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TITLE	NORMS
Purpose	Purchase of House site / Purchase of House / House Construction/ House Repairs/ Marriage Expenses
Eligibility	No. of years service in the corporation No. of times on monthly gross salary 1) Less than 3 years of Service 6 times of the gross salary 2) 3 years and above but less than 5 years 12 times of the gross salary 3) 5 years and above but less than 10 years 18 times of the gross salary 4) 10 years and above but less than 15 years 24 times of the gross salary 5) 15 years and above 30 times of the gross salary
Surety Eligibility	Member can stand surety up to the maximum limits of Rs.30 Lakhs.
Loan Limit	Rs.25,00,000/-(Twenty Five lakhs) Maximum
Repayment Period	Repayable in 12/48/60/144 EMI
Rate of Interest	A) Swift Loan Maximum Upto Rs.1 Lakh 8.00% B) Emergency Loan Maximum monthly instalment is 48 Maximum Upto Rs.10 Lakhs(With in IMBP) 9.25% C) Medium Term Loan Maximum instalments 60 Maximum Upto Rs.25 Lakhs 10.50% D) Long Term Loan Maximum instalments 144 Maximum Upto Rs.25 Lakhs 11.00%
Share Holding	5% of the Loan amount as per RBI notification
Security	Permanent LIC Employee with 25% of net salary to the Gross Salary
Purpose Proof	For the purpose of purchase of House site / Purchase of House / House Construction:
	i) Legal opinion by an Advocate – Advocate’s fees is to be born by the member.
	ii) Original Title Deed (to be deposited in the Bank till the clearance of loan)
	iii) Approved plan and Estimate of Expenditure to be incurred.
	iv) Inspection Report by persons authorized by the Bank; expenses of which is to be born by the member
	For the purpose of House Repairs: All the items referred to In items, i, iii, iv.
	In the case of “Marriage Expenses” the following details will be necessary:
	i) Name of the person to be married and exact relationship to the applicant.
	ii) Place and date of marriage and whether the person to be married is entirely dependent on the applicant and if not who are the other relations who bear expenses is also to be stated.
	iii) Estimated Expenses of the marriage
	iv) In the case of “medical Expenses” name and exact relationship and ailment of the person for whom the expenses are to be incurred, the name of the Doctor or the Hospital etc. treating the patient, whether the patient is entirely dependent on the applicant and if not, who are the other relations who bear the expenses, the total expenses that are to be incurred etc. should be stated. In the case of “Domestic Expenses” the full details and nature of expenses that are incurred have to be stated. In the case of all other purpose also, all the necessary details must be stated. All these details are required to be stated on a separate sheet of paper under the signature of the applicant. If all the necessary details are not given, the sanction of loan will have to be delayed until all the details got and found satisfactory. When part of fresh loan sought is for clearing earlier loan, the applicant should state so and give particulars for the balance.
Documentation	Prescribed Application Form with Attested Copies of Photo ID – Voter ID/DrivLicense/Passport/Aadhar PAN Card