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
From India, Mumbai
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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
From India, Mumbai
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First of all, you should have your company's own Loan Policy. If your company is financially sound enough, you can provide finance to staff. Providing a housing loan to staff requires designing a separate policy, i.e., "Housing Loan Policy." For designing the Housing Loan Policy, you shall have to fix certain criteria, i.e.:
1. Eligibility - say after successful completion of 5 years or more and for his/her own usage only and to rent it out once in a service life. The housing will be given only for the purchase of a new OR a maximum of 5 years old house.
2. Family Background - Whether he/she already has his/her own house in his/her wife/husband's name OR has a share in any ancestral property. The purpose of financing a housing loan should be to have an 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 the employee - you shall have to give consideration to the remaining length of service so that you can fix the repayment tenure accordingly.
4. Size of the family and earnings of members - you shall have to get information on whether his/her wife/husband is an earning member and has already availed a housing loan from his/her employer. Here you shall also have to check his/her outside financial liability if any.
After the fulfillment of the above criteria, you proceed further for details of the proposed property. It is not possible for me to narrate each and every aspect of what type of document your employee should have for availing a housing loan because it depends on:
A) Whether the property is in a cooperative housing society OR an individual-independent house.
B) Whether it is a new one OR second/third sale. The list of documents required in case of an individual house varies from that of a cooperative housing society.
C) Whether it falls under City Survey OR in Revenue. The list of documents required in the case of City Survey property varies from that of Revenue Survey.
After getting all relevant documents, the employee shall have to obtain title clearance certificate from the company's panel advocate. After getting clearance from the advocate, you can proceed further for its disbursement. You can obtain the list of documents for the disbursement of a housing loan from your panel advocate.
You can draft a vehicle policy based on the above. While drafting policies for vehicle loans/housing loans/loans for TV-Computer-Furniture-Mobile in the present scenario or for any consumable goods, please keep in mind that the employee is in need of the narrated items for his/her own purpose/usage or for his/her family members (dependents only) and not for any other purpose.
I am enclosing herewith the format of the loan application which you can modify and utilize for purposes other than those mentioned above. You can contact me at
for any further queries.
A. Prakash
From India, Halol
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371. Eligibility - say after successful completion of 5 years or more and for his/her own usage only and to rent it out once in a service life. The housing will be given only for the purchase of a new OR a maximum of 5 years old house.
2. Family Background - Whether he/she already has his/her own house in his/her wife/husband's name OR has a share in any ancestral property. The purpose of financing a housing loan should be to have an 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 the employee - you shall have to give consideration to the remaining length of service so that you can fix the repayment tenure accordingly.
4. Size of the family and earnings of members - you shall have to get information on whether his/her wife/husband is an earning member and has already availed a housing loan from his/her employer. Here you shall also have to check his/her outside financial liability if any.
After the fulfillment of the above criteria, you proceed further for details of the proposed property. It is not possible for me to narrate each and every aspect of what type of document your employee should have for availing a housing loan because it depends on:
A) Whether the property is in a cooperative housing society OR an individual-independent house.
B) Whether it is a new one OR second/third sale. The list of documents required in case of an individual house varies from that of a cooperative housing society.
C) Whether it falls under City Survey OR in Revenue. The list of documents required in the case of City Survey property varies from that of Revenue Survey.
After getting all relevant documents, the employee shall have to obtain title clearance certificate from the company's panel advocate. After getting clearance from the advocate, you can proceed further for its disbursement. You can obtain the list of documents for the disbursement of a housing loan from your panel advocate.
You can draft a vehicle policy based on the above. While drafting policies for vehicle loans/housing loans/loans for TV-Computer-Furniture-Mobile in the present scenario or for any consumable goods, please keep in mind that the employee is in need of the narrated items for his/her own purpose/usage or for his/her family members (dependents only) and not for any other purpose.
I am enclosing herewith the format of the loan application which you can modify and utilize for purposes other than those mentioned above. You can contact me at
A. Prakash
From India, Halol
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