1. OBJECTIVE

Offers attractive benefits as part of a Package to those customers who have the capacity and are willing to avail a minimum specified loan amount under at least two or more specified Retail Loan Schemes.

2. SCHEME APPLICABILITY

Authorised Branches.

3. ELIGIBILITY

Individuals, including joint owners, who are willing to avail a minimum loan of Rs.5.00 lac as a package under at least two specified Retail Loan Schemes at a time. One of which necessarily be for HOUSING and the other may be any one of the following purposes:

Car,
Personal or
Education.

At the same time, such individuals/ including joint owners should have adequate capacity to regularly service such loans.

4. PURPOSE

Finance will be allowed for:

Meeting need based requirement of purchase / construction /addition / repair/alteration/renovation/furnishing of House/Flat. Loans are also available for purchase of land/plot for House Building.

Loan on pari passu or second charge basis only to confirmed employees of Central/ State Government / Public Sector Undertakings (PSUs) maximum upto Rs. 20 lacs. The quantum of loan be decided taking into account the amount of earlier loan availed and repaying capacity of the borrower.

Purchase of New Car.

Meeting urgent requirements of personal nature, such as marriage of children, holiday, foreign travel, family function, medical expenses etc. However, loan will not be granted for speculation purposes.

Education for Self or Children, including the school education of the child.

5. AMOUNT OF LOAN

For Housing: Need Based - Minimum Rs.2 lac.
Maximum Rs. 50 lacs

For Car : Need Based - Minimum Rs.2 lac.

For Personal Needs: Need Based - Minimum Rs.1 lac Maximum Rs. 2 lacs

For Education: For Studies in India - Minimum Rs.1 lac Max. Rs.5.00 lac
For Studies abroad - Minimum Rs.1 lac Max. Rs.10.00 lac

6. MARGIN

10% except when loan is availed for Personal and or Educational needs in which case it shall be Nil.

7. RATE OF INTEREST

Housing -

TENOR For loans repayable in/upto	Rate of Interest @percent p.a.
	REVISED w.e.f. 01.08.2003
i) Upto 5 years	7.75
ii) Above 5 & upto 10 years	8.25

Car - PTLR presently 11.50%

Personal - 13%

Education - 50 basis points below PTLR viz.11%

8. REPAYMENT

Housing - Maximum 10 years (120 months) in equal Monthly Instalments.

For Car and Personal - Maximum 4 years (48 months) in equal Monthly Instalments.

For Education - Maximum 7 years (84 months) in equal Monthly Instalments.

Obtention of advance cheques (P.D.Cs) signed by the borrowers be ensured towards repayment of equated monthly instalments alongwith letter of deposit. In case of Housing and Education Loans minimum 24 advance cheques be obtained at a time. In case of loan of other purposes cheque for complete repayment period be taken.

No moratorium period for repayment will be allowed and repayment to commence immediately.

9. MODE OF DISBURSEMENT

As per extant guidelines of specific schemes viz. Housing, Car, Personal and Education. However, No charges for issue of Demand Draft /Bankers cheques are to be levied.

10. INSURANCE

Comprehensive Insurance Policy to be obtained where loan is allowed for Housing and Car needs.

11. SECURITY:

Housing

Equitable/ Registered Mortgage of the House/Flat/ Plot Financed.

Obtention of pari passu or second charge over the property mortgaged in favour of other Lender in situations where senior authorities consider requests and allow loan only to confirmed employees of Central / State Govts. / Public Sector Undertakings, who have raised funds for construction / acquisition of accommodation from other sources and need supplementary finance, for an amount of loan of maximum upto Rs. 20 lacs, which, however, should be for a minimum of Rs. 2lacs as prescribed above.

Car

Hypothecation of the Vehicle financed.

Equitable mortgage should be for the total amount of loan.

12. GUARANTEE

Suitable guarantee acceptable to the Bank may be obtained which may also include guarantee from family members/other relatives.

13. UPFRONT & DOCUMENTATION CHARGES

Flat Upfront charges of Rs.2,500/- & no documentation charge.

14. PREPAYMENT PENALTY

In case any of the loan facilities allowed are adjusted within a period of three years, borrower(s) will be required to pay a prepayment Penalty @ 2% on the amount which had not become due for payment.

15. GENERAL

The concessional loan facility is available provided the combined availment is Rs. 5 lacs or more.

Equitable Mortgage of the Immovable Property against which Housing loan has been allowed will secure the combined loan for two or more purposes.

Equitable Mortgage shall not to be released till final adjustment of all the loans.