Each member shall be entitled to avail Special Long Term Loan for the purpose of Construction / Renovation / Extension / Repairs of house subject to the terms and conditions of the subsidiary working Rules thereof;
QUANTUM OF LOAN :
The “Special Long Term Loan” to be disbursed by the Society to the eligible persons shall be:
a) Sub-Staff Rs. 3,00,000/-
(Subject to holding of 50 shares of Rs. 150/- each)
b) Clerical Rs. 5,00,000/-
(Subject to holding of maximum 37 shares of Rs. 150/- each or Rs. 5,550/- which ever is less)
b) Officers Rs. 7,00,000/-
(Subject to holding of 90 shares of Rs. 150/- each)
The maximum borrowing power of a member including Credit Loan / Long Term Loan and Special Long Term Loan shall not exceed;
a) Sub-Staff Rs. 5,00,000/-
b) Clerical Rs. 8,00,000/-
b) Officers Rs.10,00,000/-
Provided that such a member authorizes to deduct the loan installments or dues in full or part either from his/her salary or gratuity/pension or any other payments that he/she receives from the Bank.
Any shortfall on account of the required Share Capital as specified at Bye-law No. 41(a), 41(b) and 41(d) above, the same shall be recovered at the time of releasing the loan.
In case of any shortfall on account of MBF subscriptions, the premium shall be recovered at the time of sanction of loan on pro-rata basis, as may be applicable depending upon the amount sanctioned, in accordance with provisions of Bye-law No. 33-A. All other terms and conditions with regard to the Credit Loan / Long Term Loan and Special Long Term Loan, will remain unchanged.