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Assam Gramin Vikas Bank Asomi Grihasree Loan Form
Asomi Grihashree Loan Scheme, the housing loan scheme of the Bank for the customers was circulated vide H.O. circular no. AGVB/CR/HLS/17/OM-009/06 dated 27.03.06. The detailed terms and conditions for availing of a housing loan from our bank have been laid down in the aforesaid circular.
Under the special arrangement incorporated in the MoU, Housing Loans shall be sanctioned and disbursed to the employees of the Government of Assam, posted at various centers through any of the branches of AGVB in Assam on fulfillment of the Bank’s terms and conditions as applicable from time to time under Asomi Grihasree Loan Scheme.
- The specially devised loan application form along with Annexure I,II & III for housing loan shall be provided by any of the branches of AGVB in the State of Assam to employees of the Government of Assam posted at various centers who have completed minimum three years of regular service having GPF Account Numbers.
- The loan applications shall be submitted by the employees duly filled in and with required papers / particulars under the scheme to the branches where their salary is credited by the Government of Assam, for sanction and disbursement of the loan.
- The loan application shall also be accompanied by the following documents:
- Irrevocable Letter of Authority (Annexure I of the MoU) addressed to the concerned Branch Manager by the concerned employee authorizing him for deducting E.M.I. from his/her account maintained at that Branch in which his/her salary and/or terminal payments is/are credited, till the loan amount along with accrued interest is liquidated.
- DDO shall not allow transfer of these salary accounts of the employees to or shall not credit salary to any other account with any other Bank/Branch of AGVB without written consent of the Branch where the employee has availed Asomi Grihasree Loan. DDO shall not pay the salary to the employee in cash.
- A Letter in standard format issued by the concerned Drawing and Disbursing Officer(DDO) to AGVB (Annexure – II of the MoU), his agreeing to credit the salary of the employee to the Bank account of the employee along with all other terminal payments till the loan amount with accrued interest is fully liquidated except in the event of death of the employee.
- A Letter issued by the Drawing & Disbursing Officer when the loan applicant himself is the Drawing & Disbursing Officer (DDO) (Annexure – III of the MoU) along with the Irrevocable Letter of Authority (Annexure-I of the MoU), agreeing to credit his/her salary along with all other terminal payments, to his/her Bank account, till the loan amount with accrued interest is fully liquidated.
- After receiving the loan applications along with the necessary documents and annexures, the concerned branch of AGVB shall scrutinize, process and sanction the loan as per discretionary power on fulfillment of the bank’s prescribed norms and shall invite the applicant found eligible under the scheme for execution of standard loan documents as applicable for the State of Assam.
- The following terms and conditions under the MoU shall be applicable to the employees of the Government of Assam.
- AGVB will extend a concessional rate than the actual prevailing applicable rate of the AGVB that is fixed on the basis of AGVBCR from time to time on loans to be granted under the scheme.
- After taking this concession into consideration, at present the rate of interest for state Govt. employees will be as follows:-
- Fixed-Rate – Repayment up to 5 years -10 % p.a. and Above 5 years and up to to 20 Years-10.50 % p.a. with reset clause at every two years ;
Floating Rate – Repayment up to 5 years -(BPLR) – 3.25% i.e. 10%, Above
5 to 10 years – (BPLR) – 2.75% i.e. 10.50% and Above 10 years-(BPLR-2.50%
- 75% of the processing fee will be waived by the AGVB with effect from the date of execution of MoU, Full waiver of processing fee will be considered by AGVB depending on the volume of total loans to Govt. employees later in the year. Thus the processing fees to be charged at present shall be 0.25% of the loan amount.