Housing Scheme

MASTER CIRCULAR
Reserve Bank of India Employees' Housing

Loan Rules
(As on March 31, 2023, vide CO.HRMD.HL.G. 12/S13 /40.05.004 /2023-24 dated April 03, 2023)
RESERVE BANK OF INDIA
HUMAN RESOURCE MANAGEMENT DEPARTMENT
CENTRAL OFFICE
MUMBAI
INDEX
Para. No. TOPIC Page No.
1 Loans to Individuals 1
2 Loans to Housing Societies 1
3 Purposes 1
4 Loan Limits 9
5 Bridge Loan 11
6 Application and List of Documents 11
7 Sanctioning Authority 16
8 Scrutiny of Documents 16
9 Disbursement of Loans 18
10 Documentation at the Time of Disbursement 21
11 Period and Mode of Repayment 23
12 Time Limit 25
13 Insurance 26
Group Term Insurance Scheme for Housing Loan along with 27

13A
accrued interest
14 Inspection 28
15 Special Conditions for Societies 29
16 Alienation of Property – Letting out 32
17 Alienation of Property – Sale of Property 33
18 Creation of Second charge/ Pari-Passu Charge 36
19 Defaults and Penalties 38
Filing and Safe Custody of Documents/Transfer to HDFC and 39

20
Reconciliation
21 Verification of Documents 40
22 Follow up action 40
23 Transfer of Employees 41
24 Return of original Housing loan documents 42
25 Instructions from Central Office 43
26 Preservation Period 43
Draft acknowledgement Annex-I
List of circulars/letters incorporated in this Master Circular Annex-II
Form E – Permission for creating charge Annex-III
Declaration regarding financial assistance from relatives Annex-IV
Form A – Agreement with Bank – Individual & joint Annex-V
Application for Return of Original Documents Annex VI
Form B - Surety Bond Annex VII
Form C - Permission to Recover dues from PF balance Annex VIII
Form CC – Letter of Authorization to recover dues from Annex IX

Pension
Form CCC- Letter of authorization from employees under NPS Annex X
Standard Operating Procedure for Housing Loan Processing Annex XI
Contact details of the concerned Officer in Centralized Annex XII

Administration Division and HDFC
Index for transfer of documents to HDFC Annex XIII
Recovery of Employees’ Housing Loan in case of default Annex XIV

Master Circular on Reserve Bank of India Employees’ Housing Loans Rules
1. Loans to Individuals
Individual housing loans are granted to permanent employees who have rendered three
years of continuous service in the Bank. The total length of service may include temporary
service and is computed in whole completed years from the date of employee’s
appointment in any cadre. The requirement of three years continuous service may be
waived in case of ex-servicemen provided they have not availed of the housing loan facility
in their earlier employment. All other cases requesting relaxation of the three years
continuous service period may be referred to Central Office with full particulars and clear
recommendations of the office concerned. However, confirmation in the Bank’s service is
a pre-requisite.
2. Loans to Housing Societies
The Bank sanctions loans to Co-operative Housing Societies registered under any law
relating to co-operative societies for the time being in force in India and formed either
(a) by permanent employees of the Bank, although the Bank may allow a person who
is not an employee of the Bank to be admitted as a member of a Society; or
(b) by permanent employees of the Bank jointly with employees of Central Government
or a State Government or IDBI, UTI, ICICI, public sector banks etc.; or
(c) by permanent employees of the Bank jointly with other allottees of statutory bodies
such as Housing Board and City Improvement Trusts, where allotments could be on
hire-purchase basis or outright purchase.
3. Purposes
Individual as well as society loans will be granted for acquiring a property anywhere in India,
under the following categories:
I) to acquire a plot of land with the intention of constructing house/s thereon;
II) to construct a house on a plot of land already owned or acquired or obtained on
lease for not less than 30 years, solely by the employee or his/her spouse or jointly
by the employee with his/ her spouse/ any other person;
III) to acquire a plot of land and construct house thereon;
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IV) to acquire a ready built flat/house on resale basis;
V) to acquire a flat/ house individually through a builder/private housing society/

Government and Statutory bodies such as Improvement Trusts, Housing Boards,
Development Authorities and Local Boards, provided their conditions do not
preclude the purchaser from mortgaging or assigning the property in favor of the
Bank as security for its loan and subject to any other conditions that may be
prescribed by the Bank in this behalf;
VI) To repay housing loan taken from approved financial institutions subject to the
following conditions:
i) The employee had been allowed by the Bank to sell his/her flat/ house acquired with
the Bank’s housing loan to an outsider prior to the date on which the Reserve Bank
of India Employees’ Housing Loan Rules, 1995 came into force and he / she had to
take loan from the other institution to acquire a new flat/ house because of
debarment from Bank’s fresh housing loan. In such cases, the earlier housing loan
together with penal/ accrued interest should have been recovered in full.
ii) The employee had to obtain housing loan from other approved financial institution,
since the quantum of Bank’s housing loan prevalent at the time of availing of Bank’s
loan was inadequate to cover the full cost of the house/flat and irrespective of
whether pari-passu /second charge on the property was created with the Bank’s
permission earlier.
iii) Terms and conditions to be fulfilled while sanctioning housing loan for repayment of
housing loan taken from the outside approved financial institutions are as under:
a) Housing loan will be sanctioned subject to the employee’s eligibility of the same, and
fulfillment of usual terms and conditions.
b) The Bank may consider the title investigation report accepted by the said Financial
Institution, prima facie, to ascertain the legality of the title. The correctness of the
title will be independently examined by the Bank, at the time of granting the loan.
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Photocopies of the documents can be accepted for preliminary scrutiny with the
Financial Institution confirming that these are true copies.
c) Apart from the usual documents, a confirmation/ consent letter from the Financial
Institution stating as under may be obtained.
1) The original documents of the property are in their possession by way of

security for the housing loan sanctioned by them to the employee, along with the
list of documents held.
2) Outstanding balance of the housing loan sanctioned by them for acquisition

of the property and that they will effect pre-mature closure of housing loan account
standing in the name of the employee on receipt of the outstanding balance and
release the mortgage. The documents of the property will be delivered directly to
the Bank on receipt of the outstanding housing loan dues.
3) In cases where the loan sanctioned by the Bank is not sufficient for taking
over the entire loan sanctioned by the Financial Institution, and part of the loan
subsists with them, the employee concerned will furnish an undertaking from the
Financial Institution, that the original documents will be handed over to the Bank
and the Financial Institution will accept second/ pari-passu charge on the property
for its housing loan.
4) A declaration from the Financial Institution that they will not have any claim,
including claim for calculation error, or right over the property, once their dues are
paid.
5) An undertaking from the employee that he has remitted all and up to date
municipal dues/taxes/levies etc., as per the local law.
d) The amount of housing loan to be sanctioned will be restricted to the extent of the
outstanding balance of the principal excluding the accrued interest thereon.
e) Disbursement of the loan will be made directly to the financial institution concerned
and in no case, payment will be made to the employee.
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VII) Housing Loan will also be granted where an employee already has a residential
property inherited/acquired without the assistance of Bank’s housing loan. In such
cases, housing loan may be granted for enlarging/carrying out essential items of
work, irrespective of whether the property is owned by the employee singly or
jointly with his/her spouse, or any other person, subject to the following conditions:
i) The entire flat/house is duly mortgaged in favor of the Bank;
ii) The house/flat is occupied by the employee and/or his/her dependents;
iii) It has become inadequate/unsuitable for his/her present needs; and
iv) Housing Loan for essential items of work such as additional fixtures,
fittings, construction, etc. should be granted subject to the satisfaction of the
sanctioning authority about the need for installation of the items.
VIII) To redevelop the property acquired with the assistance of housing loan.
The documents to be obtained for the purpose are as under:
a) The acknowledgement of the debt duly stamped may be obtained from the
employee. (The format is given in Annex-I)
b) Valuation of the land alone, without the building, by a government approved

valuer should be submitted by the employee. This is to ensure that the existing
security, (which will be land without the building in such cases), is sufficient (that
is the value of the mortgaged property exceeds by one-third of the loan). While
working out the employee’s share in this value, factors like the number of total
occupants of the new building, area to be allotted to the employee, etc. will also
have to be considered. In case this does not meet the required standard as
above, the following options for rendering the whole security sufficient should be
considered.
i) An authorization from the employee authorizing the trustees of Reserve Bank

of India Provident Fund to pay to the Bank from the balance in the PF account
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of the employee, the amount equivalent to the loan and interest due from the
employee.
ii) An authorization from the employee authorizing the Bank to adjust the amount
of the loan and interest from gratuity payable to him/her.
iii) An authorization from the employee authorizing the Bank to adjust the amount
of the loan and interest from the commutation value of pension and leave
encashment, if applicable.
iv) An authorization from the employee authorizing the Bank to adjust the
amount of the loan and interest from the terminal benefits and any other dues
payable to him/ her on superannuation/ cessation from the Bank’s service (for
NPS optees).
c) All agreements entered into with the builder and the Society by the
employee may be obtained. Such agreement/s should broadly cover the
following aspects:
i) All the parties concerned agree to create mortgage/ charge in favor of the
Bank over the existing property, for the amount of housing loan availed by the
employee. The Bank to have charge over the undivided interest in land and all the
developmental rights are subject to mortgage rights of the Bank.
ii) The Bank can exercise all its rights and claims over the property, and the
builder and the Society have agreed to honor the Bank’s rights/claims even in the
re-allotted schedule of the property, which will be duly communicated to the Bank.
iii) The parties have agreed to inform the Bank regarding re-allotted flat and it will be
ensured that the total area of the new flat will not be less than the existing flat /house
mortgaged to the Bank.
iv) The builder confirms clearly, in the prescribed ‘Form-E’, that he has not taken any
loan from any financial institution, bank, or any other public body, for the purpose of
construction of the building against the security of the mortgage of the land and
building/land of the Society and has not created any encumbrance on the said land.
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d) The employee should be asked to furnish Advocate’s opinion regarding title to

the property/ flat in question and the validity of the mortgage that will be created in
favor of the Bank along with clarifications on the existing encumbrances, if any,
permissions, certificates, approvals, the requirements under various local and other
laws.
e) A certificate from the Builder’s Architect should be obtained clearly

certifying that the construction of the flats/ buildings is being carried out strictly as
per the sanctioned plan duly approved by the Competent Authority viz. Municipal
Corporation concerned etc. and that all the conditions imposed/stipulated in the
sanctioned plan have so far been complied with and will be complied with and
that there is no other impediment or reservation against the proposed
construction of building/s.
f) Copy of approved Building plan of the Competent Authority duly certified
as ‘true copy’ by the Architect/Civil Engineer should be obtained.
IX) Payment of GST
At present, three components are considered while fixing the total cost of the
property i.e. i) Basic cost; ii) Stamp Duty and iii) Registration Fees, as per extant
Housing Loan Rules. Since the Government has introduced Goods and Services
Tax (GST) on property transactions and the amount payable towards GST is a
sizable amount, it has been decided to include the GST component in the total cost
of the property while sanctioning the housing loan (cost of the property + Stamp Duty
+ Registration + GST) under the Bank’s Housing Loan Rules. GST Act, 2017 has
clearly specified that GST would be charged on any lease of land or letting out of the
building or construction of the complex, building, civil structure or a part thereof,
where whole or any part of consideration has been received before issuance of
completion certificate or its first occupation, i.e. GST is not applicable in cases where
the Authority concerned has issued Occupation / Completion Certificate. In the case
of resale Property, it may, however be noted that employee has to submit separate
/ specific receipt of GST along with registration number.
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X) (A) Additional Loans

Additional loans can be granted up-to a maximum of six occasions during the
entire service period for the properties acquired with the help of Bank’s Housing
Loan for any of the following purposes:
(i) Cost escalation
To meet the escalation in cost of construction of the house as per original plans, if
the applicant is not able to meet the same with the help of original loan and his/her
own resources. Such applications should be submitted along with a supplemental
agreement between the builder and employee or builder and society for the amount
of escalation in cost accompanied by a certificate from the Architect/Engineer giving
the break-up of completed and yet to be under taken items of work and should be
made not earlier than six months and not later than twenty four months from the date
of disbursement of the first installment of the original loan except where this period
has been reduced or extended by the office.
(ii) Enhanced eligibility
To meet the total cost of acquisition of a house property if the applicant has become
eligible for a higher loan limit either on account of a revision in applicant’s pay or on
account of an increase in the quantum of loan subject to his/her specifying the
reasons to the satisfaction of the Office, for not being able to raise the funds as
declared by him/her in the original loan application.
(iii) Installation of essential items
To install additional fixtures, fittings, etc. in the flat/house, if these were not included
in the original costs and subsequently, it has become necessary to undertake the
same, but employee’s own resources are not sufficient to meet their cost, provided
the Sanctioning Authority is satisfied about the need for installation of the items. It
may be ensured by the Loan Sanctioning Authority that the additional loan is granted
for certain essential items which have not been included on an earlier occasion.
Housing loan for essential items of work can be given on either of the properties
(original/additional). In the event of any doubt regarding the essentiality or otherwise
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of any items of work for which employee has applied for additional housing loan, a
reference may be made to the Bank’s Engineer (AGM/DGM) attached to the local
office for his/her comments and action may be taken accordingly.
(iv) Enlargement of existing house
Loan for enlargement of the residential accommodation should be granted only after
the construction is completed in all respects and a valuation/completion certificate
has been produced by the employee in that regard. Requests for providing an
additional kitchen while undertaking enlargement of the existing house may be
considered favorably depending on the merits of each case, to enable the employee
to accommodate his/her growing family in the said accommodation provided the
plans have the approval of the Competent Authority.
(v) Loan for construction of garage
Loan for construction of garage after construction of the house can be allowed as
additional loan for enlargement, subject to the plan for construction of garage being
approved by the Competent Authority. If the garage or parking space is allotted by
the builder and was not covered in the original agreement executed with the builder,
then a supplementary/ fresh agreement will have to be entered for the same.
(vi) Incidental charges for development and betterment of the area and cost of
installation of Electricity Transformers
Additional loan can be sanctioned for the above charges provided these were not
considered at the time of sanctioning the original housing loan and subject to
production of satisfactory documentary evidence for payment of the same.
Employees may be sanctioned additional housing loan to meet the pro rata cost of
the installation of electricity transformer for the building(s) duly supported by a
demand notice issued by the builder/developer in this regard, provided there is a
clause in the Agreement of Sale submitted by the employee to the effect that
transformer charges are required to be borne by the purchaser of the flat, in addition
to the agreed cost of the flat. However, additional housing loan will not be granted
towards electric meter deposit etc.
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(vii) Not for repayment purpose
Except for the cases as mentioned in 3 (VI) above, no housing loan, either initial or
additional, will be available either for repayment of any private or institutional loans
availed of by the employee or for replenishing his/her Provident Fund balance.
(viii) For repairs and renovation of existing house
Loans can be availed for repairing and renovation of existing house of the employee.
(X) (B) Grant of housing loan for acquiring an additional housing

accommodation/Second loan for second property
Housing Loan will be granted for acquiring an additional accommodation/second
property without having to dispose of the present accommodation subject to
compliance with the local laws.
Conditions in respect of Additional Loans
Additional loans will be granted subject to the following conditions:
i.The quantum of the loan taken together with the amount already sanctioned and
availed should not exceed the eligible loan limit of the employee.
ii.The request for grant of additional loan should be genuine and need-based.
iii.The additional loan liability should be within the repaying capacity of the
employee.
4. Loan Limits
4.1 Quantum of loan 1 – The quantum of housing loan is as specified below:
• Class I
90% of cost or 120 times of the basic pay plus Grade Allowance whichever is less
subject to a maximum ceiling as tabulated below.
Grade Maximum Ceiling (in Rupees Lakh)

Grade ‘F’/Executive Director ₹160
Grade ‘D’/’E’ ₹140
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Administration Circular No. 3 dated August 17, 2022
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Grade ‘B’/’C’ ₹120

Grade ‘A’ ₹100
• Class III
subject to a maximum of ₹90 lakh and a minimum of ₹50.00 Lakh.
• Class IV
subject to a maximum of ₹80 lakh and a minimum of ₹40.00 Lakh.
For the purpose of calculating eligibility of housing loan amount, pay shall include basic
pay, special pay, stagnation increment and Grade Allowance.
4.2 The aggregate ceiling of ₹45.00 Lakh on housing loan and provident fund withdrawal/
advance has been removed. Now the employees may be allowed to withdraw up to 100%
of their contribution to the Provident Fund for housing purpose provided they have not
availed of any housing loan or have no outstanding balance of housing loan /other loan or
accrued interest thereon. The employees who have availed of housing loan / other loans
may be allowed to withdraw their own contribution to the Provident Fund for housing
purpose, beyond the minimum amount required to be maintained by them in Provident
Fund for recovery of outstanding Housing Loan/ other loans and accrued interest thereon.
Such employees will be eligible for any additional housing loan/ other loans, in future, only
if the sanctioning authority is satisfied about the repayment of loan by the applicant.
4.3 In spite of the above limits, the amount of loan to be sanctioned to an employee would
be the lower of the balance amount payable by the employee for the acquisition of the
house and the amount applied for by the employee.
4.4 In cases where housing loan is availed of, by both the spouses employed in the Bank’s
service for the same house/flat, the combined aggregate ceiling of housing loan sanctioned
will be limited to 90% of the cost of the house.
4.5 Interest Rate –The rate of interest applicable on all fresh housing loans will be:
10
5.5% p.a.2
However, all the existing outstanding loans at 5% rate shall continue at 5%.
5.Bridge Loan
Employees are eligible for housing loan only to the extent of actual requirements and not
for payments made by them in anticipation of the sanction unless an expressed permission
has been obtained from the Bank to avail of a bridge loan that is to be repaid from the
housing loan as and when sanctioned. If due to difficulties at the time of acquiring a housing
accommodation at some place, employees are not in a position to obtain Bank’s prior
permission for availing of a bridge loan in certain unavoidable circumstances, the
sanctioning authority may grant post facto approval for the bridge loan availed of by the
employee. Prior or post facto permission may be granted subject to the conditions laid down
in this respect as follows:
i) The necessity for availing of the bridge loan should be clearly established /supported by
proper documentary evidence. An affidavit from a private lender stating that he has no claim
or any right/ title and interest in the said property should be submitted. Such loans should
be raised as purely temporary finance only for making immediate down payment required
by the vendors for booking the plot or flat for which the housing loan is applied.
ii) No charge should be created in favor of the lender in respect of the property proposed
to be acquired.
iii) In no case housing loan should be sanctioned exclusively for repayment of bridge loan.
iv)It should be made clear that permission to avail of the bridge loan should not be
construed as the Bank’s approval for sanction of housing loan.
6.Application and List of Documents
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CO HRMD.No.G.45/4059/17.12.01/2020-21 dated 11.12.2020
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List of documents differs in each case depending upon the purpose for which the loan is
being sanctioned. An application for loan should be submitted in the format specified along
with the following documents:
I) Agreement for Sale
The agreement for sale should be registered with the Sub-Registrar of Assurances if the
flat being acquired is from a builder and a co-operative housing society will be formed in
due course. It should be supported with such copies of the documents as would show that
the employee would without delay acquire a clear and marketable title to the property.
However, if the employee is a member of the society that has already been formed which
is building the flats, then an allotment letter and the documents supporting the inclusion of
the employee as an original member of the society may be obtained. If the land is held
under lease hold tenure, an attested copy of the relative lease deed should be furnished.
In case the employee is obtaining a flat that is being allotted by a Statutory Body, the original
letter of allotment from the said Statutory Body should be furnished. A copy of the booklet
issued by the statutory body indicating the area of the plot/ house/ flat, the total cost, the
terms and conditions of the allotment/ sale, including the mode of payment of installments,
etc. may also be submitted.
II) Report on Title
A comprehensive report on title to the property from a reputed lawyer or solicitor showing
that the title to the property is free from encumbrances or any other claims affecting the title
should be obtained. A search report in respect of the land for a period of at least 12 years
prior to the execution of agreement for sale in favor of the employee and for a subsequent
period till the amount of loan is disbursed to the employee and the mortgage of the property
is created in the Bank’s favor is to be submitted. Statutory bodies generally derive an
automatic title to the land by virtue of law of the state/enactment. Therefore, in such cases,
generally, the title to the property is clear, marketable and unencumbered. In all other cases
of acquisition/construction etc. the reports given by Advocates/Solicitors on the title of the
property may be depended upon. Only in doubtful and complicated cases the documents
should be sent to the respective Legal Department/Cell for title clearance.
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III) Plans & Estimates
a) Certified copy of the approved municipal plan of the buildings/property proposed to be

acquired should be submitted.
b) A certificate regarding the valuation of the flat/ apartment/ house from a qualified
architect/ engineer should be submitted. In case the employee is acquiring a plot of land,
the valuation of the same should be obtained from an approved land valuer.
c) The Architect’s/ Engineer’s certificate should incorporate a clause to the effect that the
plot of land and its use for non-agricultural purposes are not affected by any town planning
or similar scheme of the State Government and that it is not reserved for public purposes.
d) In case of self-constructed house, an affidavit/undertaking may be obtained from the

employee stating that he/she will not violate the sanctioned plan. In case of ready build flat,
the employee should submit a similar certificate from a qualified Architect. The said
document will attract stamp duty as per the respective State’s Stamp Act.
IV) Enlargement/Essential items:
If the loan is required for enlarging an existing accommodation/carrying out essential items
of work, the documents of title to the property establishing a clear and marketable title in
favor of the employee and joint holder, if any, may be obtained.
V) Special documents required in some of the cases
a) Acquiring a flat in a co-operative housing society formed by the Bank’s employees-
Individual loan may be granted for the above purpose, even if the mortgage of the property
created by the society in favor of the Bank is still subsisting, subject to the submission of
the following documents:
• A letter from the society indicating its willingness to admit the employee as a member
of the society after payment of full cost/ certified copy of the General Body resolution
admitting the employee as a member of the society.
• Valuation certificate of the flat from an architect.
• Share certificate in original as and when the same is issued by the society.
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• Allotment letter from the society.
• Certified copy of the title deeds of the society.
• The newly admitted employee member is required to comply with all the terms and
conditions stipulated by the Bank in respect of grant of an individual housing loan.
b) Loans for acquiring an accommodation through a private housing society
• Society Registration - True copies of certificate of registration and bye-laws of the

society through which the accommodation is proposed to be acquired should be
furnished.
• Membership - Proof showing that the employee has been or will be admitted as a
member, should be produced.
• Creation of Charge - The permission granted by the Society for creating charge
over the flat, in the prescribed form should be submitted.
• Allotment Letter - In the case of registered Co-operative Housing Societies,

allotment letter in the prescribed form is to be produced.
c) Loans for acquiring property through a Statutory Body
Apart from the documents mentioned in Para (I) above, a separate letter to the effect that
the employee can create the mortgage of the property in favor of the Bank as security for
the loan to be availed of by him/her, is to be produced (in case the printed booklet/letter of
allotment does not contain any express permission to that effect).
d) Loan for acquiring property through builder
Letter from the builder giving permission for creating charge over flat, in the prescribed
format (form ‘E’) should be submitted. (Annex-III).
VI) Statement of borrowings from other sources
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In case the employee intends to meet the balance cost of the property by sale of ornaments
or by borrowings from parents/spouse, relatives or friends, the employee should furnish a
statement giving the names of the lenders, relationship, amount, period of loan and rate of
interest. As regards unsecured borrowings, in addition to the above, a statement as
envisaged in Regulation 45 of the RBI (Staff) Regulations, 1948 should be submitted
(Annex-IV).
VII) Liability towards credit society
The latest liability certificate from the Co-operative Credit Society/ies showing details of the
employee’s borrowings and his outstanding liabilities.
VIII) Vigilance Clearance (for Officer Staff only)
In the case of staff in Class I, a certified copy of the permission granted to him/her to acquire
the property under RBI (Staff) Regulations, 1948. The monetary limit in respect of
contribution from ‘own resources’ for acquisition of the immovable property has been raised
from ₹15.00 Lakh to ₹25.00 Lakh.3 Accordingly, from vigilance angle, the cases up to this
limit may be disposed of by ROs/CODs and only such cases where contribution from ‘own
resources’ exceeds the revised limit may be referred to Central Office (CVC).
IX) Joint Ownership
Wherever acquisition or construction of a flat/house by an employee entails joint ownership

either with spouse or any other person, loans may be granted subject to compliance of the
following additional conditions:
i. The spouse/joint holder along with the employee enters into an agreement for
creation of mortgage of the property in favor of the Bank;
ii. The spouse/ other person join as a confirming party to the loan agreement to be
executed by the employee;
iii. The employee furnishes an affidavit from the spouse/other person to the effect
that he/she shall not transfer any right, title or interest during the currency of
3
CO HRMD Cir No.Vig.11/14.07.001/2016-17 dated 06.01.2017
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Bank’s loan or interfere in the employee complying with the provisions of the
Bank’s Housing Loan Rules.
XI) While scrutinizing housing loan applications received from the employees, utmost
care is to be exercised at all levels to ensure that the Bank’s/employee’s interest is
protected.
7.Sanctioning Authority
The housing loan will be sanctioned by the General Manager in charge of HRMD/
Establishment Section. In centers where the post of General Manager is not provided; the
housing loans may be sanctioned by Deputy General Manager in charge of HRMD/
Establishment Section. In case of Central Office Departments, Gr. E/D in charge of
Centralized Administration Division may sanction housing loans.
8.Scrutiny of Documents:
I) Engagement of Custodian and Evaluators for RBI Housing Loan Portfolio
It has been decided to tie up with Housing Development Finance Corporation Limited4
(HDFC) for evaluation of the property documents submitted by the employee before
sanction of the housing loan by the Bank. Given the above, a revised operating procedure
(Annex XI) has been prepared that shall be adopted by Regional Offices/ sub-offices for
sanction and disbursal of housing loan to the employees. Brief details of the SOP are as
under:
(i) Each RO may nominate a Nodal Officer for coordinating with Central Office. Centralized
Administration Division, HRMD, CO (CAD) will act as the Nodal Section for coordinating
with HDFC.
(ii) Employees will continue to submit all the required documents, as being submitted
presently, to the Housing Loan Desk in respective Offices. The eligibility of housing loan in
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Circular CO. HRMD. No. G.41/1637/17.12.003/2019-20 dated July 19, 2019
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terms of Reserve Bank of India Employees' Housing Loan Rules, 1995, will continue to be
ascertained by the Office.
(iii) On ascertaining that the employee is otherwise eligible for the housing loan, the Nodal
Officer will forward the photocopies of the property related documents through registered
Speed Post / Courier to HDFC.
(iv) HDFC will give its recommendation in writing to RBI coordinator and concerned nodal
officer within 15 working days for Mumbai cases and 25 working days for properties situated
at other locations. The letter will be forwarded to the concerned office / department as a
scanned copy over email for further processing.
(v) Based on the recommendation received from HDFC, the Housing Loan Section will put
up a proposal to the competent authority for sanction/ rejection of the loan. Once the loan
is sanctioned, the existing procedure of signing of the agreement and other formalities may
be completed as hitherto. In case of doubt, the Nodal Officer may advise HDFC, in writing,
to inspect the site and submit the report before making the disbursement.
(vi) The above process applies to additional loan requests for housing loans from
employees as well.
(vii) Contact details of the concerned Officer in Centralized Administration Division and
HDFC for the above purpose have been given in Annex XII. Any change therein, shall be
intimated to all concerned through e-mail as and when the same happens.
II) Issue of Letter of Sanction
When the housing loan is sanctioned, due intimation is given to the Society or the employee
concerned. On receipt of such intimation, the Society or the employee should execute an
agreement with the Bank in Form A1 in the case of Society Loans and in Form A in the
case of individual loans, giving consent to the terms laid down by the Bank for availing the
loan. In the case of Society loan, along with Form A1, an agreement in Form B1 by the
members thereof should be executed. The agreement is to be registered, if it is so required
by the Bank. (Annex-V)
17
As per the Notification dated March 17, 2013 of the State Government of Maharashtra with
effect from April 01, 2013, all the Agreements executed `for creation of Equitable Mortgage
by deposit of Title Deeds for housing loan in case the property is situated in the State
of Maharashtra, have to be compulsorily registered by the mortgagor (employee) within
four months from the date of execution of the Agreement at the Office of Registrar in
whose jurisdiction the property is located after payment of proper stamp duty and
registration and handling charges as applicable. ROs are also advised to ensure that such
agreements are duly registered in Maharashtra in terms of the above notification5.
As per Article 6 of the Karnataka Stamp (Amendment) Act, 2015 stamp duty charges are
payable by the employees who have availed housing loan from the Bank, i.e., to the extent
of 0.1% on the loan amount, subject to a minimum of ₹500/-, where the loan amount does
not exceed ₹10.00 Lakh and 0.2% on the loan amount, subject to a maximum of ₹10.00
Lakh where the loan amount exceeds ₹10.00 Lakh.
III) Validity period of letter of sanction
A loan once sanctioned will be valid for a period of twelve months from the date of sanction,
irrespective of the nature of loan. Cases seeking extension beyond this period should be
referred to Central Office for instructions.
9. Disbursement of Loans
I) Authority to disburse loans
Disbursement of loans may be made by the Deputy General Manager/ Assistant General
Manager provided the conditions stipulated at the time of sanction are strictly complied
with. Cases where such conditions are not complied may be put up to the loan sanctioning
authority for further instructions. At the time of disbursement of the loan, the officer
authorized to disburse the loan may sign for and on behalf of the Bank, the Agreement
made between the employee/ society and the Bank.
5
CO DEBC Circular 9483/06.03.068/2012-13 dated June 14, 2013.
18
II) Loans for acquisition of land either on ownership basis or on long lease basis
The loan that has been sanctioned for the purchase of land should be disbursed directly in
favor of the vendor either in one lump sum or in installments as per demand notices. In the
case of plot loan, construction should commence within a reasonable period from the date
of disbursement of land loan. The applicant should furnish adequate proof, wherever
necessary, to satisfy the Bank that the acquisition of land will be completed without any
delay or difficulty.
III) Loans for construction of house on land already obtained.
The first installment of an amount equivalent to 30% of the loan sanctioned may be
disbursed to the society/ employee on its/ his/ her mortgaging in Bank’s favor, the land
along with the house/s to be constructed thereon, where such mortgage is permitted under
the terms governing the interest in the said land. In cases where such terms do not vest
the ownership of the land in the purchaser until a house is constructed on it, the society/
employee should execute an agreement with the Bank agreeing to mortgage the land
together with the house/s to be built there on as soon as the construction of the same is
completed.
The second installment equivalent to 40% of the loan sanctioned may be disbursed when
the construction of the house/s has reached plinth level, upon the society/employee
furnishing a certificate from its/ his/ her Architect/ Engineer to that effect. The balance of
the sanctioned amount may be disbursed when the construction of the house/s has
reached the ‘stage of completion’ on the demand being duly supported by a certificate from
the Architect/ Engineer as per the specification given under the relevant rule. ‘Stage of
completion’ for this purpose means construction with all walls, frames of doors and windows
fixed and roof slab cast, leaving internal and external sanitary, plumbing and electrical
installation, plastering, flooring and shutters for doors and windows yet to be done. The
balance can be disbursed provided the office is satisfied that the development of the area
in which the construction is undertaken is complete in respect of amenities such as water
supply, roads, drainage and sewerage or is likely to be completed within a reasonable time.
19
IV) Loans partly for purchase of land and partly for construction
In all cases where part of the loan is given for purchase of land, the land must be purchased
and sale deed/ true copy thereof produced to the Bank for inspection within two months of
the date on which the loan amount is paid, failing which the society /employee will be liable
to refund the entire amount to the Bank with interest at the prescribed rate, unless an
extension of time is granted by the Bank. The balance of the sanctioned loan shall be
disbursed in stages as mentioned at III) above, after deducting the amount disbursed for
the purchase of the land from the total amount sanctioned.
V) Loans for acquisition of flat – Disbursement direct to the vendor
Disbursement of loan will be made directly to the statutory body/ private builders/ private
housing society/ vendor, either in one lump sum or in installments as per demand notices /
schedule of payment drawn up in the letter of allotment or agreement, duly supported by a
certificate from the Architect/ Engineer as to the stage of construction and that the
construction of the building is strictly in accordance with the sanctioned plan. However, in
the case of acquisition of property through statutory bodies, the production of such a
certificate need not be insisted upon. Before each such disbursement, the Bank may call
for further documents wherever considered necessary, in addition to the usual documents
including the receipt for the earlier payment made.
VI) Loans for enlargement/ essential items
The amount of loan sanctioned may be disbursed in two installments, on the employee
executing an agreement in the prescribed form for the purpose of creating mortgage of the
property in favor of the Bank. Bills/ Receipts duly supported by a certificate from the
Architect / Engineer about the stage of completion of enlargement and proper utilization of
the amount for essential items of work may be obtained before disbursement of the second
installment. Similarly, after disbursement of the second installment, the above documents
may be obtained and verified by the office and kept in safe custody.
20
VII) Disbursement of additional loans
Disbursement of additional loans will be made in one lump sum or in installments on the
lines prescribed above, subject to the society/employee executing a supplementary
agreement and submitting the other forms and documents enumerated for the purpose of
disbursement of original loans, with a view to creating further mortgage of the property in
favor of the Bank. Disbursement of additional loan for enlargement will be made in two
installments. Bills/ receipts/ certificate from an Architect/ Engineer should be invariably
produced to the satisfaction of the Bank within two months of each disbursement, as proof
of the expenditure incurred for the purpose for which the loan was granted. While the
additional housing loan sanctioned on account of escalation in cost, installation of essential
items of work and revision in pay scales is disbursed in one installment that for enlargement
is disbursed in two equal installments.
VIII) In terms of Section 194-IA incorporated in the Income Tax Act 1961, with effect from
June 01, 2013, the purchaser (transferee) of an immovable property (other than agricultural
land) is required to deduct at source @ 1% of payment of amount made to the resident
transferor (seller), provided the consideration for transfer of the immovable property is
₹50.00 Lakh or above. The provision is applicable even if the loan granted by the Bank and
the amount availed from Provident Fund together is less than ₹50.00 Lakh. In this regard,
all offices sanctioning housing loan are required to incorporate one para in the letter for
sanction of housing loan advising employees to ensure that the tax is deducted by them
before releasing the amount to sellers and that the Bank takes no responsibility in his
regard6.
10. Documentation at the Time of Disbursement
The loans will be disbursed to the employee upon completing the following formalities:
I) Executing a duly stamped agreement as per forms prescribed for the various purposes,
incorporating therein undertakings to the effect that he/she will submit:
6
DEBC CO. Cir HL. No. 1541/06.02.068/2013-14 dated August 28, 2013.
21
a) Certified copies each of the certificate of registration and byelaws of the Co-operative
Housing Society/Apartment Owners Association, whenever formed;
b) Certified copy of the conveyance/ sale deed/ deed of apartment executed in favor of the
society/ in his/ her favor.
c) Original share certificate when issued by the Society/ Association in his/ her name.
d) Declarations in Form ‘C’ (Annex-VIII) and ‘E’ (Annex-III) from the society;
e) Declaration to repay the entire loan with accrued interest in one lump sum in case the
Co-operative Housing Society/ Apartment Owners Association could not be formed.
f) Receipts for all payments incurred/ made to the Builder/ Society by the employee and/ or
by the Bank on his/ her behalf.
g) Documents for creating charge over the property in the manner required by the Bank,
i.e. by deposit of all title deeds/ English Mortgage; and
h) Furnishing a letter of authority in Form ‘CCC’ in case of employees who have joined the
Bank’s service (for all classes) on or after January 01, 2012. (Annex X)
Undertakings at (I) are to be incorporated in case of acquisition of property where the Co-
operative Housing Society/Association of Apartment Owners is yet to be formed.
II) Furnishing a letter of authority addressed to the Administrators of the Reserve Bank of
India Provident Fund in usual Form.
III) Furnishing a letter of authority in Form ‘CC’ in case of pension optees. (Annex IX)
IV) Furnishing an undertaking that the employee will not represent for reduction
/postponement of housing loan recovery fixed by the Bank; if at all an employee is allowed
a change in the repayment installments in due course, he/she will be required to enter into
a supplemental agreement with the Bank in modification of the earlier agreement.
V) Producing documentary evidence for personal savings.
VI) Submitting an up-to-date non-encumbrance certificate from an Advocate.
22
VII) Submitting a certificate from the builder’s architect stating that all the conditions
stipulated under the Urban Land (Ceiling and Regulations) Act, 1976, & under Non-
Agricultural order have been complied with and also that the construction of the building is
being carried out strictly as per the building plan sanctioned by the Competent Authority
and all the conditions stipulated therein have been complied with and will be complied with.
11. Period and Mode of Repayment
Housing Loan together with interest will be recovered in monthly installments from the pay
and allowances of an employee over a maximum period of 360 installments (240 for
principal amount and 120 for interest amount). Within the constraint of 360 installments,
employee, who is eligible for pension, is permitted to exercise option for repayment of
housing loan up to the age of 75 years .While fixing the repayment installments, the
following details should be taken into account:
a) Employee, who is eligible for pension, wants to opt for repayment of his/her housing
loan beyond the date of retirement, is covered under the scheme. The employees
shall authorize Bank to recover outstanding loan amount from the pension payable
after retirement in equal monthly installments.
b) In this regard, if employee has already availed housing loan/s and wants to continue
repayment of the loan after retirement, he/she may submit his/her application to
respective Regional offices/ CAD, HRMD, CO (in case of CODs)
c) If, employee wants to avail fresh housing loan, he/she may give the choice of
repayment tenure (i.e. either up to the date of retirement or continue up to 75 years
of age, subject to a maximum of 360 installments).
The employee’s pay and allowances, the quantum of loan, rate of interest, repaying
capacity, remaining years of service in the Bank, amount of superannuation benefits
comprising of the Bank’s Contribution to Provident Fund or the amount of commutation
value of pension payable and fifty percent of the gratuity admissible to the employee at the
time of granting the loan. At the time of sanctioning housing loan, it would be ensured that
the maximum monthly deductions towards all the interest-bearing loans and advances,
including the installment towards the housing loan applied for, does not exceed 60 per cent
23
of the total monthly gross emoluments of the employee. For this purpose, employee’s
income from other sources, as revealed in ITR of previous years would be considered. The
housing loan applications not meeting the criterion of maximum deductions, but otherwise
having merit, may be forwarded to HRMD, Central Office, for examination. 7
The procedure given hereunder is to be followed in recovery of the loan:
I) Loan carrying higher rate of interest should be adjusted first.
II) Principal amount is to be recovered first and the interest accrued thereafter.
III) Even if the principal amount of a particular loan is recovered, the monthly recovery
installment should continue at the same rate or higher rate until the entire consolidated
Principal amount of all the housing loans availed of by a single employee is fully repaid.
Thereafter, recovery of interest may be commenced, the recovery installments being the
aggregate of all the interest installments fixed at the time of sanctioning the loans. As in the
case of principal, the final recovery installment of interest will be limited to the actual amount
due from the employee.
IV) Recovery of installments
The first installment of the loan should be recovered from the month following the month
in which the first installment of the loan is disbursed. However, if the employee is having
sufficient period of service left before retirement, the recovery can start from the month
in which acquisition/ construction of the flat/ house is completed. It may however be
noted that such moratorium would not be allowed for a period exceeding twenty-four
months from the date of disbursement of the first installment of the loan.
V) Repayment in case of employees with lesser service
In cases where the employees are left with a few years of service, they should be
required to repay the loan at a higher installment and recovery should commence not
later than 12 months from the date of disbursement of the first installment of the loan.
In cases where the remaining period of service is less than 15 years, no such
moratorium should be given and recovery should commence from the month following
the month in which the first installment of the loan is disbursed.
24
VI) Repayment of additional loan
Repayment installments of additional loan will be fixed separately, keeping in mind the
criteria laid down for fixing the recovery installments in respect of the original loan.
VII) Repayment during leave period
If the pay and allowances of an employee in any month are insufficient to meet the
monthly installment payable, or if the employee proceeds on leave without pay and
allowances, he/ she should arrange to pay the full installment or any shortfall there in,
directly to the Bank.
VIII) Recovery of outstanding amount through terminal benefits.
The recovery of outstanding amount in respect of the loan with accrued interest thereon
in case of death or earlier cessation of service in the Bank should be adjusted from the
superannuation benefits or any other amounts payable by the Bank to, or in respect of,
the employee concerned. If these amounts are insufficient or if there is any default on
the part of the employee in repayment and the employee does not repay the balance
due to the Bank, to mitigate the risk of loss to the Bank detail SOP is given attached in
Annex XIV.
IX) a) Guidelines for recovery of instalments for employees, who opt to continue repayment
of housing loan after retirement i.e. up to 75 years of age.7
i) A letter of authorization shall be obtained from the employee to recover monthly

instalment from the pension ((Letter of Authorisation Annex XV);
ii) At the time of sanctioning fresh loan under the scheme, the monthly instalments
shall work out based on the available (unencumbered) salary portion while in the
service and estimated pension (as on that date) beyond 60 years in such a way
that the maximum number of instalment does not exceed 360 (240 towards
principal and 120 towards interest). While fixing EMI for the time beyond
retirement at the time of sanction, it may be ensured that EMI towards recovery
7
CO. HRMD. No.G.61/s8376/17.12.03/2022-23 dated October 12, 2022
25
does not exceed 1/3rd of full pension (before commutation) payable to the
employee. Outstanding amount, if any, may be adjusted from the retirement dues
payable to the employee;
iii) Employee shall have option to clear the entire outstanding dues at the time of
retirement from final retirement dues, if they so desire. Further, the employee,
who had earlier opted for the repayment of housing loan on or before the date of
retirement, may be allowed to exercise the option to continue repayment beyond
the date of retirement, subject to meeting the criteria of maximum permissible
instalment etc.
iv) At the time of retirement, EMI may be reset depending on monthly pension
amount at that point in time.
b) General Guidelines
i. It may be noted that no disbursement of loan should be made post retirement

under any circumstances;
ii. Since, there is no cut-off date for applying for a fresh or additional loan under
the scheme, it may be considered the final disbursement towards the loan
should be made before 15th of the month of retirement of the employee.
Further, it should be ensured by the office that entire documentation and
formalities involved are completed in time;
iii. Under this scheme, the outstanding housing loan will be mandatorily
covered under Housing Loan Group Insurance (HLGI) policy of the Bank,
premium of which hall be borne by the employee. An authorization letter may
be obtained from the employee authorizing Bank to recover the annual
premium amount from pension every month, I.e. in 12 months;
iv. A caveat may be issued by the office that the HLGI premium, post
retirement, would depend on the quotes given by the insurance company
and may vary from time to time, subject to terms and conditions of the
insurance company;
26
v. In case of death of the pensioner, the insurance amount received shall be

adjusted towards the outstanding loan amount.
vi. Further, it may be noted that in the event of default or any other reason
resulting in non-servicing of the loan amount, the Bank reserves the right to
follow recovery procedure as per the extant rules/instructions.
X) Premature repayments
The borrowing society or the employee concerned may at any time, with the prior
consent of the Bank, repay the loan in monthly installments higher than those fixed by
the Bank or discharge the loan or any part thereof in one lump sum earlier than the
date of scheduled repayment. It is also open to the employee to foreclose the loan
account by withdrawal from Provident Fund account if the employee has sufficient
balance to his credit.
12.Time Limit
I) Time limit for acquisition of housing property
The acquisition of land and the ready-built house or apartment for which individual or
society loans have been granted should be completed within two months from the date
of full disbursement/ final installment of the loan. The applicant should obtain title deed
vesting in his/her favor in respect of the property that was proposed to be acquired.
The same is to be deposited with the Bank within a period of two months from the date
of disbursement of the loan unless this period has been extended by the Competent
Authority at his/her discretion subject to a maximum of one year.
II) Time limit for construction of the property
The construction of a house or building or enlargement of the existing accommodation

for which individual or society loan has been granted should be commenced within two
months from the date of disbursement of the first installment of the loan and completed
27
before the expiry of the period of twenty-four months. Similarly, it should be ensured
that the construction of the building in which an apartment or the private housing society
through which an accommodation is proposed to be acquired, is completed within
twenty-four months from the date of disbursement of the first installment of the loan.
III) Extension of time limit
The sanctioning authority may extend this period up to a maximum of thirty-six months
if it is satisfied that the construction has been delayed for reasons beyond the control
of the borrowing society/employee. If construction is further delayed for genuine
reasons, office may refer the case to Central Office together with full details and their
recommendations in the matter.
IV) Plot Loan
Although the time-limit for construction of a house on a plot of land acquired with Bank’s
housing loan has been dispensed with, it may be ensured at the time of sanctioning the
plot loan that the employee’s intention is to construct a house thereon for residential
purpose, within a reasonable period and that the plot is not intended to be utilized for
investment or commercial purpose. For this purpose, a suitable declaration may be
obtained from the employee and it may be verified from scrutiny of the title deeds and
related documents that the plot proposed to be acquired is not earmarked as a
commercial property. The Sanctioning Authority may ensure that a house is
constructed on the plot of land acquired with the Bank’s loan within a reasonable period
of time.
13. Insurance
All properties acquired with the aid of the Bank’s housing loan facility should be
compulsorily insured in the name of the employee or in joint names of the borrowing
Society/ employee, as mortgagor and the Bank as mortgagee, within two months from the
date of disbursement of the last installment of the loan, without waiting for the completion/
occupation of the building/ flat. Insurance cover in respect of the property should be taken
against the risk of earthquake, fire, lightning and loss or damage by floods, depending upon
the location of the property and its vulnerability to earthquake, floods, etc. The property
28
should be insured at least to the extent of the outstanding balance of the housing loan
together with the accrued interest due thereon and promptly renewed every year till such
time as the entire loan with interest is fully repaid to the Bank. The requirement of submitting
the policies to the Bank has been dispensed with. However, offices/ training establishments
are required to carry out 2 per cent random check of outstanding housing loans to ascertain
availability of insurance cover with the employees. Though the requirement of submitting
the insurance policies to the Bank has been dispensed with, insuring the property is
compulsory in terms of the above referred instructions/ the terms and conditions on which
Housing loan is granted. In case the employee is unable to submit the insurance policy
when called for by the Bank, action can be taken against such employee in terms of para
19 of this Master Circular. It is clarified that the insurance premium deducted from salary
under the head Housing Loan Group Insurance Scheme (Para 13 A) is towards
insurance for the outstanding amount of loan/accrued interest and not for the property and
therefore, property insurance is to be taken separately.
13A. Group Term Insurance Scheme for Housing Loan along with Accrued Interest
In the event of unfortunate death of employee, the outstanding housing loan amount along
with accrued interest is recovered from the compassionate package / terminal benefits
payable to families of the deceased employees. This leaves such families with meager
amount, subjecting them to financial hardships.
In order to avoid such eventuality, the Bank has introduced group term insurance scheme
with effect from March 16, 2012, provided by ICICI Prudential Life Insurance Company
Limited to cover the Housing Loan availed by the employees along with accrued interest
on payment of premium so that in the event of unfortunate death of the employee, the
outstanding housing loan balance could be recovered from the insurance company without
recourse to the employee’s superannuation dues.
It is mandatory for all existing as well as future housing loan borrower employees to become
members of the scheme. The maximum sum assured i.e. total outstanding principal along
with the accrued interest shall be ₹89.49 Lakh8 w.e.f. March, 2018. The Bank pays the
8
HRMD. HROU.HL. No. 4311/40.05.007/2018-19 dated August 28, 2018
29
annual premium on behalf of member employees and the same is recovered from salary
of the employees concerned. In case of member employee’s death, the insurance company
will pay to the Bank an amount equivalent to insurance cover taken by the employee. This
amount will be used by the Bank to recover the outstanding housing loan amount and
accrued interest. The remaining amount, if any, shall be paid to the beneficiary nominated
by the deceased employee. Accordingly, the Reserve Bank of India Employees’ Housing
Loan Rules 1995 have been revised by incorporating Rule 9A therein.
14. Inspection
I) Inspection during construction/ installation of additional fixtures, fittings, etc.
Inspection may be carried out by the offices only in doubtful cases. Suitable officer/s may
be deputed to conduct the inspection. However, an Architect’s certificate should be
obtained before disbursement of the third/ final instalment.
II) Inspection in cases of misutilization of housing loan
If for any reason an office has reason to believe that the facilities granted by the Bank are
being misused, the office may carry out the inspection forthwith. Such inspection may be
conducted by a suitable officer attached to the office. Any irregularity noticed during the
course of inspection regarding under-utilization / misutilization / non-utilization of housing
loan should be viewed seriously and appropriate punitive action should be taken against
the defaulting employee by not only recalling the housing loan liability with penal interest in
one lump sum but also by instituting disciplinary action under Bank’s Staff Regulations,
1948.
III) Inspection – RBI Employees’ Co-operative Housing Societies

Before disbursement of the third/ final installment of the loan to RBI Employees’ Co-
operative Housing Societies, an inspection of the building/s may be carried out by deputing
the Bank’s Engineer who should certify that –
30
a) Construction of the Society’s building is as per the sanctioned plan submitted to the
Bank;
b) Construction has reached the stage of completion;
c) Valuation of the constructed portion as certified by the Society’s
Architect/Engineer is correct; and
d) It will be possible to complete the work within the period specified by the
Society’s Architect/ Engineer.
IV) Inspection of the property situated at far off places
Where inspection is difficult on account of location of the place being far away from any of
the office of the Bank, the employee should submit, if required, in addition to the usual
certificate from Architect/ Engineer, a certificate from the village Panchayat /Local Municipal
Authorities confirming that the house has reached the stage of completion.
15.Special conditions for Societies
I) Furnishing of information of all members
The Society loan application in Form I and its individual employee members’ applications
in Form II, received by the offices from co-operative housing societies formed by the
Reserve Bank of India employees, should be scrutinized for sanction of society loan with a
view to satisfy that the society has complied with the various requirements and that all its
members have furnished the requisite annexure/ information and they are eligible for the
loan.
II) Percentage of Non-employee members
The percentage of non-employee members should not be allowed beyond 20% of the total
membership of the society and the society should submit stamped undertaking in Form ‘E’
meant for Society Loan, to be executed on non-judicial stamp paper of the requisite value
for admitting non-employees as members.
III) Title clearance by Legal Department
In doubtful and complicated cases, the title documents received from the society should be
forwarded to the local Legal Cell by the office where the Co-operative Society is intended
31
to be formed and where majority of the members are working, for legal scrutiny and for
certifying that the society will acquire clear and marketable title to the property on execution
of the conveyance deed in favor of the society. The shortcomings, if any, pointed out by the
Legal Cell may be advised to the society / members attached to other offices for
compliance. Copies of the final clearance certificate may be sent to other offices indicating
any further requirements/conditions subject to which the housing loan may be sanctioned.
IV) Note to Competent Authority for sanction
On ensuring compliance of all the requirements, a detailed consolidated sanction note may
be prepared with a statement showing the individual employee-wise eligibility for the loan,
employee-wise amount to be sanctioned, schedule and share of each employee member
in the various loan installments. Since the housing loan sanctioned to a society is only an
aggregate amount of loan eligibility of each of the employee members within the overall
ceiling prescribed by the Bank, the instructions issued by Central Office from time to time
regarding sanction of individual housing loans as also those contained in the compendium
of instructions will apply mutatis mutandis to sanction of society loans. On obtaining
sanction from the Competent Authority a letter may be issued to the society covering in
detail the terms and conditions of the sanction.
V) Disbursement of society loan
On the society and its employee members complying with the conditions stipulated in the
sanction letter, the loan may be disbursed to the society in installments against a stamped
receipt. However, before disbursement of the third/ final installment of the loan, an
inspection of the building may be carried out by deputing the Bank’s Engineer as indicated
above.
VI) Advice of disbursement to other offices concerned
The disbursement of the various loan installments should be advised to the

offices/departments concerned to which the employee members are attached, along with
32
the terms and conditions of the loan, date of commencement of recovery of installments,
schedule of repayment etc. for effecting recovery of the loan. The offices should maintain
a duplicate account sheet of the respective employee member.
VII) Completion Certificate
Immediately on completion of the construction, the society should intimate to the Bank the
date of completion, submit the building completion and occupation certificates issued to the
society by the Competent Municipal Authority and final valuation certificate of the property
issued by its Architect/Engineer. It should insure the property and renew the same every
year as per instructions laid down in this regard and also submit audited statement of
accounts to the Bank, failing which action may be taken against the society/employee
members, as may be considered appropriate.
VIII) Recovery of Loans
Recovery of loan installments will be made from the monthly pay and allowances of the
employee members of the society, till the entire loan with interest is fully repaid. The original
housing loan granted to housing society will be treated as individual housing loan for
accounting purpose and in case of transfer of the employee to another office, the procedure
as prescribed in para 23 of this circular shall be followed for transfer of loan recovery sheets
and outstanding balances.
IX) Title documents to be kept in safe custody
The title documents submitted by the society together with the loan agreements executed
by the society and its employee members will be kept in safe custody of the Bank till the
repayment of the entire loan with the interest accrued thereon.
X) Additional Loans to society
a) Applications for grant of additional loans for various purposes in respect of society loans
will be considered on similar lines as those for individual loans. However, while scrutinizing
such applications, it should be ensured that the required General Body and Managing
Committee resolutions to raise the housing loan from the Bank, indicating that the society
has the required paid-up share capital as also sufficient borrowing capacity in terms of its
33
approved by-laws to raise the said loan, have been submitted. All instructions issued
regarding sanction of additional housing loans to individual employee will, mutatis
mutandis, be applicable to additional loans granted to societies on behalf of its members.
b) If an employee intends to avail of an additional housing loan for enlargement /extension,

installation of essential items etc., in respect of the flat acquired with the assistance of
society loan and his/her housing loan liability is outstanding, then either society loan or
individual loan can be sanctioned in such cases on completion of the usual formalities.
16. Alienation of property – Letting out
I) The flat/ house acquired/ constructed with the aid of housing loan from the Bank or
advance /withdrawal from Provident Fund should not be utilized as a source of income,
except to such extent and for such period as the Bank may approve. Hence, where such a
flat/ house is not occupied by the employee or his/her family members and the employee
wishes to let it out either on lease or lease on license basis or otherwise, he/ she should
approach the Regional Office closest to where the property is located and if the same is
not required by the Bank under the Bank’s lease scheme, the office may permit the
employee to let it out to an employee/ outside party subject to the following terms and
conditions:
i) The house/ flat will be allowed to be let out only for residential and not for
commercial purpose.
ii) The permission will be valid for three years.
iii) If the house/ flat is in a housing society, the applicable conditions of the housing
society will have to be complied with.
iv) The Regional Office concerned will forward a copy of the letter of such
permissions granted to the office maintaining housing loan record of the
employee for proper record keeping.
If the property is situated at a place where there is no office of the Bank, the employees will
be required to obtain the permission only once. However, they will be required to inform the
Bank in case there is a change in the terms of tenancy. An undertaking should be obtained
from them for this purpose.
34
II) No partial letting out
It should be ensured that no partial letting out of the flat/house is permitted. The entire
flat/house should be offered on lease/let out, to one tenant for residential purpose only. If
the house has more than one floor, the entire house should be taken as one unit.
III) Employees may be allowed to let out any or both the properties acquired with the
assistance of housing loan, to an outsider, irrespective of the location of the property,
without additional interest being charged for the same, if not required by the Bank on lease.
IV) Accommodating relatives
Employees may be permitted to accommodate close relatives in the flat/ house constructed
with the aid of Bank’s housing loan or allow them to occupy the same on caretaker basis,
for a maximum period of 6 months, provided no pecuniary gain is derived by the employees
by such arrangement.
V) Employees who have acquired flats in Co-operative Housing Societies formed by the
Bank employees should obtain permission of the society for accommodating any relative
other than his/ her family members. Names and relationship with the employee, their
monthly income and other necessary particulars should be furnished by the employee while
applying for permission to accommodate such close relatives.
17.Alienation of Property – Sale of Property
I) Requirement of Sale Permission
Property acquired with the assistance of housing loan cannot be sold unless permission for
sale is granted by the Bank. If the entire housing loan together with the accrued interest
stands repaid and the mortgage of the property has been discharged by the Bank,
permission for sale is not required {(subject to IV (a) and (b) below)}. Grant of permission
to sell the property can be considered only after five years are completed from the date of
35
possession of the property. This period of five years can be relaxed on medical grounds or
grounds of extreme hardship acceptable to the Bank.
An employee in Class I is also required to obtain permission from vigilance angle as

required under Staff Regulations, 1948, for disposal of property.
II) Tax Liability
In case of disposal of a property within five years from the date of its possession, the rebate
in Income Tax on account of the repayment of the housing loan availed of by the employee
from the date of possession, should be added to his/her current year’s Income Tax liability.
III) Utilization of sale proceeds and acquisition of further property
a) If an employee has acquired only one property, with the help of housing loan, then
after disposal of this “original” property, he/she will be eligible for first ‘fresh’ loan
(amounting to his/her entire entitlement) in accordance with the Housing Loan Rules,
subject to utilization of the net sale proceeds of the earlier property for repayment of
the entire outstanding housing loan taken for the property sold and invest the
balance sale proceeds, if any, for purchase of first 'fresh' property.
b) Housing Loan will be granted to an employee after availing the same for two
properties for purchase of fresh accommodation termed as ‘second’ fresh after
disposing off one of the accommodations acquired earlier with the help of Bank's
housing loan. In this case, she/he has to utilize the entire amount of sale proceeds
of the property sold, for repayment of the entire outstanding housing loan taken for
the property and invest the balance sale proceeds, if any, for purchase of second
'fresh' property.
The employee will be eligible for Housing Loan to the extent of cost of the new
property to be purchased less the balance sale proceeds (i.e. sale proceeds left after
repayment of Housing Loan of the property sold) subject to his/her entitlement.
c) After the sale transaction is put into effect, the outstanding loan together with
accrued interest would have to be repaid for the sold property immediately.
36
d) The 'fresh' loans as defined in (a) or (b) above can be availed of only once
throughout the service period. Thereafter only ‘additional’ Loan for repairs can be
granted, but his/her eligibility will be limited to his/her total entitlement less loans
availed.
e) The ‘fresh’ loans as defined in (a) or (b) above can be availed of only once
throughout the service period. Therefore, even after disposal of ‘fresh’ property,
an employee is not eligible for ‘fresh’ loan again, but only for ‘additional’ loan for
another property as defined in (d) above. It means that his eligibility will be limited
to his total entitlement less the loan availed for the ‘original’ property.
IV) In addition to the conditions enumerated above, the following conditions should be
complied with in respect of housing loan granted for acquisition of an additional residential
accommodation.
a) If an employee has been permitted to dispose of one of the properties after an additional
loan has been granted, the sale proceeds thereof should be utilized for repayment of the
outstanding housing loan dues in respect of that property. This should be done immediately
on realization of the sale proceeds. The sanctioning authority should stipulate a reasonable
time limit (not more than one month) in this regard while giving approval for sale of the
property.
b) In terms of the provision contained in RBI Employees’ Housing Loans Rules, 1995, an
employee does not require the Bank’s permission to dispose of a property acquired with
the assistance of the Bank’s housing loan, provided the loan together with accrued interest
thereon has been repaid in full and the documents have been re-conveyed.
It is possible that in some cases the employee might have obtained the housing loan for an
additional residential property, after his liability in respect of the original loan has been fully
discharged and the documents are returned to him/her. In such cases, irrespective of full
repayment of the housing loan for the first property, the employees should obtain Bank’s
permission for sale of the first (original) property and the sale proceeds thereof should be
utilized for repayment of the housing loan along with accrued interest thereon, availed of
for acquiring the additional property.
37
In case the housing loan liabilities in respect of two properties purchased by an employee
are outstanding and the employee intends to repay housing loan of any of the properties,
for any purpose, the documents in respect of the said property may be released (post
confirmation that there is no pari-passu charge on the said property) to the employee after
confirming repayment of the outstanding balance (principal along with accrued interest) for
the said property together with all the additional loans taken on that particular property. In
case of pari-passu charge, the documents may be sent to concerned Financial institution.
Note: The employee should submit documentary evidence for the sale proceeds of the
flat/house realized, supported by an Architect’s certificate to the effect that the valuation of
the flat/house sold is reasonable.
18.Creation of Second Charge/ Pari-passu Charge
Employees are permitted to avail of additional finance from approved financial institutions
for meeting the balance cost of the plot/ house, desired to be acquired with the aid of
housing loan from the Bank and create a pari-passu or a second charge for such additional
finance obtained by them.
I) such additional finance by creation of pari-passu/ second charge on the property can be
raised only by the employee himself/ herself and not his/her spouse. However, if the spouse
is employed in a financial institution approved of by the RBI viz. scheduled banks, HDFC,
HUDCO, subsidiaries of public sector banks/ insurance companies engaged in housing
finance activities, Central Government, State Government or similar public sector
undertakings, then our employee may be sanctioned housing loan to acquire a house jointly
with the spouse, with the spouse raising additional finance from his/ her employer to meet
the balance cost of the house, by creating second/ pari-passu charge on the property.
II) Approved Housing Financial Institutions
For the purpose of availing of additional finance for housing purpose by creating pari-passu
charge or second charge on the property, employees can avail of finance from only
approved financial institutions, such as Scheduled Banks, Housing Development Financial
Corporation, HUDCO and subsidiaries of public sector banks/ insurance companies
engaged in housing finance activities.
38
III) Documentation – Pari-passu charge
The following letters/documents should be obtained from employees for creation of pari-
passu charge on the property:
a) Letter by the employee to the Bank.
b) Letter by the employee to the financial institution.
c) Memorandum of confirmation of pari-passu agreement along with general

conditions of pari-passu arrangement forming part of memorandum.
d) Memorandum of Entry to be made in the books of Reserve Bank. In case the

financial institution is not inclined to complete the formalities relating to
Memorandum of Entry, a Certificate is to be issued to the concerned financial
institution indicating that the Bank is holding all the original documents of title
of the property on behalf of the financial institution and also for itself.
IV) Second Charge
As long as the original documents of title are in the Bank’s custody, the Bank would be
having the first charge. For creation of second charge employees are required to fulfill the
requirements of the financial institution concerned.
V) English Mortgage
In case an employee has created an English mortgage in favor of the Bank for obtaining a
housing loan and if he/ she intends to avail of additional finance from a financial institution,
he/she will be required to create a charge in favor of that institution by executing a
Registered Mortgage.
VI) Other Conditions
Employees, who are allowed to avail of supplemental finance (balance cost) from any one
of the approved financial institutions, should comply with the following conditions in addition
to those stipulated in RBI Employees’ Housing Loans Rules, 1995.
39
a) The quantum of housing loan to be taken from the approved financial institution
should not normally exceed the amount of housing loan taken from the Bank. In
case the employee avails of a larger amount of finance from a financial institution,
the financial institution concerned should concede the first charge in favor of the
Bank and should have second charge on the property mortgaged.
b) The monthly installments as stipulated by the financial institution may be
deducted from the salary of the employee and remitted to it, if a specific request
is made by the financial institution concerned. But in no case the Bank undertakes
the obligation of ensuring regular recovery in favor of the other financing
institution.
c) The repayment schedule of the Bank’s housing loan will not be altered on account
of the additional loan taken by the employee from the financial institution.
d) The sanctioning authority will examine each case on its individual merit and
ensure that the employee’s combined repayment obligations are not onerous and
that they are well within the employee’s repaying capacity.
e) The original pari-passu agreement executed by the employee will be kept in the
Bank’s custody and a certified copy thereof may be given to the financial
institution for its record. In case the financial institution insists for the original
agreement, the same may be executed by the employee in duplicate and one
copy each will be kept in the custody of the Bank and the financial institution.
19. Defaults and penalties

Whenever any instance of misuse of the loan is found, or wrong / false declaration/
certificate is submitted by an employee for availing of the housing loan facility, or any other
type of default as specified in the Housing Loans Rules 1995 is committed, punitive
provisions as laid down in the loan agreement, loan sanction letter and the Housing Loans
Rules should be enforced by the Officer in-Charge/ Competent Authority of the concerned
Office/ Department. Further, this should also be taken into account, inter alia, while
considering retirement reviews or extension of service beyond 50/55 years of age for the
employees concerned. In deciding whether penal interest @ 18% p.a. on the loan amount
is to be charged from the date of first disbursement of the loan or from the date of default,
40
the Office/Department should take into consideration the nature and extent of the default
and take action accordingly. Whatever be the decision, the entire outstanding balance of
the loan with penal interest as imposed will have to be refunded by the employee
committing the default in one lump sum. However, if an employee is unable to repay the
amount in one lump sum on account of reasons acceptable to the Competent Authority, the
same may be recovered from his monthly pay and allowances @ 30% of his gross
emoluments. While doing so, due care may be taken to allow subsistence take home salary
to the employee concerned.
20. Filing and Safe Custody of Documents/ Transfer to HDFC and Reconciliation
Offices should maintain two separate files for each employee – one for documents which
should be held in the joint custody of the Manager/Assistant General Manager/Officer-in-
charge along with the Assistant Manager concerned, and the other for application, office-
notings, sanction note, sanction letter and other correspondence in respect of the housing
loan facility granted to the employee. In case any document is required by the employee
for valid reasons, the same should be taken out from the documents file under joint
custodians’ authentication and handed over to the employee against a trust receipt.
Similarly, all documents held in custody of the Bank on account of equitable mortgage by
deposit of title deeds should be returned to the employee on his/her repaying the entire
loan with interest against a trust receipt. However, for return of documents relating to loans
granted against legal mortgage where the property is required to be re-conveyed, offices
may take necessary action as per the prescribed Forms RC 1 and RC 2. While Form RC 1
may be used to re-convey the original house and land, Form RC 2 may be used to re-
convey the house with subsequent additions, if any.
(ii) The Circular CO. HRMD. No. G. 41/1637/17.12.003/2019-20 dated July 19, 2019
(mentioned above at Serial No. 8) which envisages tie up with Housing Development
Finance Corporation Limited (HDFC) for the purpose of evaluation of the property
documents submitted by the employee, also provides for forwarding the fully indexed loan
document file containing all original papers, with a list of documents for acknowledgement,
to HDFC for safe custody. The procedure for transferring the files to HDFC, getting the
documents back on repayment of loan or otherwise, if required by the Bank has been given
41
in Annex XI. However, the date of initiating the above procedure as well as forwarding the
existing housing loan documents shall be intimated in due course.
(iii) All Offices shall forward the following details of Housing Loan applications processed
by HDFC in a month by 5th of succeeding month, to RBI coordinator at CAD:
Sr Date of Letter no. Samadhan Employee Value of Recommended Date of

reference of ID Name proposed by HDFC recommendation
reference loan (Yes/No)
(iv) On initiation of the process of transferring loan documents to HDFC, the details of files
forwarded to HDFC for safe custody in a month may be forwarded to CAD, HRMD, CO by
5th of the succeeding month as per the following format:
Sr. Date of transfer File Number Samadhan ID Employee Location
Name (Office /
Department)
21. Verification of Documents

Annual physical verification of the documents held in the custody of the Bank
(Office/Department) pertaining to grant of housing loan/s to staff members should be
carried out by an officer in Grade ‘B’ other than the one holding the charge of the documents
in the month of January every year and report in this regard should be submitted to Chief
General Manager/ Head of the Department/ Officer-in-Charge.
22. Follow up action

Vigorous follow-up action should be taken by Offices/Departments to ensure the following:
I) Documents such as possession letter, final valuation certificate, etc., are submitted
on time after disbursement of final installment of loans. The final valuation certificate
should be scrutinized with a view to ensuring that there is no wide variation between
the estimated cost of construction indicated by the employee in the housing loan
application vis-à-vis the actual cost indicated in the final valuation certificate.
II) In case of an employee occupying staff quarters/lease flat, the accommodation is
vacated soon after acquisition of his/her own property at that Centre, unless
42
specifically permitted by the Bank to continue occupation of the Bank’s quarter/

leased flat.
III) The requirement of obtaining annual certificates of maintenance from the
employees/ societies in respect of the properties acquired with housing loan from
the Bank has been dispensed with, although they would have to maintain the
properties as specified in Housing Loans Rules, 1995, and this obligation would be
specifically mentioned in loan agreement and sanction letter.
23. Transfer of Employees
If an employee is transferred to another Office/Department, Document File containing

original documents need not be forwarded to the department/ office which is making the
final disbursement of the loan. Once the final disbursement is made, the disbursing
department/ office should ensure that the employee complies with the various terms and
conditions given in the sanction letter, including timely submission of possession letter.
Once the employee has complied with all the terms and conditions, the related papers may
be forwarded to the Department/Office which has sanctioned the loan to be kept in the
Document File. The documents which are already held by an office, on the basis of last
installment of housing loan being disbursed by them, need not be returned to the office
where the housing loan was sanctioned. But, in the case of new loans, it has to be ensured
that all the documents in respect of which they have sanctioned the loan are kept in their
safe custody. On transfer of an employee, instead of offices obtaining a certificate regarding
the safe custody of documents from the office holding the documents, the recovery sheets
may be stamped with a rubber stamp stating: “Housing Loan Documents are in the safe
custody of _____________(name of Office/Department)”.
The following procedure should be followed for transfer of housing loan recovery sheet in
respect of the transferred employees:
As the details pertaining to Housing Loan were transferred to Samadhan, all new approvals
since October 2019 are being processed in Samadhan and the details in respect of
sanction, disbursement, recoveries, etc. are maintained in Samadhan, it is advised to all
ROs/TEs as below:
43
a. not to send the individual recovery sheet (IRS) to the new office/department on
transfer of an employee;
b. to maintain IRS sheets prior to the migration of HL data to Samadhan may be kept
in the safe custody of the concerned ROs. Any query or clarification regarding IRS
Sheet may be obtained from the concerned office.
24. Return of original Housing loan documents
ROs/CODs are advised to incorporate a Paragraph in the pre-retirement letter directing the
retiring employee to apply for return of original housing loan documents, if applicable.
Further, to facilitate the return of HL Documents, the office in which the employee is
presently posted, has to identify from the Individual Recovery Sheets, the originating office
where the HL was sanctioned, (holding document in safe custody) and advise them about
the full repayment of the loan made by the employee. All offices may ensure that original
housing loan documents are not kept in their safe custody needlessly9. Revised application
for return of housing loan documents to be submitted by the employees, is enclosed as
Annex VI10.
25. Instructions from Central Office

The above guidelines are to be read in conjunction with the provisions of the Reserve Bank
of India Employees’ Housing Loans Rules, 1995, as also with the various instructions
issued by Central Office from time to time. Any further clarifications required on any of the
issues may be referred to Central Office with full facts of the case and comments of the
office/department concerned.
26. Preservation Period

Housing loan documents can be divided into two files:
a) Documents File – the file which contains all the original documents pertaining to the
property purchased.
9
CO DEBC.HL. No.3318/ 06.03.068 /12-13 dated November 01, 2012 and CO.DEBC.HL.
No.7911/06.03.068/ 12-13 dated April 22, 2013
10
HRMD.CO.HL. circular No.2/04.02.11/2017-18 dated December 12, 2017
44
b) Correspondence File - the file which contains all the other documents.
The preservation period of the Housing Loan files would be:
Documents file - To be returned to employee on full payment of the loan
Correspondence File - Three years after the retirement of the employee.
RBI Society Loans - To be maintained Permanently
Document Register - To be maintained Permanently
Housing Loan Register -To be maintained Permanently
45
Annex-I
Draft Acknowledgement *
I……………………………son/daughter/wife of ………………………….. presently working

as …………………………. hereby acknowledge that
(i) a sum of Rupees ……………… (in words)……………………………being housing loan

including principal & interest outstanding under the housing loan sanctioned to me by the
Bank, vide its letter No. dated .
(ii) The documents, agreements, authorizations, approvals, permissions, mortgage

already in force shall remain valid and continue to be in force even though the house/flat
mortgaged is demolished.
(Signature)
Name of the employee:
Date:
Place:
------------------------------------------------------------------------------------------------------------
* Schedule - I, Stamp duty on instruments (See. Sec 3 The Bombay Stamp Act, 1958)
1. ACKNOWLEDGMENT of
(1) a debt written or signed by, or on behalf of, a debtor in order to supply evidence of
such debt in any book (other than a banker’s pass book) or on a separate piece of paper
when such book is left in the creditors possession, and the amount or value of such debt:
c) exceeds ₹5000/- but does not exceed ₹10,000/- One Rupee
d) for every ₹10,000/- or part thereof in excess of ₹10,000/- -One Rupee subject to
maximum of one hundred rupees.
Annex-II
The instructions contained in the following circulars/letters have been incorporated in this
Master Circular.
Sr. No. Circular No. Date
1 CO AC 2 October 7, 1960
2 DAE AC 3 September 13, 1967
3 DEBC.HL.2744/68 April 29, 1977
4 DEBC.HL.2092 February 5, 1979
5 DEBC.HL.2977 May 22,1979
6 DEBC.HL.1445-A/1(5) January 24, 1981
7 DEBC.AC.11 March 19,1982
8 DEBC D.O.HL.3229/68 May 23, 1983
9 DEBC AC 8 March 15, 1984
10 DEBC.HL.2695 April 4, 1985
11 DEBC AC 7 November 12, 1986
12 DEBC AC 12 April 15, 1987
13 DEBC.HL.40 March 21, 1990
14 DEBC 37 April 28, 1992
15 DEBC 14 November 27, 1992
16 DEBC AC 7 February 11, 1993
17 DEBC 43 June 17, 1993
18 DEBC 46 June 29, 1993
19 DEBC 26 February 8, 1994
20 DEBC 31 February 2, 1995
21 DEBC 12 May 20, 1995

23 DEBC 25 January 19, 1996
24 DEBC 29 April 24, 1996
25 DEBC 11 September 6, 1996
27 DEBC 23 December 12, 1996
29 DEBC.HL.1237 April 16, 1998
30 DAPM AC 7 June 4, 1998
31 DAPM AC 2 August 5, 1998
33 DEBC.HL.25 December 29, 1998
34 DAPM 28/11.01.00 May 31, 1999
35 DEBC 3 July 19, 1999
36 DEBC 6 August 24, 1999
37 DEBC 13 October 19, 1999
40 DEBC 2 July 17, 2000
44 DEBC 24 March 30, 2001
46 LD 1586 September 22, 2003

48 DEBC 10 March 14, 2005
49 DEBC 12 May 20, 2005
51 DAPM AC 9 October 17, 2005
52 HRDD G 18/2078/17.12.00 August 22, 2006
53 HRDD G.37/4400/17.12.00 October 9, 2006
54 DEBC.HL.14 February 28, 2007
55 DEBC.HL.20 May 16, 2007
56 DEBC.HL.4 September 24, 2007
57 AC No. 1 July 21, 2008
58 DEBC.HL.1 August 6, 2008
59 DEBC.HL.2 August 11, 2008
60 DEBC.HL.13 September 9, 2008
61 DEBC.HL.12 June 23, 2011
62 DEBC. HL. 14 August 22, 2011
63 HRMD. No.G.42/2249/17.12.11/11-12 September 21, 2011
64 HRMD. No.G.100/6344/17.12.02/11-12 March 15, 2012
65 HRMD. No.G.110/7175/17.12.02/11-12 April 13, 2012
66 DEBC. HL. 2996/06.03.068/2012-13 October 19, 2012
67 DEBC. HL. 3318/06.03.068/2012-13 November 01, 2012
68 HRMD. No.Vig 15/14.07.001/2012-13 January 01, 2013
69 DEBC. HL. 5421/06.03.068/2012-13 January 28, 2013
70 DEBC. HL. 7911/06.03.068/2012-13 April 22, 2013
71 DEBC. HL. 9843/06.03.068/2012-13 June 14, 2013
72 DEBC.HL.No.1541/06.03.068/13-14 August 27, 2013
73 HRMD.No.G.82/6631/17.12.01/13-14 Jan 10, 2014
74 CSBD. HL.No.6221/ /06.03.068/2014-15 March 25, 2015

75 CSBD. HL.No.6496/ /06.03.068/2014-15 April 7, 2015
76 CSBD. HL.No.6936/ /06.03.068/2014-15 April 24, 2015
77 HRMD.AC.6 March 29, 2016
78 HRMD.No.G./141/21609/17.12.01/2015-16 April 11, 2016
79 Vig. C.O. HRMD.No.11/14.07.001/2016-17 January 6,2017
80 HRMD (HROU) HL6353/4.05.004/2017-2018 September 15, 2017
81 HRMD CO.HL.Cir.No.2/04.02.011/2017-18 December 12, 2017
82 HRMD. HROU.HL. No. 4311/40.05.007/2018-19 August 28, 2018
83 CO. HRMD. No. G. 41/1637/17.12.003/2019-20 July 19, 2019
84 HRMD.CAD.(HL) No. G. 44/2796/40.05004/2019-20 August 06, 2019
85 CO.HRMD.CO.G.45/4059/17.12.01/2020-21 December 11, 2020
86 DEBC.CO.Circular No 11/2010-11 May 12, 2011
DEBC.CO.Admn. No 10268/01.01.10/2010-11
87 CO.HRMD.CAD(HL)No.G.78/S8980/40.05.004/2021- March 30, 2022
2022
88 Administration Circular No. 3 August 17, 2022
89 CO.HRMD.No.G.61/S8376/17.12.03/2022-2 October 12, 2022
Annex-III
Form ‘E’
Letter to be addressed by the Builders/ Society to the Bank

(to be typed on the letter head of the Builders/Society)
We, M/s
___________________________________________________________________
Builders/Society hereby certify that Shri/ Smt. Kum.
________________________________
of your Bank has been allotted at the estimated cost of ₹ __________ (Rupees
______________________________________________________________________
____)
a flat no. ________ admeasuring ___________ square feet in
_________________________
_______________________________________ on ______________ floor of
____________
(Name of the building)
building being/to be constructed by us on the land bearing Survey no. ____________ Plot
no. ____________ situated at
______________________________________________________
2. That the Title to the said land and the building constructed/to be constructed thereon
is clear and marketable and free from all encumbrances and doubts. We enclose a copy
of the certificate on the title issued by
_________________________________________________
(Name of the Solicitors/Advocate)
3. We are aware that Shri/Smt./Kum. ____________________________________ is
being granted a housing loan for the purchase of the aforesaid flat and we have taken a
note of your interest in the said flat.
4. We confirm that we have no objection whatsoever to Shri/Smt./Kum.

_________________
_________________________ mortgaging the flat to you to secure the loan that may be
granted by you. We further confirm that the Co-operative Society will be formed in due
course and that as soon as the Co-operative Society is formed, we will intimate your
interest in the said Co-operative Society.
5. We have not taken any loan or financial assistance from any financial institute, bank or
any other public body for the purchase of land or for construction of building and have not
and will not create any encumbrances on the flat allotted to Shri/Smt./Kum.
__________________________________ during the subsistence of the loan sanctioned
to the said Shri/Smt./Kum. ____________________________________.
(Signature of the Builders/Secretary of the Society with seal.)

Annex-IV
TO WHOMSOEVER IT MAY CONCERN
(On Rs. 100/- stamp paper)
I, the undersigned, _______________________________Indian Inhabitant, aged about

_____ years of age, residing at __________________________________
hereby declare and affirm as follows:-
THAT _______________, my __________ aged ____ years and residing at

____________________________________________________ being in needs of
funds to purchase an under construction/ready flat at ________________ had
approached me for financial assistance to make various payments in connection with
initial payment towards acquisition of Flat _________________________
________________________ and that have advanced/ ready to advance an amount of
`____________ (Rupees ________________________________________) to
__________________ out of personal love and affection and declare that no interest etc.
chargeable to the same and the same is repayable as per the convenience of
___________________.
I, further declare and state that I will not claim any right, legal entitlement or create any
encumbrances of any nature whatsoever on the said property so acquired by
_______________________.
Signed on this _____ day of _________ 20.
__________________________-
(Deponent)
In presence of : _________________
Annex-V
Form A - (Individual Housing Loan)
AN AGREEMENT made at on day of Two Thousand

and
BETWEEN
Shri/Smt/Kum.____________________________________________
Son/wife/daughter of_______________________________________
aged ___ years hereinafter referred to as "the employee" (which
expression shall unless excluded by or repugnant to the context or
meaning thereof includes his/ her heirs, executors, legal
representatives or administrators) of the one part
AND
Reserve Bank of India, a statutory corporation constituted under the
Reserve Bank of India Act, 1934 (Act No.2 of 1934) hereinafter referred to
as “the Bank” (which expression shall unless excluded by the context be
deemed to include its successors and assigns) of the other part
WHEREAS the employee is desirous of acquiring
residential accommodation for himself/herself and his/her dependents
through ____________________________ Cooperative Housing Society
Limited, _____________________________________ Society
registered/proposed to be registered under the _______________________
Maharashtra Cooperative Society Act 1960 (Maharashtra Act XXIV of 1961)
(Hereinafter referred to as “The Society”) or M/S
________________________________________________________
(Hereinafter referred to as “The Builders”) and is a permanent employee of
the Bank.
AND WHEREAS the Society/the Promoters of the Society/Builders has/have
agreed to provide the members with suitable accommodation in the Building
constructed /proposed to be constructed by it/them at and more fully
described in the schedule to this agreement.
AND WHEREAS the employee has for that purpose applied to the Bank for
a consolidated loan of Rs _____________/- (Rupees
___________________________________________________________
_) under and in accordance with the Reserve Bank of India Employees’
Housing Loan Rules 1995 (Hereinafter referred to as “The Rules”) which
expression shall where the context so admits include any amendment
thereof or additions thereto for the time being in force.
AND WHEREAS the employee has requested that the loan may be
sanctioned on the faith of the statements and representation made by
him/her in the application and the other letter addressed by him/her from
time to time.
AND WHEREAS the Bank has accordingly expressed its willingness to the
employee to grant such loan to the extent admissible to the employee
subject to the rules and subject to the terms and conditions hereinafter
expressed and contained.
NOW IT IS HEREBY agreed by and between the parties hereto as

follows:
1. The Bank agrees to grant a Loan to the employee to the extent of Rs.
__________________(Rupees
______________________________________________________
____________________).The loan will bear interest at 5.5 % (Five point
five per cent) per annum calculated on the balance outstanding on the last
day of each month.
2. The employee agrees and undertakes to repay the amount of the loan
with interest subject to the terms and conditions hereinafter contained.
The repayment will be made in monthly installment as indicated below:-
a) Out of the principal loan amount of Rs._________/- (Rupees
_______________________________________________), the
sum of Rs ____________/- (Rupees
___________________________________________) will be repaid
in the first instance in _______(not exceeding 60) equal monthly
installment of Rs._________/- (Rupees
_______________________________________________) each
and
b) The balance of the principal amount of Rs._________/- (Rupees
_______________________________________________) will be
repaid in ________ (not exceeding One hundred twenty) equal
monthly installment of Rs._________/- (Rupees
_______________________________________________) each
c) Thereafter, the interest calculated as aforesaid and accrued on the
whole of the loan of Rs ______________/- (Rupees
______________________________________________________
____________) will be repaid in equal monthly installments of
Rs._________/- (Rupees
_______________________________________________) per
month, the last installment being limited to the balance amount due.
d) The repayment of the principal amount of the loan with interest as
aforesaid will be made by deduction from the pay and allowances or
leave salary or subsistence allowance of the employee if he/she duly
observe and performs the set terms and conditions. The first of each
installment shall be recovered from the pay and allowances or leave
salary or subsistence allowance of the employee for the month
following the month in which the accommodation is acquired or the
construction of the accommodation is completed or on the expiry of a
period not exceeding 2/12/24 months from the date of disbursement
of the first installment of the loan whichever is earlier.
3. The employer agrees that the grant and disbursement of the loan to the
employee shall be as agreed to herein and in accordance with the Bank's
Rules. In respect of the disbursement of the loan, its repayment and all
other conditions, the provisions of the Rules shall be read as part and
parcel of the agreement.
4. The employee agrees and undertakes:
I) To complete the acquisition of the residential accommodation
within two months from the date of disbursement of the loan of
within such further time as may be allowed by the Bank of that
behalf.
II) To produce to the Bank all necessary documents to the
satisfaction of the Bank to show that he/she has acquired the
residential accommodation through the society/builder.
III) To afford the Bank full facility- and get for this purpose any consent
of concurrence of the builder/society, whenever necessary-for
carrying out inspection of the residential accommodation
whenever the Bank consider it necessary to do so.
IV) To maintain the residential accommodation in good repair.
V) That the house/flat should be kept insured so long as the amount
of the loan sanctioned by the Bank or any part thereof or interest
thereon is outstanding.
5. It is hereby further agreed and declared that in case any deficiency is
found in the title of the property at a later date, whereby the mortgage of
the property in favor of the Bank would not be treated as valid, the
outstanding amount of housing loan together with penal interest thereon
@ 18% per annum (inclusive of applicable normal rate of interest) from
the date of disbursement of first installment of the loan shall become
immediately payable in one lump sum. The Bank may proceed to
recover the said sum in any manner open to it.
6. If for any reason the purchase of the accommodation could not be
proceeded with or if the amount of the loan received from the Bank is in
excess of the cost of acquiring the accommodation, the employee shall
forthwith repay the amount of the loan or as the case may be, the amount
of the excess, to the Bank.
7. The employee agrees and undertakes to secure the loan in such a
manner as may be specified by the Bank. Without prejudice to this right
of the Bank the employee agrees that in the event of default on his part
to pay any installment as provided for in the rules or in the event of
his/her death while in service or off his/her ceasing to be an employee of
the bank for any reason, the Bank shall be entitled to recover the amount
then owed by him/her to the Bank together with the amount of interest
from his/her provident fund balance, amount of gratuity payable to or in
respect of him/her or any other amount payable by the Bank to or in
respect of him/her.
8. The employee agrees and undertakes to produce to the Bank-
i.) The letter of allotment (if not already issued).
ii.) The surety bond from two employees of the same status or higher
status. (in case the surety dies or otherwise ceases to be in the
service of the Bank, the employee should furnish a fresh surety.
iii.) The share certificate when issued by the society after its formation.
iv.) Receipt for payment made by him to the builder/ society towards
the cost of flat.
v.) Such other documents as may be decided by the sanctioning
authority from time to time.
9. In consideration of the Bank having sanctioned the loan at a nominal rate
of interest of 5.5% per annum the employee agrees with, and undertakes
to, the Bank:
i.) That the employee shall not without the prior approval in writing of
the Bank transfer, assign, mortgage, lease, give on license, part
with the possession of the accommodation acquired with
assistance of the loan or create any interest therein, so long as the
loan has not been repaid in full with interest and thereafter for a
further period of five years from the date of such repayment in full
of such loan with interest and other money payable in respect
thereof.
ii.) That the Bank may while giving its consent under this clause
impose such conditions as it may deem fit, including:
(a) Where the loan is still outstanding, repayment of the
outstanding balance of the loan with additional interest at an
enhanced rate of___ inclusive of the nominal rate of 5.5% from
the date of initial disbursement of loan till the date of repayment
thereof in full in case where the transfer is in favor of a person
who is not an employee, and
(b) The rate of additional interest not to exceed ___ % in cases
where the transfer is in favor of employee of the Bank and in
case the loan has already been repaid, payment of additional
interest as aforesaid from the date of initial disbursement till the
date of such repayment.
10. The employee authorizes the Bank to deduct from his/her pay and
allowances or leave salary or from the amount payable by way of
subsistence allowance while he is under suspension, every month the
amount of installment as provided in clause 2 about due and payable by
him/her towards the aforesaid loan and interest, the last installment
being limited to the amount due.
11. The employee agrees that in case he/she proceeds on leave for any
period without pay and allowances while the loan or any part thereof or
interest thereon is outstanding he/she will pay to the Bank direct the
amount of the installment or installments which would otherwise have
been recovered from his/her pay and allowances had he/she not been
on such leave. The employee also agrees that where for any reason
his/her pay and allowances or leave salary or subsistence allowance for
any month be insufficient to meet the amount of installment payable by
him/her, the shortfall shall be paid by him/her direct to the Bank.
12. The Bank may in its discretion without any obligation on its part so to do
, deduct every month from the pay or other emoluments payable to an
employee, who is the member of the society such sum of money as may
be noticed from time to time by the managing committee of the society
as the amount payable by him/her to such society for a month on account
of municipal taxes, water charges, insurance, sinking fund, charges of
lighting of compound, staircases, landings and common passages,
salary of watchmen, sweeper and other servants and moneys payable
by him/her in respect of the accommodation allotted to him/her by the
society, and pay the same to the society. The employee undertakes that
during the currency of the loan sanctioned by the Bank in terms of the
rules he/she will continue to pay all such charges regularly to the society
and any failure on his/her part, in this regard shall, entitle the Bank to
recall the loan and recover its dues.
13. The employee agrees in all respects to be bound by the provisions of
Rules and undertake not to revoke this agreement so long as the said
loan or any part thereof or interest thereon is outstanding. The Bank shall
be at liberty to give the benefit of this agreement to such person or
persons as it may think proper.
14. AND IT IS HEREBY further agreed and declared that any default in
complying with the Rules and the terms and conditions of the loan or in
the event of the death of the employee or the employee ceasing to be in
the service of the Bank, the outstanding amount of the loan with interest
will become immediately repayable and the Bank may proceed to
recover it in any manner open to it.
15. The employee also agrees to furnish an undertaking to the effect that
he/she will-
a) Submit certified copies each of the certificate of registration and bye-
laws of the societies;
b) Submit certified copies each of the conveyance/sale deed executed
in favor of the society;
c) Submit original share certificate, when issued by the society in his/her
name;
d) Repay the entire loan together with accrued interest in one lump sum
in case the cooperative housing society could not be formed;
e) Submit declaration from the society in form “C”;
f) Submit receipts of all payments made to the builder/society by
him/her by the Bank on his/her behalf;
Create charge over the property in the manner required by the Bank, viz. by
deposit of title deeds.
Please give the details of the building in which residential accommodation is to be
acquired) SCHEDULE OF THE PROPERTY REFERRED TO ABOVE:
IN WITNESS WHEREOF the employee has set his/her hand and the Bank through
its authorized official has set its hands on the day and year first hereinabove written.
SIGNED AND DELIVERED by the
Within named__________________________ ________________________________
(Signature of the employee)
Within named Reserve Bank of India
By the hand of
Shri/Smt _____________________________ For and on behalf of the Reserve Bank of India

(Assistant General Manager)
________________________________________
(Assistant General Manager)
Housing Loan Section, HRMD,
Reserve Bank of India, _______________________.
Signature of Shri/Smt/Kum, ______________________________________ verified by me.

(Name of the employee)
____________________
(Designation)
Annex-V
Form A -(Joint Housing Loan)
THIS AGREEMENT made at on day of Two Thousand and
BETWEEN
(i) Shri/Smt/Kum.____________________________________________
Son/wife/daughter of_______________________________________ aged
___ years residing at being a permanent employee of the Reserve Bank of
India hereinafter referred to as "the employee" (which expression shall unless
excluded by or repugnant to the context or meaning thereof includes his/her
heirs, executors, legal representatives or administrators) of the first part
(ii) Shri/Smt/Kum.___________________________________________
Son/wife/daughter of ____________________________________________ aged
___ years residing at hereinafter referred to as the “Joint Owner” (which
expression shall unless excluded by or repugnant to the context or meaning thereof
include her heirs, executors, legal representatives or administrators) of the second
part
AND
(iii) Reserve Bank of India, a statutory corporation constituted under the Reserve Bank
of India Act, 1934 (Act No.2 of 1934) hereinafter referred to as “the Bank” (which
expression shall unless excluded by the context be deemed to include its successors
and assigns) of the third part
WHERE AS
(i) The employee is desirous of purchasing dwelling unit/plot property, described in

the schedule hereunder written, for his/her use and the use of members of his/her
family and has approached the Bank for a loan of Rs.______________/- ( Rupees
__________________________________________________________________
__________ ) for the said purpose under and in accordance with the terms and
conditions of the Reserve Bank of India Employees Housing Loan Rules 1995
hereinafter referred to as “ the Rules” (which expression shall where the context so
admits include any amendment thereof or addition thereto as may be brought in
force from time to time.)
(ii) The property for the purchase of which the employee wants to avail of loan has
been allotted to them by
_________________________________________________ and owned by the
employee and the joint owner
__________________________________________________________________
__________________________________________________________________
_____(give full particulars of the plot of land and the house thereon such as door
number, street number, area of the plot)
_____________________________________________________, situated in the
registration sub-district of_________________________and more particularly
described in the schedule hereunder written and hereafter referred to as the said
property.
(iii) The Bank has agreed to grant loan to the employee for purchasing the said property
to be are willing to create mortgage of the dwelling unit/plot to be purchased for
which the employee wants to obtain loan, for the loan proposed to be granted to the
employee. The joint owner herein has by his/her affidavit dated
________________________________expressed his/her willingness to create
such joint mortgage of the schedule property as per the rules of the Bank to secure
the housing loan that may be granted to the employee.
(iv) The employee and the joint owner have requested the Bank that the said loan may
be granted on the statements and representation made by them in the application
and other letters addressed by the employee and the joint owner to the Bank from
time to time including the aforesaid affidavit of the joint owner.
(v) The Bank, after considering the application made to it for grant of loan, has agreed
to grant such loan to the extent admissible to the employee and subject to the terms
and conditions herein expressed and contained.
NOW IT IS HEREBY agreed by and between the parties hereto as follows
1. The Bank agrees to grant a Loan to the employee to the extent of Rs.
__________________(Rupees
____________________________________________________________________
______).The loan will bear interest at 5.5 % (five point five per cent) per annum calculated
on the balance outstanding on the last day of each month.
2. The employee agrees and undertakes to repay the amount of the loan with interest subject
to the terms and conditions hereinafter contained. The repayment will be made in monthly
instalment indicated below:-
(a) Out of the principal loan amount of Rs. (

Rupees_______________________________________________________________
__ ) the sum of Rs. (Rupees
_____________________________________________________________only) will
be repaid in the first instance in 60 equal monthly instalments of Rs. _______________
(Rupees ___________________________________ only) each, and
(b) The balance principal amount of Rs. (Rupees
___________________________________________________________ ) will be
repaid in _____ equal monthly instalments of Rs. (Rupee
_____________________________________________________________________
___________) each.
(c) Thereafter, the interest calculated as aforesaid and accrued on the whole of the loan
of Rs.________(Rupees _____________________________________________ )
will be paid in ___ equal monthly instalments of Rs. (Rupees
_______________________________________________________________ ) each,
the last instalment being limited to the amount due.
(d) The repayment of the principal amount of the loan with interest as aforesaid will be
made by deduction from the pay and allowances or leave salary or subsistence
allowance of the employee if he/she duly observes and performs the said terms and
conditions. The first of such instalments shall be recovered from the pay and allowances
or leave salary or subsistence allowance of the employee from the month following the
month in which the construction of the dwelling unit is completed or the dwelling unit
is occupied or on the expiry of a period not exceeding twenty four months after the date
of disbursement of the first instalment of the loan, whichever is earlier.
3. In respect of the disbursement of the loan, its repayment and all other conditions, the
provisions of the Rules shall be read as part and parcel of the agreement.
4. The employer agrees that the grant and disbursement of the loan to the employee shall be
as agreed to herein and in accordance with the Bank's Rules.
5. If for any reason the purchase of the dwelling unit/plot could not be proceeded with or if
the amount of the loan received from the Bank is in excess of the cost of dwelling unit/plot,
the employee shall forthwith repay the amount of the loan or as the case may be, the
amount of the excess, to the Bank.
6. The employee and the joint owner agree and undertake to create a mortgage in favor of
the Bank as security for the Bank's loan and interest, of the property described in the
Schedule annexed hereto by depositing with the Bank of all the title deeds relating to the
said property in favor of the Bank as security. The employee and the joint owner agree
and undertake to execute a mortgage deed as and in such manner as may be required by
the Bank mortgaging the property described in the Schedule annexed hereto with the right
of private sale and of other rights and privileges available under the Transfer of Property
Act, 1882 or specifically provided by the Bank to/or in favor of the Bank within the time
that may be prescribed by the Bank and shall arrange to have the deed duly registered.
The employee and the joint owner further undertake to deduce marketable title to the
property intended to be so mortgaged. It is hereby further agreed and declared that in case
any deficiency is found in the title of the property at a later date, whereby the mortgage of
the property in favor of the Bank would not be treated as valid, the outstanding amount of
housing loan together with penal interest thereon @ 18% per annum (inclusive of
applicable normal rate of interest) from the date of disbursement of first instalment of the
loan shall become immediately payable in one lump sum. The Bank may proceed to
recover the said sum in any manner open to it.
7. The employee shall maintain the dwelling unit/plot acquired out of the loan received by
the Bank in good and tenantable repair and condition at his/her own cost and the employee
and the joint owner shall pay all the Municipal and other outgoings or out standings in
respect of the property covered by the mortgage in favor of the Bank, until the amount of
loan has been repaid in full to the Bank with interest.
8. The employee shall, at his/her cost, insure the dwelling unit/plot acquired out of the loan
of Rs. _______ (Rupees _______________________________________________) in
the manner required by the Bank on the basis of the actual market value of the dwelling
unit/plot (excluding cost of land) and shall keep the dwelling unit/plot so insured till the
said loan of Rs. ___________ (Rupees
_______________________________________________________________________
______) is repaid in full with interest.
9. The employee and joint owner shall until the entire amount of the loan with interest has
been repaid or so long as the mortgage of the property in favor of the Bank subsists, afford
the Bank full facility for carrying out inspection after possession of the dwelling unit/plot
is obtained and thereafter to ensure that the dwelling unit is maintained in good 'repair and
conditions.
10. If at any stage there is any depreciation in the value of the dwelling unit/plot acquired, the
Bank shall be entitled to demand from the employee further security to make up the
deficiency within a period to be fixed by the Bank. If on such demand being made by the
Bank to the employee, the employee fails to comply with the demand, the outstanding
amount of this loan (with interest) will become immediately payable in full and the Bank
may proceed to recover the same in any manner open to it.
11. In consideration of the Bank having sanctioned the loan at a nominal rate of interest of
5.5% p.a. the employee and the joint owner agree with and undertake to the Bank –
a. That they shall not, without the prior approval in writing of the Bank, transfer,
assign, mortgage, lease, give on license, part with the possession of the
accommodation acquired with the help of the housing loan or create any interest
therein, so long as the loan has not been repaid in full with interest
b. That the Bank may, while giving its approval under this clause, impose such
conditions, as it may deem fit, including, where the loan is still outstanding
repayment of the outstanding balance of the loan with additional interest at an
enhanced rate of 18% (inclusive of the nominal rate of 5.5%) from the date of
initial disbursement of the loan till the date of repayment thereof in full if the
transfer is in favor of a person who is not an employee. The rate of additional
interest not to exceed 18% if the transfer is in favor of an employee of the Bank
and in case the loan has already been repaid, payment of additional interest as
aforesaid from the date of initial disbursement of the loan till the date of such
repayment.
12. If the Bank is of the opinion that the progress of the work of construction of the said house
is unsatisfactory, the Bank shall be at liberty to decline to make payment of any
undisbursed instalment of the said loan or at its discretion postpone the payment thereof
until such time the Bank is satisfied that the cause or causes for its dissatisfaction with the
progress and quality of work has or have been removed and the Bank shall incur no
responsibility to liability to the employee / joint owner either in damages or otherwise for
declining to make payment or postponement of payment of any undisbursed instalments
as aforesaid.
13. The employee agrees and undertakes to acquire the possession of dwelling unit/plot for
which the said loan is granted as early as possible but not later than twenty four months
from the date of disbursement of the first instalment of the said loan unless an extension
of time is allowed in writing by the Bank. In case of default, the employee will be liable
to repay forthwith the entire amount of the said loan of
Rs.__________________________ (Rupees
____________________________________________________________) advanced to
the employee together with interest under the said Rules in one lump sum. The employee
further agrees and undertake to report to the Bank the date of occupation of the dwelling
unit/plot.
14. The employee authorizes the Bank to deduct from his/her pay and allowances or leave
salary or from the amount payable by way of subsistence allowance while he is under
suspension, every month the amount of instalment as provided in clause 2 about due and
payable by him/her towards the aforesaid loan and interest.
15. The employee agrees that in case he/she proceeds on leave for any period without pay and
allowances while the loan or any part thereof or interest thereon is outstanding he/she will
pay to the Bank direct the amount of the instalment or instalments which would otherwise
have been recovered from his/her pay and allowances had he/she not been on such leave.
16. The employee agrees that where for any reasons his/her pay and allowances or leave salary
or subsistence allowance for any month be insufficient to meet the amount of instalments
payable by him/her, the shortfall shall be paid by him/her direct to the Bank.
17. The employee agrees that in the event of default on his/her part to pay any instalment as
provided for in the Rules or in the event of his/her death while in service or of his/her
ceasing to be an employee of the Bank for any reason, the Bank shall be entitled to recover
the amount then owning by him/her to the Bank together with the amount of interest from
his/her Provident Fund balance, amount of gratuity payable to or in respect of him/her or
any other amount payable by the Bank to or in respect of him/her.
18. The employee agrees and undertakes to comply with and secure compliance of the terms
and conditions stipulated in the building permit No. dated
____________________issued____________________________________________by
the____________________________________________subject to which he/she and
joint owner have been allotted the dwelling unit.
19. The employee and the joint owner agree and undertake that they will not take up
construction other than that at present indicated to Bank or let out any portion of the house
or plot without prior permission in writing from the Bank that in case they commit any
breach of this condition, the employee undertakes to repay in one lump sum the entire
housing loan together with interest calculated at the enhanced rate of 18% per annum from
the date of disbursement of the loan till the date of repayment thereof.
20. The employee agrees and undertakes to deduct towards income tax from any sum payable
to his contractor employed by him for carrying out any work including supply of labor as
may be required by the provisions of Section 194C of the Income Tax Act, 1961 or any
law for the time being in force and credit the sums so deducted as required by the law.
21. The employee agrees to vacate the accommodation allotted to him/her by the Bank as soon
as the possession of the dwelling unit proposed to be acquired, obtained and it is ready for
occupation, if the same is at the place where employee is posted.
22. The employee and the joint owner agree in all respects to be bound by the provisions of
Rules and undertake not to revoke this agreement so long as the said loan or any part
thereof or interest thereon is outstanding. The Bank shall be at liberty to give the benefit
of this agreement to such person or persons as it may think proper.
23. AND IT IS HEREBY further agreed and declared that any default in complying with the
Rules and the terms and conditions of the loan or in the event of the death of the employee
or the employee ceasing to be in the service of the Bank, the outstanding amount of the
loan with interest will become immediately repayable and the Bank may proceed to
recover it in any manner open to it.
SCHEDULE OF THE PROPERTY REFERRED TO ABOVE

_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
IN WITNESS WHEREOF the parties herein have set their hand on the date and year
first hereinabove written.

within named 1) __________________________
(Signature of the employee)
2) ________________________
(Signature of the joint owner)
SIGNED AND DELIVERED by

within named Reserve Bank of India by
the hand of
Shri/Smt./Kum.____________________ Signature____________
________________________________
Designation___________
__________________________
(Name and designation of its duly

authorized official)
Signature of Shri/Smt/Kum is Verified by me.
Signature____________
Designation___________
Annex VI
Annex VII
Form “B”
SURETY BOND
(On Rs. 500/- stamp paper in Maharashtra State. In other states to be stamped in accordance with the
local stamp law)
Place:
Date:
The CGM
HRMD, CO
CAD, Housing Loan Section
Reserve Bank of India
Mumbai- 400 001.
Dear Sir,
We
(a) Shri/Smt……………………………………… son/daughter of Shri……………………………….. working as

………………………………….. and residing at ……………………………………………………………………….. and
(b) Shri/Smt……………………………………… son/daughter of Shri……………………………….. working as

………………………………….. and residing at ……………………………………………………………………….. do hereby declare
ourselves as sureties for Sri/Smt…………………………………………. residing at ………………………………………………..
(hereinafter referred to as “the Borrower”) and that in consideration of your having agreed to grant
Housing Loan of Rs…………………/- (Rupees…………………………………………………………………………………..) to the
said Borrower on the terms and conditions contained under the agreement dated ………………. Day of
……………………….. 20..… executed by him/her in favor of the Bank, we do further agree with the Bank as in
this presents.
2. We do hereby guarantee that the Borrower shall pay, do and perform all that he/she has undertaken
to pay, do and perform under the said agreement.
3. We do hereby bind ourselves, our respective heirs, executors and administrators to pay you a sum of
Rs …………………...../- ( Rupees………………………………………………………………………………………………………) together
with interest @ rate of 5.5% p.a. being the amount and due payable by the Borrower under the said
agreement or such sum as the Bank shall deem to be sufficient to cover the loan or damage that the Bank
may have sustained by reason of the default of the Borrower.
- 2 -
- 2 -
4. We do hereby further agree that the Bank, may without prejudice to any other right, recover the said
sum from us and we do hereby further agree that any furtherance or indulgence shown in
recovering/enforcing of the said agreement or any other indulgence shown to the Borrower or any time
given to the Borrower or any other condition or circumstances under which the sureties in law would be
discharged, will not discharge us from our liability to pay the aforesaid sum.
5. For the purpose of enforcement of this bond, our liability on this bond will be as that of the principal
debtor and joint and several with that of the Borrower.
(i) Signature of the Guarantor No.1 :
a) Name of the Guarantor :
b) Designation and Department :
c) Date of joining service :
d) Date of Retirement :
e) PF No. :
f) Samadhan ID :
(ii) Signature of the Guarantor No. 2 :
a) Name of the Guarantor :
b) Designation and Department :
c) Date of joining service :
d) Date of Retirement :
e) PF No. :
f) Samadhan ID :
Signatures verified
P. Chief General Manager

Annex VIII
FORM ‘C’
P.F. Index No: ----------------------------------------------------- Emp. ID: ------------------------------------------
Name& Designation: ----------------------------------------------------------------------------------------------------
Place: --------------------------------------------------
Date: ------------------------------------------
To,
The Administrators of the
Reserve Bank of India Employees’ Provident Fund,
Mumbai
Gentlemen,
I hereby authorize you, that in the event of my ceasing to be in the service of the Reserve Bank of India, before full
repayment of the amount of housing loan of Rs.-------------------------- (Rupees----------------------------------------------
---------------------------------------------------------------------------only) sanctioned to me by the Reserve Bank of India
Employees’ Housing Loans Rules, 1995 for the purchase of a ready-built tenement/house/plot at ------------------------
----------------------------------------- together with accrued interest thereon, the unpaid balance may be paid by the Bank
from the outstanding balances in my Provident Fund Account.
Yours faithfully,
(Signature)
Witness:
1) Signature: -----------------------------------------------------
Name: ----------------------------------------------------------------------------------------------------------
Designation: -----------------------------PF No: -------------------------Emp. ID: -----------------------
Address: --------------------------------------------------------------------------------------------------------
2) Signature: -----------------------------------------------------
Name: ----------------------------------------------------------------------------------------------------------
Address: --------------------------------------------------------------------------------------------------------
Signature Verified
(Name, Designation & Department/Section with Official Seal)

Annex IX
FORM ‘CC’
The Chief General Manger,

Human Resource Management Department
(Housing Loan Section, CAD), Reserve Bank of India,
Central Office, Mumbai- 400001
Letter of Authorization
Sir,
I hereby authorize you, that in the event of my ceasing to be in the service of the Reserve Bank of India, before full
repayment of the amount of housing loan of Rs. --------------------------------- (Rupees -------------------------------------
--------------------------------------------------------------only) sanctioned to me by the Reserve Bank of India Employees’
Housing Loans Rules, 1995 for the purpose of addition/alteration of a ready-built tenement/house/plot at---------------
---------------------------------------together with accrued interest thereon, to deduct/recover/adjust from the amount of
commutation value of pension payable or from the monthly pension/family pension payable to me/my
wife/husband/eligible child, as the case may be, and to apply the same in discharge of my liability.
Yours faithfully,
(Signature)
Name& Designation: ----------------------------------------------------------------------------------------------------

PF No:------------------------------ Emp. ID: -----------------------
Place: ----------------------------Date: -----------------------------
Witness:
1) Signature: -----------------------------------------------------
Name: ----------------------------------------------------------------------------------------------------------
Address: --------------------------------------------------------------------------------------------------------
2) Signature: -----------------------------------------------------
Name: ----------------------------------------------------------------------------------------------------------
Address: --------------------------------------------------------------------------------------------------------
Signature Verified

Annex-X
FORM ‘CCC’
Regional Director/Chief General Manager

Dear Sir,
I hereby authorize you, that in the event of my ceasing to be in the service of the Reserve Bank of India
before full repayment of the amount of housing loan Rs.-------------------- (Rupees-----------------------------
-----------------------------------------------------------------------------only) sanctioned to me under the Reserve
Bank of India Employees’ Housing Loans Rules, 1995 for the purpose of a ready built tenement/house/plot
at --------------------------------------------- the unpaid balance together with the accrued interest thereon, may
be recovered/adjusted from my terminal benefits and any other dues payable to me on my
superannuation/cessation in the Bank’s service.
Yours faithfully,
(Signature)
Name & Designation: ----------------------------------------------------------------------------------------------------
PF No:------------------------------ Emp. ID: -----------------------
Place: ---------------------------- Date: -----------------------------
Witness:
1) Signature: -----------------------------------------------------
Name: ----------------------------------------------------------------------------------------------------------
Address: --------------------------------------------------------------------------------------------------------
2) Signature: -----------------------------------------------------
Name: ----------------------------------------------------------------------------------------------------------
Address: --------------------------------------------------------------------------------------------------------
Signature Verified
To be obtained from the employees covered under New Pension Scheme (NPS)
Annex XI
Revised Standard Operating Procedure for Housing Loan processing
I. Loan Processing
a. Each RO may nominate a Nodal Officer for the purpose of coordinating with Central Office.
HRMD CO will act as the Nodal Section for coordinating with HDFC. The escalation matrix
for HDFC and details of the concerned officer is given in Annex I.
b. Employees will continue to submit all the required documents, as being submitted
presently, to the Housing Loan Desk in respective Offices. The eligibility of housing loan
in terms of Reserve Bank of India Employees’ Housing Loan Rules,1995, will continue to
be ascertained by the Office.
c. On ascertaining that the employee is otherwise eligible for the housing loan, the Nodal
Officer will forward the photocopies of the property related documents through registered
Speed Post / Courier to HDFC (Address given in Annex I. Please inscribe “Attention: RBI
Housing Loan Document"). The details regarding sending of documents may also be
intimated to HRMD by email to welfarehrmdco@rbi.org.in and elainef@hdfc.com in the
format given in Annex II. Once the file is received by HDFC, they will send an
acknowledgement by email to the respective office.
d. HDFC will give its recommendation in writing to RBI co-ordinator and concerned nodal
officer within 15 working days for Mumbai cases and 25 working days for properties
situated at other locations. The letter will be forwarded to the concerned office / department
as a scanned copy over email for further processing.
e. Based on the recommendation received from HDFC, the Housing loan Section will put
up the proposal to the competent authority for sanction / rejection of the loan. Once the
loan is sanctioned, the existing procedure of signing of agreement and other formalities
may be completed as being done now. In case of doubt, the Nodal Officer may advise
HDFC, in writing, to inspect the site and submit the report before making the disbursement.
f. In cases where HDFC expresses its inability to provide recommendation letter on the
premise of ‘lack of ground presence’, the Competent Authority, for sanctioning of the
housing loan, may use their discretionary powers to process the case as per the
instructions contained in the RBI Housing Loan Rules 1995, that are updated and collated
from time to time through master circulars, as were applicable prior to the arrangement
with HDFC.
g. The above process applies for additional loan request for housing loan for employees
as well.
II. Custody of Original Documents*
a. Once the disbursal of the loan is complete. the fully indexed loan document file containing
all original papers, with a list of documents for acknowledgement shall be transferred to
HDFC for safe custody. The files to be transferred to HDFC shall be sent to the address
given in Annex I, by registered / Speed Post. A list of files transferred to HDFC may be
maintained at each office and a copy of the same shall be sent to RBI coordinator for
record keeping. HDFC will send an acknowledgement of the files received to the
concerned ROs. The same may be filed and preserved at all ROs. In case the
acknowledgement is not received in a reasonable time (15 days), the RO should take up
the matter with HDFC.
b. On repayment of loan by the employee during his/her service or at the time of retirement,
offices may forward the application for return of documents, received from the employee,
to HDFC. The copy of the acknowledgement received from HDFC while handing over the
file for safe custody to HDFC may also be forwarded together with the application. In case
of closure of an employee's loan or otherwise, HDFC will return files to RBI within 15
working days of receipt of request from the Bank without any cost.
c. In case RBI requires the property documents in the interim period for its use, HDFC will
provide the same in 15 working days without any cost, on receipt of instruction from RBI.
However, such requests may be forwarded to Central Office only in cases of extreme
exigencies, as decided by the office, and employees may be advised to keep copies of
documents pertaining to their properties before submitting them to Office to avoid such
situations.
d. ROs / CODs shall prepare an index of existing housing loan files of employees which are
in their custody. The index shall contain the file number, employee name, designation,
PF index / Samadhan ID, Date of loan sanction, office / department. The index (preferably
in excel / MS word) shall be forwarded to RBI coordinator for scheduling the transfer of
files to HDFC. Once the process is complete, the concerned office shall notify the
employee of the same.
* Date to start the process shall be intimated in due course.
CO.HRMD.No.G.35 / 224 /17.12.003/ 2020-21 dated July 8, 2020

Annex XII
Contact Details of Officer in HRMD CO:
Name Shri Vinod M T
Designation Assistant Manager
Email ID vinodmt@rbi.org.in
Phone Number Cell no. 9535974879 Landline: 022- 22703856
Address for Chief General Manger-in-Charge

correspondence/submission of Welfare Section, Human Resource Management Department,
documents 20th floor,
Reserve Bank of India, Central Office
Shahid Bhagat Singh Marg, Fort
Mumbai – 400 001
Contact Details of HDFC
Central point of contact

Name Smt. Raji Avinash
Designation Deputy General Manager, Legal
Email ID rajia@hdfc.com
Phone Number Cell no. 9892782008 Landline: 022-61766148

Address for HDFC Ltd
correspondence/dispatch of
Office No.1, First Floor, Bhoomi Heights, Plot No.5 and 6,
documents
Sector 8, Kharghar, Navi Mumbai-410210
First line of escalation

Name Ms. Raji Avinash
Designation Deputy General Manager, Legal
Email ID rajia@hdfc.com
Phone Number Cell no. 9892782008 Landline: 022-61766148
Alternate line of escalation

Name Mr. Abhishek Desai
Designation Senior Manager, Business Development
Email ID abhishekdesai@hdfc.com
Phone Number Cell no. 9594956993

Annex XIII
Index for transfer of documents to HDFC
Office/Department
Date of transfer
Name of the employee
Samadhan ID
RBI assigned Unique case /File No
Brief Detail / address of the property
Nearby Landmark
Value of the property as per agreement
Loan Amount
No of pages of the documents
Documents details (in brief)
Name of the officer sending the file
Phone Number of the Officer sending the file
Applicant’s contact number
Local Contact number of the person who

may show the property to HDFC
representative, if required
Annex XIV
Recovery of Employees’ Housing Loan in case of default-
The period and mode of repayment of loan amount sanctioned to the employees of the
Bank is mentioned in Rule 8 of the RBI Employees’ Housing Loan Rules, 1995.
Accordingly, in the case of death or earlier cessation of service in the Bank, the
outstanding amount in respect of the loan and interest accrued thereon payable by the
employee shall be liable to be adjusted from the contribution to the Provident Fund, the
amount of gratuity, commutation value of pension payable or monthly pension/ family
pension or any other amount payable by the Bank to or in respect of the employee or
by enforcing the security of the mortgage. Normally, the principal amount of the loan
shall be recovered first in a maximum of 240 installments and interest accrued thereon is
thereafter in a maximum of 120 installments from the salary of the employee. However,
with a view to follow a uniform procedure to recover the outstanding amount in respect of
the loan and interest accrued thereon in the case of death or earlier cessation of service
in the Bank or any default on the part of the employee in repayment of the outstanding
loan amount, the following guidelines have been issued.
1. Purpose
This SOP is for the purpose of recovery of outstanding amount in respect of the loan and
interest accrued thereon in the case of death or earlier cessation of service in the Bank
or any default on the part of the employee in repayment. This is to mitigate the Risk of
Loss to the Bank. The recovery of outstanding amount in respect of the loan and interest
accrued thereon is normally affected from the salary of the serving employees. However,
the Non-payment of Housing Loan and interest accrued thereon may arise in the following
instances:
(i) Cases in which salary not drawn (SND),
(ii) Employees who have taken secondment / deputation and not submitted
cheque towards payment of outstanding loan amount and interest accrued
thereon or the cheque submitted is bounced,
(iii) In the case of death/disability or earlier cessation of service in the Bank.
2. Default
The non-recovery of outstanding amount in respect of the loan and interest accrued
thereon for three consecutive installments shall be construed as default in repayment on
the part of the employee.
3. Scope
This SOP is applicable to all the serving employees of the Bank who have availed of
housing loan from the Bank’s Housing Loan Facility and defaulted in repayment of the
Housing Loan and interest accrued thereon for any reason due to which the Bank is not
able to recover the outstanding dues. This SOP is applicable to pension optees and the
employees falling under NPS.
i. Pension optees
From pension optees, the Bank will collect Form No. C duly filled in, authorizing the Bank
to recover the outstanding balance from the PF of the employee or gratuity payable or
leave encashment of salary and Form No. CC duly filled in, authorizing the Bank to
recover/ adjust the outstanding housing loan balance from the pension/ family pension
payable to the spouse or dependent of the employee as the case may be.
ii. Employee falling under NPS
From employees falling under NPS, the Bank will collect Form No. CCC duly filled in,
authorizing the Bank to recover/adjust the outstanding housing loan balance from the
terminal benefits or any other dues payable to the employee by the Bank. In addition to
Form No CCC, these employees are required to execute a surety bond also from two
sureties, who are the employees of the Bank as prescribed in Form No. B. These sureties
should have sufficient period of residuary service in the Bank and their retirement must
be after the retirement of the principal borrower.
4. General instructions
• If an employee defaults in repayment of Housing Loan and interest accrued thereon
in three consecutive installments, a notice will be issued to the employee, with the
approval of the sanctioning authority to repay the outstanding installments along
with an assurance that future installments will be paid on regular basis without any
failure.
• The employee has to necessarily reply to the notice within 15 working days from the
date of receipt of it. If the employee does not reply to the notice and there is
continuous non-repayment of EMIs, a second notice will be issued within 7 days
after one more default observed.
• The second notice should contain advise to repay the outstanding EMI with penal
interest if any, which is to be decided by the Competent Authority as also that in
case the employee fails to repay within the time frame as mentioned in the notice,
the outstanding amount would be adjusted against the dues payable to him as
authorized by him vide Form No. C/CC/CCC as the case may be.
• Copy of the second notice will also be forwarded to the employees who stood as
sureties for the Housing Loan in the case of employees falling under NPS. The
employee will be required to reply to the Notice within 7 working days of the receipt
of the Notice. The employees who stood as Sureties will also have to reply to the
Notice within 7 working days.
• If the employee does not respond to the notice or repay the installments within 15
days from the date receipt of the Notice and third default is observed, the employee
would be asked to repay the entire loan amount outstanding (Principal as well as
accrued interest thereon) at the earliest but not later than 15 days from the receipt
of Notice.
• In case the employee fails to repay the outstanding amount within the timeframe as
mentioned in the notice, the sureties as mentioned in Form No. B may be advised
to repay the amount within a period of 30 days from the date of receipt of the letter.
• If the sureties do not pay the outstanding amount within the time frame as required
by the Bank, the same may be recovered from their salary from the next month
onwards.
• However, the Competent Authority can waive the requirement of issue of notice or
extending the time period for reply of notice or repayment of outstanding installments
or outstanding housing loan amount depending upon the circumstances, in case to
case basis.
5. Enforcing the security interest
Since there exists a valid mortgage in favor of the Bank, taking legal recourse is the last
resort to compensate the loss incurred by the Bank. If there is no recovery even after the
third notice issued to the employee and not able to recover from the sureties also,
liquidation process of the security interest may be initiated. All the relevant documents
with regard to the mortgage created by the principal borrower for availing of Housing
Loan along with the steps so far taken by the Bank to recover the outstanding Housing
Loan amount with interest accrued thereon from the principal borrower and sureties
will be forwarded to the Legal Department/Legal Cell, with the approval of Competent
Authority, to initiate the process of recovery of outstanding amount of Housing Loan and
interest accrued thereon by enforcing the security interest.
Annex XV
The Regional Director/Chief General Manager-In-Charge,

Human Resource Management Department
Housing Loan Section, CAD/ (Office)
Central Office, Mumbai/ Regional Office (Office)
Madam /Dear Sir
In view of the option exercised by me to continue repayment of my housing loan after

retirement, I hereby authorize the Bank to deduct/recover/adjust full repayment of amount
of housing loan of Rs._______________
(Rupees______________________________________________________________only), together
with accrued interest thereon, sanctioned to me under the Reserve Bank of India
Employees' Housing Loans Rules, 1995 and the premium paid by the Bank to cover the
outstanding loan amount under Housing Loan Group Insurance policy of the Bank, from
the amount of commutation value of pension or the monthly pension/family pension
payable to me/my wife/husband/eligible child, as the case may be, and to apply the same
to the discharge of my liability.
Yours faithfully,
(Signature)
Name& Designation:__________________________________________________
PF No: ___________________________ Emp. I D: __________________________
Place:____________________________ Date:_______________________________
Witness:
1) Signature:____________________________________
Name:__________________________________________
Designation:___________________ P F No:_______________ Emp. ID:_____________
Address:__________________________________________________________________
2) Signature:____________________________________
Name:__________________________________________
Designation:___________________ P F No:_______________ Emp. ID:_____________
Address:__________________________________________________________________
Signature Verified

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MASTER CIRCULAR

Reserve Bank of India Employees' Housing

RESERVE BANK OF INDIA

HUMAN RESOURCE MANAGEMENT DEPARTMENT

Para. No. TOPIC Page No.

2 Loans to Housing Societies 1

6 Application and List of Documents 11

10 Documentation at the Time of Disbursement 21

11 Period and Mode of Repayment 23

Group Term Insurance Scheme for Housing Loan along with 27

15 Special Conditions for Societies 29

16 Alienation of Property – Letting out 32

17 Alienation of Property – Sale of Property 33

18 Creation of Second charge/ Pari-Passu Charge 36

19 Defaults and Penalties 38

Filing and Safe Custody of Documents/Transfer to HDFC and 39

24 Return of original Housing loan documents 42

25 Instructions from Central Office 43

Draft acknowledgement Annex-I

List of circulars/letters incorporated in this Master Circular Annex-II

Form E – Permission for creating charge Annex-III

Declaration regarding financial assistance from relatives Annex-IV

Form A – Agreement with Bank – Individual & joint Annex-V

Application for Return of Original Documents Annex VI

Form B - Surety Bond Annex VII

Form C - Permission to Recover dues from PF balance Annex VIII

Form CC – Letter of Authorization to recover dues from Annex IX

Form CCC- Letter of authorization from employees under NPS Annex X

Standard Operating Procedure for Housing Loan Processing Annex XI

Contact details of the concerned Officer in Centralized Annex XII

Index for transfer of documents to HDFC Annex XIII

Recovery of Employees’ Housing Loan in case of default Annex XIV

III) to acquire a plot of land and construct house thereon;

IV) to acquire a ready built flat/house on resale basis;

V) to acquire a flat/ house individually through a builder/private housing society/

1) The original documents of the property are in their possession by way of

2) Outstanding balance of the housing loan sanctioned by them for acquisition

i) The entire flat/house is duly mortgaged in favor of the Bank;

ii) The house/flat is occupied by the employee and/or his/her dependents;

iii) It has become inadequate/unsuitable for his/her present needs; and

The documents to be obtained for the purpose are as under:

employee. (The format is given in Annex-I)

b) Valuation of the land alone, without the building, by a government approved

i) An authorization from the employee authorizing the trustees of Reserve Bank

d) The employee should be asked to furnish Advocate’s opinion regarding title to

e) A certificate from the Builder’s Architect should be obtained clearly

IX) Payment of GST

X) (A) Additional Loans

(i) Cost escalation

(ii) Enhanced eligibility

(iii) Installation of essential items

(iv) Enlargement of existing house

(v) Loan for construction of garage

(vii) Not for repayment purpose

(viii) For repairs and renovation of existing house

(X) (B) Grant of housing loan for acquiring an additional housing

Conditions in respect of Additional Loans

Additional loans will be granted subject to the following conditions: