Presented by,

Vice Principal
BOI, STC, Kolkata
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ELIGIBILITY & PURPOSE OF LOAN
Eligibility
i) All existing Staff Housing loan borrowers, after the lapse of 24
months of availing Staff Housing Loan. Deviation in this regard can be
allowed after 12 months of the original Staff Housing loan for which
the delegation rests with ZLCC.
ii) Staff should be the owner of the property and the property should
be fully constructed/completed and in possession of the Staff
borrower.
Purpose
Permitted for all bonafide purposes other than speculative purposes,
such as investment in equities. Suitable undertaking to be obtained in
this regard.
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QUANTUM & ASSESSMENT OF LOAN AMOUNT
The maximum quantum of a loan eligible for sanction under the scheme is as
follows:
A. Based on the valuation of the property: Total loan including outstanding in
existing Staff Housing loan account/s not to exceed 75% of the market value of the
property (LTV ratio not to exceed 75% of market value).
B. NTHP: i) Gross monthly income up to Rs.1.00 lakh - 40%
ii) Gross monthly income above Rs.1.00 lakh - 30%
C: Loan amount requested
Loan requested by Staff The eligible amount is restricted to the lowest of A, B & C.
Note: LTV is to be calculated based on the fair market value of the property, as per
the latest valuation report.
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SECURITY
➢Extension of the mortgage on the residential property already
mortgaged with the Bank for SHL will not be mandatory.
➢However,Stamped Undertaking from the Staff, to create EQM and
subsequent noting of charge with the registrar’s office as and
when demanded by Bank to be obtained.
➢The extant instructions for obtaining the latest income proof,
valuation, and search report for the intervening period of the
mortgaged property, etc., will be applicable.
➢ExistingHousing loan account to be reviewed and renewal
document, as applicable to be obtained.
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INTEREST, REPAYMENT
& DELEGATION
❖Interest: At RBLR i.e. presently 9.25% p.a.
❖Repayment: Maximum permissible tenor of the loan will
be the residual tenor of the underlying Housing loan or 20
years whichever is lower.
❖Processing charges: Waived
❖Delegation for Sanction: SZLCC of the Zone where his /
her existing SHL is maintained.
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TITLE CLEARANCE REPORT & VALUATION
Interim report (since last Title clearance Report) to be obtained along with
latest property tax paid receipt, CHS charges paid receipt, NOC from
Builder/Society, wherever applicable.
(i) Top-up loan up to Rs. 5.00 Lakhs: Fresh valuation not required if existing
valuation report is less than 3 years old. However, a fresh valuation report to
be obtained once in 3 years.
(ii) Top-up loan above Rs.5.00 Lakhs: Fresh Valuation of the property to be
obtained from another panel valuer, if the valuation is more than 3 years old.
Note: Additional limit cannot be considered due to revaluation before
completion of 2 years from the date of earlier sanction.
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DOCUMENTATION
i) Application form (as applicable to Star Top-up loan)
ii) Demand Promissory Note (L-434)
iii) Joint/common document (L-516)
iv) Term Loan Agreement (L-503)
v) Letter of Guarantee signed by the nominee of Provident Fund & Gratuity by
other Guarantor, if guarantee stipulated in existing Home Loan (0D194).
If the PF and Gratuity nominee is the co-borrower in the account, a personal
guarantee may not be insisted upon.
vi) L-496 & L-497
ix) Combined letter of authority/undertaking (L-479A).