ELIGIBILITY: After completion of TWO YEARS.
QUANTUM:
1.Up to 60 lakhs for CLERKS
2.Up to 40 Lakhs for SUBSTAFF
INTEREST:
Up to Rs.40.00 lakh – 5.5% (Simple)
Above Rs.40.00 lakh – 6.00% (Simple)
RECOVERY: 360 monthly instalments , upto age of 75 ( Both Pentioner and NPS Optee)
Gross emolument will be considered as under :
i. Gross Salary as per latest Salary Slip (excluding lump sum arrear or recovery
made for past period).
ii. Notional House Rent allowance on rent basis i.e 150 % of normal HRA to be added for the employees availing Bank’s own/leased accommodations – This is required for giving same treatment to the employees availing Bank’s quarter/ leased accommodation and the employees availing HRA.
b. The total deductions from the employee’s salary, inclusive of interest on clean OD & installments of proposed loan under this scheme, should not exceed 70% of his/her gross salary, for working out the maximum loan amount applicable under the scheme.
c. For calculation of 70% of gross emoluments after deductions of various loan liabilities/statuary dues etc. will be calculated as under:
All types of deduction like various loan installments (other than the short term loan scheme with loan repayment period of less than three years like Festival Advance/ COVID Loan/ Flood Loan, Cyclone Loan/ any other
distress loan etc.) Provident Fund, Income Tax, Insurance premium, other regular monthly recoveries, Credit Society Loan, notional monthly interest on Overdraft sanctioned etc., including installment of proposed loan(s) to
be deducted from the gross emoluments calculated as above –
d. Average monthly TDS deducted on account of salary in last financial year is to be considered as statutory deduction from monthly salary.
REF : CHO/PMG/12/2015-16 DT 3.7.2015(old)
HOUSING LOAN FOR REPAIRS, RENOVATION AND ADDITION
ELIGIBILITY: After completion of 5 years from date of acquiring the property.
QUANTUM :
1.UPTO 18 LAKHS FOR CLERKS
2.UPTO 12 LAKHS FOR SUBSTAFF.
Circulars:
CHO_PMG_09_2018_19 Dated 25/05/2018
CHO/PMG/19/2020-21 DATED 30/06/2020