreement). The borrowers housing loan account number is ____________________.

Whereas the borrower had given option of fixed interest/floating rate and agreed to
pay interest at the rate of ______% per rate with _________rests.

Whereas guidelines regarding charging of interest in housing loan were revised and
under the revised guidelines, the borrowers were given the right to change the option
from fixed rate of interest to the floating rate of interest or vice versa in their housing
loan accounts.

Whereas the borrower desires to have the benefit of the revised guidelines to which the
Bank has agreed as herein provided.

Now this Agreeemnt witnesseth as follows :-


1. That with effect from _______________________(effective date), the existing para
No. 2A & 2B of the said Agreement shall stand substituted as under :-

2. Conditions relating to interest rate options

2.A FIXED INTEREST RATE

12
(i) The borrower/s agree/s to pay interest under the fixed interest rate option at the rate
as prescribed and prevailing as on date of this agreement/at the time of exercise of
Fixed Interest option.

Provided that the Bank shall have the discretion to change the rest.

(ii) The option of fixed rate of interest exercised by the borrower/s will not be allowed to
be changed for a minimum period of ______ years, unless Bank otherwise agrees, on
conditions as prescribed by the Bank.

iii) In case the change of option is allowed by the Bank, floating rate of interest would
be the prevailing floating rate at the time of change of option and thereafter, at the rate
as prevailing from time to time.

iv) The option exercised by the borrower/s shall be the block period of three years as
above, unless, the Bank otherwise agrees on conditions as prescribed by the Bank.
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 his/her/their earlier option which the borrower/s is/are
availing.

v) Interest rate shall be reviewed and re-set on completion of a block of five years. Year
of first disbursement, whatever be the month of availment, will be taken as first year and
year will cover the period from 1st April to 31st March. As and from 1st April, after
completion of every block of five years, the interest rate as re-set will be applied. If there
is any delay in revision/re-set of interest, appropriate adjustment will be made in the
account, effective from 1st April of the year. If the interest rate is not re-set, until it is re-
set, rate as prevailing before will be applied. If interest rate is not re-set in the year when
it is due, it shall be open to Bank to re-set the interest in any subsequent year and in
such event, the interest rate as re-set, will be applicable from 1st April of the year in
which it is re-set for the remaining years of block of five years. Only Bank has full
discretion to fix/ prescribe/ revise/ re-set the rate of interest.

2.A FLOATING INTEREST RATE

(i) The borrower/s agree/s to pay interest under the floating interest rate option at the
rate and rest as prescribed by the Bank from time to time.

(ii) The option of floating rate of interest exercised by the borrower/s will not be allowed
to be changed for a minimum period of three years, unless Bank otherwise agrees, on
conditions as prescribed by the Bank.

(iii) In case the change of option is allowed by the Bank the fixed rate of interest would
be the prevailing fixed rate at the time of change of option.

13
(iv) The option exercised by the borrower/s shall be for the block period of three years
as above, unless Bank otherwise agrees on conditions as prescribed by the Bank. After
completion of each block it is open to the borrower/s to switch over from one option to
the other. If no intimation of change of option is received, it shall be presumed that the
borrower/s continue with his/her/their earlier option which the borrower/s is/are availing.

2B The borrower/s exercise/s the *floating interest rate / fixed interest rate option
and agree/s to pay interest at the rate and rest as prescribed by Bank.

The rate and rest as on date of this agreement is _______% p.a. with ____________
rest.

The interest shall be calculated on the daily balance due to the Bank in the Housing
loan account and shall be charged monthly/quarterly so long as the amount due from
the borrower/s is not paid in its entirety and the same will form part of the principal and
carry interest at the above mentioned rates.

2. Borrower exercises the floating interest rate/fixed interest rate option and
agrees to pay interest at the rate and rest as prescribed by Bank.

The rate and rest as on the effective date is _____________% with ________rests.

3. That with effect from effective date, the rate of interest shall be charged as per
substituted clause.

4. All other terms and conditions as contained in the said Agreement shall
continued to remain in full force.

In witness whereof the parties hereto have set their hands on the day, month and year
hereinabove mentioned.

Borrower

For Punjab National Bank

Authorised Signatory

14
ANNEXURE - XX

TRIPARTITE AGREEMENT

This Agreement is made and executed here at ___________________ on this day of


____________ 20 between Shri/ Smt ____________________________________
_____________________________________________________________________ ,
son/daughter/wife of Shri/Smt ____________________________________________
presently residing at ___________________________________________________
______________________________________________________________________
serving the Indian Army under service no
_____________________________________ hereinafter called the Borrower which
term so far as the context admits shall mean and include his/her heirs, executors,
successors, administrators and legal representatives of the First Part;

ARMY GROUP INSURANCE FUND, registered as a society with the Registrar of


Societies under the Registration of Societies Act, (Act XXI) of 1860, having its office at
AGI Bhawan, Rao Tula Ram Marg, New Delhi-110057, hereinafter referred to as the
AGIF (which expression shall unless the context otherwise requires, include its
successors and permitted assigns of the Second Part;

AND

Punjab National Bank, a body corporate, constituted under the Banking Companies
(Acquisition & Transfer of Undertakings) Act, 1970 having its Head Office at 7-Bhikhaiji
Cama Place, New Delhi-110607 and, amongst others, a Branch Office at
_____________ (hereinafter referred to as Punjab National Bank which expression
shall, unless the context otherwise requires, include its successors and assigns);

(AGIF and Punjab National Bank are hereby jointly referred to as the Lenders as
the context may require)

WHEREAS the Borrower is desirous of purchasing/construction/completing the property


being ______________________________________ (hereinafter referred to as the
PURPOSE);

AND WHEREAS the Borrower is employed with the Govt of India, Ministry of Defence,
Indian Army and desirous of taking loan from AGIF and is eligible for a loan from AGIF
and accordingly AGIF has sanctioned/disbursed a loan of Rs
__________________________(Rupees
__________________________________________) to the Borrower as per his
entitlement;

15
AND WHEREAS, the Borrower has also applied to Punjab National Bank for a further
loan of Rs

_______________________________________(Rupees________________________
________________________) for meeting the total cost of the Purpose.

OR

AND WHEREAS, the borrower is desirous of obtaining a loan of Rs


________________ (Rupees_______________________________________) from
Punjab National Bank only for the purpose of financing his house.

AND WHEREAS, the Borrower has requested and agreed to secure the Lenders with
the Pari Passu charge of the property being
_________________________________________ (hereinafter referred to as the
PROPERTY).

AND WHEREAS AGIF has by virtue of its letter dated _______________________


agreed to share a first Pari Passu charge with Punjab National Bank and has also
mentioned therein the documents of title held by AGIF as security for the loans from the
lenders;

AND WHEREAS the Borrower and AGIF have further agreed to secure Punjab National
Banks loan by way of a nomination in favour of Punjab National Bank, the ARMY
GROUP INSURANCE POLICY and the extended army group insurance policy that exist
with AGIF.

AND WHEREAS Punjab National Bank has considered the said request with a clear
understanding and an irrevocable undertaking by the Borrower that subsequent to the
disbursement, if any, as requested by the Borrower, there would be no repayment
default for any reason whatsoever;

AND WHEREAS the Borrower has represented, and such representation being a
continuing representation, that Borrowers obligation to repay the loan shall be a distinct
and independent obligation more particularly independent of any issues/concern/dispute
of whatsoever nature with respect to the property;

AND WHEREAS one of the conditions for Punjab National Bank sanctioning the said
Loan to the Borrower was that the understanding as stipulated in the recitals above
shall be reduced and recorded in writing with an understanding and intent of making the
same irrevocable, binding and enforceable by and between the parties herein to the
satisfaction of the lenders and documents in evidence thereof are delivered to the
lenders there will be no disbursement pursuant to the Loan Agreement.

16
AND WHEREAS in consideration of the Lenders agreeing to provide the respective
loans to the borrower, all the Parties have agreed as under.

NOW THEREFORE IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES


THAT

1. The foregoing recitals as mentioned have are incorporated herein by this


reference and constitute an integral part of this Agreement.

2. The housing loan advance to the borrower by the lenders shall be subject to the
borrowers repayment capacity as assessed by the lenders individually and shall
be secured against the first and exclusive Pari Passu mortgage of the
PROPERTY in favour of AGIF and Punjab National Bank. The understanding
between the lenders, in respect of the sharing of the charge on the property, shall
be in accordance to the terms of the special conditions attached herewith as
SCHEDULE I forming an integral part of this agreement between the parties
herein.

3. That the AGIF shall hold the original documents of title for the property for itself
and on behalf of Punjab National Bank as Joint mortgage of the property (as
elaborated in Schedule 1 attached herewith).

4. That in the event the borrower is not traceable or is not responding to Punjab
National Bank, the AGIF shall also on a best effort basis assist Punjab National
Bank in tracing/communicating with the borrower.

5. That Punjab National Bank shall keep the AGIF informed of the payments made
by the borrower, balance due and defaults, if any, on a quarterly basis.

6. Further if the borrower commits a breach of any of the terms and conditions of
this Tripartite Agreement, it shall be treated as an event of default under the
respective Loan Agreement executed between the borrower and AGIF and the
borrower and Punjab National Bank. The borrower hereby further
assigns/nominates Punjab National Bank to receive all death benefits admissible
under the ARMY GROUP INSURANCE POLICY and the EXTENDED ARMY
GROUP INSURANCE POLICY with the AGIF including but not limited to the
maturity amount payable at the retirement/termination, that remain unpaid after
deduction of AGIFs dues. In the event of death of the Borrower, AGIF shall
forthwith repay entire dues outstanding in the loan account of the Borrower with
Punjab National Bank under the loan.

7. The borrower hereby further authorize AGIF to seek Punjab National Banks prior
written permission before releasing any maturity benefits to the borrower dat the
time of the termination/cessation of the borrowers services with the Army. AGIF
accordingly hereby agrees and undertakes to obtain such prior written

17
permission of Punjab National Bank before releasing all /any such amounts at
the time of termination/cessation of employment.

8. The parties hereby agree and acknowledge that Punjab National Bank shall be
well within its rights to not issue such permission or issue the same on such
terms and conditions as the situation at such point in time warrant, including but
not limited to issuing stipulation on AGIF to pay all/any part of the amounts
payable by AGIF to the borrower directly to Punjab National Bank. The borrower
hereby further unconditionally authorizes AGIF to so act upon the written
instructions of Punjab National Bank only, without any further communication
from the borrower or notwithstanding and instructions to the contrary of the
borrower to AGIF to such effect.

Signed and delivered by the within-named


Borrower

Signed and delivered by the within-named


ARMY GROUP INSURANCE-FUND
By the hand of

Signed and delivered by the within-named


Punjab National Bank
By the hand of
Mr/Mrs __________________________
_________________________________

18
SCHEDULE-1 TO THE TRIPARTITE AGREEMENT BETWEEN THE
BORROWER, AGIF AND PUNJAB NATIONAL BANK

SPECIAL CONDITIONS FOR PARI PASSU ARRANGEMENT

1. The lenders hereby agree and confirm that notwithstanding anything to the
contrary contained in or arising from or by virtue of or implied by or under any
document, the common security created or to be created by Mr
____________________________ (hereinafter referred to as the Borrower)
in favour of the lenders on the borrowers property (as mentioned in the
Tripartite Agreement) for securing:

(a) Loan of Rs ________________________ (Rupees


________________________________________________________
______) lent and advance/agreed to be lent and advance by the
ARMY GROUP INSURANCE FUND to the Borrower.
(b) Loan of Rs _______________________________ (Rupees
_______________________________________) lent and
advance/agreed to be lent and advanced by Punjab National Bank to
the borrower. The respective rights of the lenders qua the security of
the property shall rank Pari Passu without any preference or priority of
one over the other for all purposes and to all intents.

2. The documents of title for the said property (as listed in AGIFs letter dated
______) shall be held by AGIF for itself and for and on behalf of Punjab
National Bank and in the event the loan from AGIF is repaid or the
employment of the Borrower is terminated for any reason whatsoever, the
documents of title for the said property shall continue to be retained and held
by AGIF for and on behalf of Punjab National Bank till information is received
in writing from Punjab National Bank that the loan account of the Borrower
has been adjusted in full.
The Borrower, a party herein, hereby authorizes AGIF to continue holding
the documents of title till Punjab National Bank confirms that the loan account
of the Borrower is adjusted.

3. Notwithstanding anything to the contrary contained in any document all


monies resulting from the sale of the property described here under of the
borrower named hereunder shall be available for distribution between the
AGIF and Punjab National Bank on a Pari Passu without any preference or
priority of one over the other for all purposes and for all intents.

4. The Lenders or either of them shall be entitled to bring a suit or other legal
proceeding or take any steps for enforcement of the security for realization of
its or their respective dues from the borrower and in the event of the
institution of any such suit or other legal proceeding, the lender so instituting
shall join the other lender as is not willing to join as party plaintiff as party

19
defendant in such suit or other legal proceedings. Prior to taking any action
for enforcement of its right over the property, each of the lenders concerned
shall duly inform the other of the same and each of them shall also consult and
co-operate with the other in respect of all matters pertaining to the property so far
as the same is practicable without affecting its own rights and each of them shall
at all time keep the other informed of all important matters coming to its
knowledge relating to the property or otherwise relating to the Borrower.

5. All moneys available for distribution as mentioned in Clause 1 hereof shall be


applied with all with all convenient dispatch in the manner hereinafter provided :

(a) First, there shall be paid out of such moneys or provisions made there out for
the costs, charges, expenses incurred for and incidental to the enforcement
of the security and/or realization or receipt of such moneys.
(b) Secondly, the balance of such moneys shall :
(i) In the event of the moneys so available for distribution being sufficient
to pay to each of them the full amount of the principal and other debts
due to each of the lenders be applied simultaneously towards the
payment to each of them of their respective principal and other dues in
full.
(ii) In the event of the moneys available for distribution being insufficient
to pay to each of the lenders the full amount of the principal and other
dues the same be applied Pari Passu as nearly as may be practicable
towards the principal and other dues. The amount distributable to
each of the lenders shall bear to the total distributable amount the
same proportion which the outstanding amounts of the dues to each of
such lenders bears to the aggregate to the outstanding amounts due
to both the Lenders. Any payment made to each of the Lenders in
accordance with the provisions of this clause shall be protanto
satisfaction of its the borrower such lenders shall be entitled to
enforce their rights against the borrower for the balance dues.

(c) Thirdly, the surplus, if any, out of such moneys shall be paid to the borrower
or the person or persons entitled thereto.

6. If any of the lenders shall receive any such money in respect of the property in
any other manner, the same shall be held in trust until required for appropriation
hereunder. Such lender shall also submit to the other lender a statement of
account from time to time respect to the amount realized by it from the
enforcement of the security.

7. As and when either of the loans are repaid by the borrower to the respective
lenders the lender being so repaid shall inform the other in writing at the address
mentioned hereinabove. The aforesaid provisions shall take effect between the
lenders and the persons claiming through them and without prejudice to any
rights they may have against the borrower.

20
MONTHLY INSTALMENT OF LOAN OF Rs.100000 ANNEXURE I
AT DIFFERENT INTEREST RATES (EX-TAX) FOR DIFFERENT LOAN REPAYMENT PERIODS ON ARREAR BASIS ROI COMPOUNDED MONTHLY
ROI/
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
YEARS
8.00 1213 1142 1082 1033 991 956 925 898 875 855 836 820 806 793 782 772 763 754 747 740 734
8.05 1216 1144 1085 1036 994 959 928 901 878 858 840 824 809 797 785 775 766 758 750 743 737
8.10 1219 1147 1088 1039 997 961 931 904 881 861 843 827 813 800 789 778 769 761 754 747 741
8.15 1221 1150 1091 1041 1000 964 934 907 884 864 846 830 816 803 792 782 773 764 757 750 744
8.20 1224 1152 1093 1044 1003 967 937 910 887 867 849 833 819 806 795 785 776 768 760 754 748
8.25 1227 1155 1096 1047 1006 970 940 913 890 870 852 836 822 810 798 788 779 771 764 757 751
8.30 1229 1158 1099 1050 1008 973 943 916 893 873 855 839 825 813 802 792 783 775 767 761 755
8.35 1232 1160 1102 1053 1011 976 946 919 896 876 858 843 829 816 805 795 786 778 771 764 758
8.40 1235 1163 1105 1056 1014 979 949 922 899 879 862 846 832 820 808 798 790 782 774 768 762
8.45 1237 1166 1107 1058 1017 982 952 925 902 882 865 849 835 823 812 802 793 785 778 771 765
8.50 1240 1169 1110 1061 1020 985 954 928 905 885 868 852 838 826 815 805 796 788 781 775 769
8.55 1243 1171 1113 1064 1023 988 957 931 909 889 871 855 842 829 818 809 800 792 785 778 772
8.60 1245 1174 1116 1067 1026 991 960 934 912 892 874 859 845 833 822 812 803 795 788 782 776
8.65 1248 1177 1118 1070 1029 994 963 937 915 895 877 862 848 836 825 815 807 799 792 785 780
8.70 1251 1180 1121 1073 1031 996 966 940 918 898 881 865 851 839 828 819 810 802 795 789 783
8.75 1253 1182 1124 1075 1034 999 969 943 921 901 884 868 855 843 832 822 813 806 799 792 787
8.80 1256 1185 1127 1078 1037 1002 972 947 924 904 887 872 858 846 835 826 817 809 802 796 790
8.85 1259 1188 1130 1081 1040 1005 975 950 927 907 890 875 861 849 839 829 820 813 806 799 794
8.90 1261 1191 1132 1084 1043 1008 978 953 930 911 893 878 865 853 842 832 824 816 809 803 797
8.95 1264 1193 1135 1087 1046 1011 981 956 933 914 897 881 868 856 845 836 827 820 813 807 801
9.00 1267 1196 1138 1090 1049 1014 985 959 936 917 900 885 871 859 849 839 831 823 816 810 805
9.05 1269 1199 1141 1093 1052 1017 988 962 940 920 903 888 874 863 852 843 834 827 820 814 808
9.10 1272 1202 1144 1095 1055 1020 991 965 943 923 906 891 878 866 855 846 838 830 823 817 812
9.15 1275 1204 1146 1098 1058 1023 994 968 946 926 909 894 881 869 859 849 841 834 827 821 815
9.20 1278 1207 1149 1101 1061 1026 997 971 949 930 913 898 884 873 862 853 845 837 830 824 819
9.25 1280 1210 1152 1104 1064 1029 1000 974 952 933 916 901 888 876 866 856 848 841 834 828 823

21
ROI/
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
YEARS
9.30 1283 1213 1155 1107 1067 1032 1003 977 955 936 919 904 891 879 869 860 852 844 838 832 826
9.35 1286 1215 1158 1110 1069 1035 1006 980 958 939 922 908 894 883 872 863 855 848 841 835 830
9.40 1289 1218 1161 1113 1072 1038 1009 984 962 942 926 911 898 886 876 867 859 851 845 839 834
9.45 1291 1221 1164 1116 1075 1041 1012 987 965 946 929 914 901 890 879 870 862 855 848 842 837
9.50 1294 1224 1166 1119 1078 1044 1015 990 968 949 932 917 904 893 883 874 866 858 852 846 841
9.55 1297 1227 1169 1121 1081 1047 1018 993 971 952 935 921 908 896 886 877 869 862 855 850 845
9.60 1299 1229 1172 1124 1084 1050 1021 996 974 955 939 924 911 900 890 881 873 865 859 853 848
9.65 1302 1232 1175 1127 1087 1053 1024 999 977 959 942 927 915 903 893 884 876 869 863 857 852
9.70 1305 1235 1178 1130 1090 1056 1027 1002 981 962 945 931 918 907 897 888 880 873 866 861 855
9.75 1308 1238 1181 1133 1093 1059 1030 1005 984 965 949 934 921 910 900 891 883 876 870 864 859
9.80 1310 1241 1184 1136 1096 1062 1033 1009 987 968 952 937 925 913 903 895 887 880 873 868 863
9.85 1313 1244 1186 1139 1099 1065 1037 1012 990 971 955 941 928 917 907 898 890 883 877 872 867
9.90 1316 1246 1189 1142 1102 1068 1040 1015 993 975 958 944 931 920 910 902 894 887 881 875 870
9.95 1319 1249 1192 1145 1105 1072 1043 1018 997 978 962 947 935 924 914 905 897 891 884 879 874
10.00 1322 1252 1195 1148 1108 1075 1046 1021 1000 981 965 951 938 927 917 909 901 894 888 882 878
10.05 1324 1255 1198 1151 1111 1078 1049 1024 1003 985 968 954 942 931 921 912 905 898 892 886 881
10.10 1327 1258 1201 1154 1114 1081 1052 1028 1006 988 972 958 945 934 924 916 908 901 895 890 885
10.15 1330 1260 1204 1157 1117 1084 1055 1031 1010 991 975 961 948 938 928 919 912 905 899 893 889
10.20 1333 1263 1207 1160 1120 1087 1058 1034 1013 994 978 964 952 941 931 923 915 909 903 897 892
10.25 1335 1266 1210 1163 1123 1090 1062 1037 1016 998 982 968 955 944 935 926 919 912 906 901 896
10.30 1338 1269 1212 1166 1126 1093 1065 1040 1019 1001 985 971 959 948 938 930 922 916 910 905 900
10.35 1341 1272 1215 1169 1129 1096 1068 1043 1022 1004 988 974 962 951 942 933 926 919 913 908 904
10.40 1344 1275 1218 1172 1132 1099 1071 1047 1026 1008 992 978 966 955 945 937 930 923 917 912 907
10.45 1347 1278 1221 1175 1135 1102 1074 1050 1029 1011 995 981 969 958 949 941 933 927 921 916 911
10.50 1349 1280 1224 1178 1138 1105 1077 1053 1032 1014 998 985 973 962 952 944 937 930 925 919 915
10.55 1352 1283 1227 1180 1141 1109 1080 1056 1035 1017 1002 988 976 965 956 948 940 934 928 923 918
10.60 1355 1286 1230 1183 1145 1112 1084 1060 1039 1021 1005 991 979 969 960 951 944 938 932 927 922
10.65 1358 1289 1233 1186 1148 1115 1087 1063 1042 1024 1008 995 983 972 963 955 948 941 936 930 926

22
ROI/
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
YEARS
10.70 1361 1292 1236 1189 1151 1118 1090 1066 1045 1027 1012 998 986 976 967 959 951 945 939 934 930
10.75 1363 1295 1239 1192 1154 1121 1093 1069 1049 1031 1015 1002 990 979 970 962 955 949 943 938 933
10.80 1366 1298 1242 1195 1157 1124 1096 1072 1052 1034 1019 1005 993 983 974 966 959 952 947 942 937
10.85 1369 1301 1245 1198 1160 1127 1099 1076 1055 1037 1022 1009 997 986 977 969 962 956 950 945 941
10.90 1372 1303 1248 1201 1163 1130 1103 1079 1058 1041 1025 1012 1000 990 981 973 966 960 954 949 945
10.95 1375 1306 1251 1205 1166 1133 1106 1082 1062 1044 1029 1015 1004 993 984 977 969 963 958 953 949
11.00 1378 1309 1254 1208 1169 1137 1109 1085 1065 1047 1032 1019 1007 997 988 980 973 967 961 957 952
11.05 1380 1312 1257 1211 1172 1140 1112 1089 1068 1051 1036 1022 1011 1001 992 984 977 971 965 960 956
11.10 1383 1315 1259 1214 1175 1143 1115 1092 1072 1054 1039 1026 1014 1004 995 987 980 974 969 964 960
11.15 1386 1318 1262 1217 1178 1146 1119 1095 1075 1058 1042 1029 1018 1008 999 991 984 978 973 968 964
11.20 1389 1321 1265 1220 1181 1149 1122 1098 1078 1061 1046 1033 1021 1011 1002 995 988 982 976 972 967
11.25 1392 1324 1268 1223 1185 1152 1125 1102 1082 1064 1049 1036 1025 1015 1006 998 991 985 980 975 971
11.30 1395 1327 1271 1226 1188 1156 1128 1105 1085 1068 1053 1040 1028 1018 1010 1002 995 989 984 979 975
11.35 1397 1330 1274 1229 1191 1159 1131 1108 1088 1071 1056 1043 1032 1022 1013 1006 999 993 988 983 979
11.40 1400 1333 1277 1232 1194 1162 1135 1112 1092 1074 1060 1047 1035 1025 1017 1009 1002 997 991 987 983
11.45 1403 1335 1280 1235 1197 1165 1138 1115 1095 1078 1063 1050 1039 1029 1020 1013 1006 1000 995 991 986
11.50 1406 1338 1283 1238 1200 1168 1141 1118 1098 1081 1066 1054 1042 1033 1024 1016 1010 1004 999 994 990
11.55 1409 1341 1286 1241 1203 1171 1144 1121 1102 1085 1070 1057 1046 1036 1028 1020 1014 1008 1003 998 994
11.60 1412 1344 1289 1244 1206 1175 1148 1125 1105 1088 1073 1061 1049 1040 1031 1024 1017 1011 1006 1002 998
11.65 1415 1347 1292 1247 1209 1178 1151 1128 1108 1091 1077 1064 1053 1043 1035 1027 1021 1015 1010 1006 1002
11.70 1417 1350 1295 1250 1213 1181 1154 1131 1112 1095 1080 1068 1057 1047 1039 1031 1025 1019 1014 1009 1006
11.75 1420 1353 1298 1253 1216 1184 1157 1135 1115 1098 1084 1071 1060 1051 1042 1035 1028 1023 1018 1013 1009
11.80 1423 1356 1301 1256 1219 1187 1161 1138 1118 1102 1087 1075 1064 1054 1046 1038 1032 1026 1021 1017 1013
11.85 1426 1359 1304 1259 1222 1191 1164 1141 1122 1105 1091 1078 1067 1058 1049 1042 1036 1030 1025 1021 1017
11.90 1429 1362 1307 1262 1225 1194 1167 1145 1125 1109 1094 1082 1071 1061 1053 1046 1040 1034 1029 1025 1021
11.95 1432 1365 1310 1266 1228 1197 1170 1148 1129 1112 1098 1085 1074 1065 1057 1050 1043 1038 1033 1029 1025
12.00 1435 1368 1313 1269 1231 1200 1174 1151 1132 1115 1101 1089 1078 1069 1060 1053 1047 1041 1037 1032 1029

23
MONTHLY INSTALMENT OF LOAN OF Rs.100000
AT DIFFERENT INTEREST RATES (EX-TAX) FOR DIFFERENT LOAN REPAYMENT PERIODS ON ADVANCE/ UPFRONT BASIS ROI COMPOUNDED MONTHLY
ROI/
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
YEARS
8.00 1205 1134 1075 1026 985 949 919 892 869 849 831 815 801 788 777 767 758 749 742 735 729
8.05 1208 1137 1078 1029 988 952 922 895 872 852 834 818 804 791 780 770 761 753 745 738 732
8.10 1210 1139 1081 1032 990 955 925 898 875 855 837 821 807 795 783 773 764 756 749 742 736
8.15 1213 1142 1083 1034 993 958 927 901 878 858 840 824 810 798 787 777 767 759 752 745 739
8.20 1216 1145 1086 1037 996 961 930 904 881 861 843 827 813 801 790 780 771 763 755 749 743
8.25 1218 1147 1089 1040 999 964 933 907 884 864 846 831 817 804 793 783 774 766 759 752 746
8.30 1221 1150 1091 1043 1002 966 936 910 887 867 849 834 820 807 796 786 777 769 762 756 750
8.35 1223 1152 1094 1045 1004 969 939 913 890 870 852 837 823 811 800 790 781 773 766 759 753
8.40 1226 1155 1097 1048 1007 972 942 916 893 873 856 840 826 814 803 793 784 776 769 762 757
8.45 1229 1158 1100 1051 1010 975 945 919 896 876 859 843 829 817 806 796 787 779 772 766 760
8.50 1231 1160 1102 1054 1013 978 948 922 899 879 862 846 833 820 809 800 791 783 776 769 764
8.55 1234 1163 1105 1056 1016 981 951 925 902 882 865 849 836 824 813 803 794 786 779 773 767
8.60 1236 1166 1108 1059 1018 984 954 928 905 885 868 853 839 827 816 806 797 790 783 776 770
8.65 1239 1168 1110 1062 1021 986 957 931 908 888 871 856 842 830 819 810 801 793 786 780 774
8.70 1242 1171 1113 1065 1024 989 959 934 911 892 874 859 845 833 822 813 804 796 789 783 777
8.75 1244 1174 1116 1068 1027 992 962 937 914 895 877 862 849 837 826 816 808 800 793 787 781
8.80 1247 1176 1119 1070 1030 995 965 940 917 898 880 865 852 840 829 820 811 803 796 790 785
8.85 1249 1179 1121 1073 1033 998 968 943 920 901 884 868 855 843 832 823 814 807 800 794 788
8.90 1252 1182 1124 1076 1035 1001 971 946 923 904 887 872 858 846 836 826 818 810 803 797 792
8.95 1255 1184 1127 1079 1038 1004 974 949 926 907 890 875 861 850 839 830 821 814 807 801 795
9.00 1257 1187 1130 1082 1041 1007 977 952 929 910 893 878 865 853 842 833 825 817 810 804 799
9.05 1260 1190 1132 1084 1044 1010 980 955 933 913 896 881 868 856 846 836 828 820 814 808 802
9.10 1263 1193 1135 1087 1047 1013 983 958 936 916 899 884 871 859 849 840 831 824 817 811 806
9.15 1265 1195 1138 1090 1050 1015 986 961 939 919 903 888 874 863 852 843 835 827 821 815 809
9.20 1268 1198 1141 1093 1053 1018 989 964 942 923 906 891 878 866 856 846 838 831 824 818 813
9.25 1271 1201 1143 1096 1055 1021 992 967 945 926 909 894 881 869 859 850 842 834 828 822 816
9.30 1273 1203 1146 1098 1058 1024 995 970 948 929 912 897 884 873 862 853 845 838 831 825 820

24
ROI/
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
YEARS
9.35 1276 1206 1149 1101 1061 1027 998 973 951 932 915 901 888 876 866 857 848 841 835 829 824
9.40 1278 1209 1152 1104 1064 1030 1001 976 954 935 918 904 891 879 869 860 852 845 838 832 827
9.45 1281 1212 1154 1107 1067 1033 1004 979 957 938 922 907 894 883 872 863 855 848 842 836 831
9.50 1284 1214 1157 1110 1070 1036 1007 982 960 941 925 910 897 886 876 867 859 852 845 839 834
9.55 1286 1217 1160 1113 1073 1039 1010 985 963 945 928 913 901 889 879 870 862 855 849 843 838
9.60 1289 1220 1163 1115 1076 1042 1013 988 967 948 931 917 904 893 883 874 866 859 852 847 841
9.65 1292 1222 1166 1118 1079 1045 1016 991 970 951 934 920 907 896 886 877 869 862 856 850 845
9.70 1294 1225 1168 1121 1082 1048 1019 994 973 954 938 923 911 899 889 881 873 866 859 854 849
9.75 1297 1228 1171 1124 1084 1051 1022 997 976 957 941 927 914 903 893 884 876 869 863 857 852
9.80 1300 1231 1174 1127 1087 1054 1025 1000 979 960 944 930 917 906 896 887 880 873 866 861 856
9.85 1303 1233 1177 1130 1090 1057 1028 1003 982 964 947 933 921 909 900 891 883 876 870 864 859
9.90 1305 1236 1180 1133 1093 1060 1031 1007 985 967 951 936 924 913 903 894 887 880 874 868 863
9.95 1308 1239 1182 1135 1096 1063 1034 1010 988 970 954 940 927 916 906 898 890 883 877 872 867
10.00 1311 1242 1185 1138 1099 1066 1037 1013 992 973 957 943 930 920 910 901 894 887 881 875 870
10.05 1313 1244 1188 1141 1102 1069 1040 1016 995 976 960 946 934 923 913 905 897 890 884 879 874
10.10 1316 1247 1191 1144 1105 1072 1043 1019 998 980 964 950 937 926 917 908 901 894 888 882 878
10.15 1319 1250 1194 1147 1108 1075 1046 1022 1001 983 967 953 941 930 920 912 904 897 891 886 881
10.20 1321 1253 1196 1150 1111 1078 1049 1025 1004 986 970 956 944 933 924 915 908 901 895 890 885
10.25 1324 1255 1199 1153 1114 1081 1053 1028 1007 989 973 959 947 936 927 919 911 904 899 893 889
10.30 1327 1258 1202 1156 1117 1084 1056 1031 1011 992 977 963 951 940 930 922 915 908 902 897 892
10.35 1329 1261 1205 1159 1120 1087 1059 1035 1014 996 980 966 954 943 934 926 918 912 906 900 896
10.40 1332 1264 1208 1161 1123 1090 1062 1038 1017 999 983 969 957 947 937 929 922 915 909 904 899
10.45 1335 1267 1211 1164 1126 1093 1065 1041 1020 1002 986 973 961 950 941 932 925 919 913 908 903
10.50 1338 1269 1214 1167 1129 1096 1068 1044 1023 1005 990 976 964 954 944 936 929 922 916 911 907
10.55 1340 1272 1216 1170 1132 1099 1071 1047 1026 1009 993 979 967 957 948 939 932 926 920 915 910
10.60 1343 1275 1219 1173 1135 1102 1074 1050 1030 1012 996 983 971 960 951 943 936 929 924 919 914
10.65 1346 1278 1222 1176 1137 1105 1077 1053 1033 1015 1000 986 974 964 955 947 939 933 927 922 918

25
ROI/
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
YEARS
10.70 1349 1281 1225 1179 1140 1108 1080 1057 1036 1018 1003 989 978 967 958 950 943 937 931 926 922
10.75 1351 1283 1228 1182 1143 1111 1083 1060 1039 1022 1006 993 981 971 962 954 946 940 935 930 925
10.80 1354 1286 1231 1185 1146 1114 1086 1063 1042 1025 1010 996 984 974 965 957 950 944 938 933 929
10.85 1357 1289 1234 1188 1149 1117 1090 1066 1046 1028 1013 1000 988 978 969 961 954 947 942 937 933
10.90 1359 1292 1236 1191 1152 1120 1093 1069 1049 1031 1016 1003 991 981 972 964 957 951 945 941 936
10.95 1362 1295 1239 1194 1155 1123 1096 1072 1052 1035 1019 1006 995 984 976 968 961 955 949 944 940
11.00 1365 1297 1242 1197 1158 1126 1099 1076 1055 1038 1023 1010 998 988 979 971 964 958 953 948 944
11.05 1368 1300 1245 1200 1161 1129 1102 1079 1059 1041 1026 1013 1001 991 983 975 968 962 956 952 947
11.10 1370 1303 1248 1202 1164 1132 1105 1082 1062 1045 1029 1016 1005 995 986 978 971 965 960 955 951
11.15 1373 1306 1251 1205 1167 1135 1108 1085 1065 1048 1033 1020 1008 998 990 982 975 969 964 959 955
11.20 1376 1309 1254 1208 1170 1139 1111 1088 1068 1051 1036 1023 1012 1002 993 985 979 973 967 963 959
11.25 1379 1311 1257 1211 1174 1142 1115 1091 1072 1054 1040 1027 1015 1005 997 989 982 976 971 966 962
11.30 1382 1314 1260 1214 1177 1145 1118 1095 1075 1058 1043 1030 1019 1009 1000 993 986 980 975 970 966
11.35 1384 1317 1262 1217 1180 1148 1121 1098 1078 1061 1046 1033 1022 1012 1004 996 989 984 978 974 970
11.40 1387 1320 1265 1220 1183 1151 1124 1101 1081 1064 1050 1037 1026 1016 1007 1000 993 987 982 977 973
11.45 1390 1323 1268 1223 1186 1154 1127 1104 1085 1068 1053 1040 1029 1019 1011 1003 997 991 986 981 977
11.50 1393 1326 1271 1226 1189 1157 1130 1107 1088 1071 1056 1044 1032 1023 1014 1007 1000 994 989 985 981
11.55 1395 1328 1274 1229 1192 1160 1133 1111 1091 1074 1060 1047 1036 1026 1018 1010 1004 998 993 989 985
11.60 1398 1331 1277 1232 1195 1163 1137 1114 1094 1078 1063 1050 1039 1030 1021 1014 1007 1002 997 992 988
11.65 1401 1334 1280 1235 1198 1166 1140 1117 1098 1081 1066 1054 1043 1033 1025 1018 1011 1005 1000 996 992
11.70 1404 1337 1283 1238 1201 1170 1143 1120 1101 1084 1070 1057 1046 1037 1028 1021 1015 1009 1004 1000 996
11.75 1407 1340 1286 1241 1204 1173 1146 1124 1104 1088 1073 1061 1050 1040 1032 1025 1018 1013 1008 1003 1000
11.80 1409 1343 1289 1244 1207 1176 1149 1127 1108 1091 1077 1064 1053 1044 1036 1028 1022 1016 1012 1007 1003
11.85 1412 1346 1292 1247 1210 1179 1153 1130 1111 1094 1080 1068 1057 1047 1039 1032 1026 1020 1015 1011 1007
11.90 1415 1349 1295 1250 1213 1182 1156 1133 1114 1098 1083 1071 1060 1051 1043 1036 1029 1024 1019 1015 1011
11.95 1418 1351 1297 1253 1216 1185 1159 1137 1117 1101 1087 1074 1064 1054 1046 1039 1033 1027 1023 1018 1015
12.00 1421 1354 1300 1256 1219 1188 1162 1140 1121 1104 1090 1078 1067 1058 1050 1043 1037 1031 1026 1022 1018

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