HOUSING LOAN SCHEME FOR AWARD STAFF

Ref No. CHO/PAS/4/2001 DTD 8.6.2001.

w.e.f 7.3.2001
Housing loan limits enhanced for

Sub Staff Rs.3 lac] or estimated costs of

Clerical staff Rs.4.50 lac] construction
Whichever is lower.

For enlarging/repairs/renovations of the accommodation of an existing house, the amount

admissible is 50 times the monthly pay [including special allowance ranking for PF benefits]
subject to the following ceilings :
Clerical employees
Subordinate Staff

Rs.1.20 lakh
Rs.80,000/-

Rate of Interest on house building loan to award staff [Ref No.cho/pas/5/2002 dt 18.6.02.
Upto Rs.1.10 lakh
From Rs,1.10 lakh to Rs.4.50 lakh

5%
10% who have been sanctioned housing
loan on or after 1st October 2001.

HOUSING LOAN CIRCULAR REFERENCES

Ref No. CHO/PAS/5/91 Dtd 20.3.91

House building advance to award staff in

public sector banks.

Ref No. CHO/PMG/2/93 DTD 22.1.93

Substitution of security

Ref No. CHO/PMG/5/94 dtd 28.2.94

Substitution of security

Ref No.CHO/PMG/19/95 Dtd 14.10.95

Supplementary Housing loan.

Ref No.CHO/PMG/3/96 Dtd 3.2.96

Supplementary Housing Loan.

Ref No.CHO/PAS/5/97 Dtd 20.2.1997

Supplementary housing loan to permanent

part-time employees on scale-wages.

Ref No.CHO/PAS/13/97 Dtd 19.7.1997

Amendment in the housing loan schemes for

award staff guidelines received from the
government.

Ref No. CHO/PAS/16/97 DTD 1.9.97

Increase in the housing loan limits of parttine employees on scale wages.

Ref No. CHO/PMG/19/97 DTD 16.10.97

Substitution of security against the original

security [mortgage] for staff housing loan
availed sanction of supplementary loan

Ref No. CHO/PMG/16/98 DATED 3.8.98

Housing Loan.

Ref No. CHO/PMG/1/99 DATED 1.1.1999 Revised housing loan limit for award
staff/officers who have availed housing loan
prior to 20.3.1991 for award staff for
completion of construction and / or essential
items of constructions strictly in terms of
original construction plan submitted at the
time of first availment of housing loan.
Ref No. CHO/PAS/3/99 DTD 11.8.99

Supplementary housing loan to Permanent

part time employees on scale wages.

Ref No. CHO/PAS/4/2001 DTD 8.6.2001

Amendment in the housing loan scheme for

award staff- guidelines received from the
government.

Ref No. CHO/PMG/1/2002 DTD 1.1.2002 Extension of benefit of revised Housing loan
limit.
Ref No. CHO/PAS/5/2002 dtd 18.6.2002

Amendment in the rate of interest on house

building loan to award staff guidelines
received from government.

Ref No.CHO/ADV/58/2002 DT 3.12.2002

Revised guidelines of UCO Shelter

Loan to members Of staff/officers.

Ref No.CHO/PMG/12/2003 dt19.3.2003

implementation of revised government

guidelines in the matter of house
building advance. Additional housing
loan to compassionate
appointees who have taken over housing
loan liability and employees who have
been permitted substitution of security to
undertake
additions/alternations/repairs/renovations.

Ref No. CHO/PMG/11/2005 DTD 1.6.2005 Revised guidelines of UCO Shelter

Loan.
Ref No.CHO/PMG/3/06 dtd 18.5.2006

Revised guidelines of UCO Shelter Loan

to member of staff/officers.

SUPPLIEMENTARY HOUSING LOAN TO PERMANENT PARTTIME EMPLOYEES ON SCALE WAGES.

Part-time employees
On
1/3 rd scale wages
rd scale wages
th scale wages

for construction/acquisition
enlargement/completion
33000/50000/75000/-

for repairs/alterations
renovation
13000/20000/30000/-

Ref no. CHO/PAS/3/99 DTD 11.8.1999.

IMPROVEMENT IN EXISTING STAFF HOUSING LOAN SCHEME

CIR CHO/PMG/2010-11/139 DT 10.1.2011
Eligibility : The member of staff [officer/award staff] who is confirmed in
Banks service will be eligible for staff housing loan.
Maximum amount of loan for the purpose of acquisition of land and
construction of house, or purchase of house/flat.
[i]
officer
[ii] clerk
[iii] Sub staff

- 90% of the total cost or Rs.20 lakhs whichever is less

-90% of the total cost or Rs.12 lakhs whichever is less
-90% of the total cost or Rs. 8 lakhs whichever is less

Part time employees on scale-wages

[i]
[ii]
[iii]

On 3/4th scale - 90% of the total cost or Rs.6 lakhs whichever is less
On scale
- 90% of the total cost or Rs.4 lakhs whichever is less
On 1/3 rd scale - 90% of the total cost or Rs.2.67 lakhs whichever is
Less.

Additional loan for the purose of extension/renovation/repair of the

house/flat already owned.
[i]
[ii]
[iii]

Officer
- 90% of the total cost of Rs.6 l;akhs whiever is less
clerk
- 90% of the total cost or Rs.3.60 lakhs whichever is less
Sub staff - 90% of the total cost of Rs.2.40 lakhs whichever is less

Part time Employees on scale wages

[i]
[ii]

On th scale -90% of the total cost or Rs.1.80 lakhs whichever is

less
On scale -90% of the total cost or Rs.1.20 lakhs whichever is
less

On 1/3rd scale

- 90% of the total cost or Rs.0.80 lakhs whichever is

less

CIR CHO/PMG/2010-11/40 DT 20.1.2011.

This additional loan will be available within overall revised housing loan
limit, only after seven years of occupation of the house/flat created out of the
staff housing loan if such loan for repair/renovation/extension has not been
availed by the employee under any scheme during the past seven years.
Supplementary Housing Lon & UCO Shelter Loan availed by the staff
members earlier.
The outstanding supplementary housing loan & UCO Shelter Loan/UCO
Home loan availed by the staff members from our bank may be allowed to
be converted to staff housing loan under this new scheme , provided further
that UCO Shelter loan/UCO Home loan was not availed for acquiring a
second house ]. The employees, for UCO Shelter loan, who have taken the
benefit of extension of repayment period beyond the date of superannuation
[maximum period of 65 years of age ] will not be eligible for such
concession.
It will be a one time measure, and applications are to be submitted before 30
th June 2011.
Margin - 10% of total cost of
acquision/purchase/construction/extension/renovation.
Interest - upto Rs.1.10 lakh @ 5% [simple] p.a.
Above 1.10 lakh
- @ Base Rate [simple] p.a.
40% take home pay after all deductions including deductions of the
instalment of the housing loan throughout the currency of the loan.
Employee against whom disciplinary action/legal proceedings is/are
contemplated/pending, staff housing loan will not be sanctioned. In case of
minor misconduct, the bank, at its discretion may waive the condition.