Thread Started by #ASGOKHALE

Dear all
Can some one send me a proforma of a surety bond? this is wrt to housing loans taken by employees. We as of now, have no procedure in place and just give the money on trust basis. So if some wants a large sum of money for say housing loan we BELIEVE him and give it. If some one says he requires it for personal use WE BELIEVE HIM and grant it.
Can u please help me out with 2 things.
1. Proceudre of HR while granting loan (AFTER THE MANAGEMENT HAS APPROVED OF THE LOAN) (what documents to keep, what to retain etc)
2. a surety bond, sample format that can be used in an organisation having not more than 100 employees.
Thanks
Avanti
11th December 2009 From India, Mumbai
First of all you should have your Company's own Loan Policy. If your Company is financialy sound enough, you can provide finance to staff. Providing housing loan to staff requires to design seperate policy i.e. "Housing Loan Policy". For designing Housing Loan Policy, You shall have to fix certain criteria i.e.

1. Eligibility-say after sucessful completion of 5 yrs or more and for his/her own usage only and to rent it out and once in a service life. The housing will be given only for the purchase of new OR maximum 5 years old house.

2. Family Background-Whether he/she is already having his/her own house in his/her wife/husband name OR he/she is having share in any ancestral property. The purpose to finance for housing loan should be to have own house for own utilization and not for earning income out of it.

3. Category of Employee-say you shall have to fix the limit for each category of employee as per his/her monthly drawings

3. Length of Service OR Age of employee- you shall have give consideration to the remaining length of service so that you can fix repayment tenutre accordingly.

4. Size of family and earnigs of members-you shall have to get an information whether his/her wife/husbad is earning member and already availed housing loan from his/her employer. Here you shall also have to check his/her outside financial liability if any.

After fullfilment of above criteria, you proceed further for deatils of propsed property. It is not possible for me narrate each & every aspect as to what type of document your employee should have for availing housing loan because it depends on

A) Whether the property is in cooperative housing society OR individual-independant house

B) Whether it is new one OR secound/third sale. The list of documents required in case Individual house varies than that of cooperative housing society.

C) Whether it falls under City Survey OR in Revenue. The list of documents required in case City Survey property varies than that of Revenue Survey.

After getting all relevant documents, employee shall have to obtain title clerance certificate from Company's panel advocate. After getting clearance form advocate you can proceed further for its disbursement. You can obtain the list of documents for disbursement of housing loan from your panel advocate.

You can draft vehicle policy on the basis of above. While drafting policy for vehicle loan/housing loan/loan for TV-Computer-Furniture-Mobile in present scenario or for say any consumable goods, pl keep in mind that the employee is in need of narrated items for his/her own purpose/usage or for his/her family members (dependants only) and not for any other purpose.

I am enclosing here with format of loan application which you can modify and utilize it for the purpoase other than narrated above. You can contact me at for any further querry.

A. Prakash
25th August 2015 From India, Halol

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