25/11/2014 The Executive Director, Punjab National Bank, Head Office: 7 Bhikaji Cama Place, New Delhi 110066 Re: flaw in RAD Housing Loan Circular no. 05/2013. Respected Sir, Encouraged by the spirit of HRD Division Circular No. 408 and various ‘Samvad’ version, as also most of valuable lectures, of our EX-CMD Sir, I, very humbly and respectfully, beg to inform your goodself the following: As you know, ours is an organization formed with the sole objective of fostering better understanding and relationship with the clientele of the Bank, which is so vital for the progress since its very inception. However, sometimes, misunderstandings do arise because of some faulty concepts which need to be addressed, the sooner the better. It is in this context that I wish to bring to your kind notice the flaws in the captioned Circular. Chhattisgarh Housing Board, a State-owned Government body - just like DDA, GDA, and HUDA - is developing housing colonies for the general public and inviting applications from Chhattisgarh residents, through the print and electronic media. It is allotting houses to the prospective buyers through lottery system. By now, almost all the units of this colony are sold out, most of them to Government servants. The cost of one property comes to around Rs. 45 lakhs but may fetch Rs. 60 lacs in the open market at present. Sir, our Branch is a newly-opened one in the Housing Board Colony at Boriya Kalan, Raipur. On seeing the vast scope in this upcoming Colony, about 3,500 dwellings may flourish in the Colony the near future. Around 150 houses have already been occupied. Almost all the allottees are in the vicinity of Raipur-Chhattisgarh. After vigorous follow up with the Housing Board Office, we could get one copy of the allottees’ list. While we approached them vide our introductory letter (copy enclosed) to convince that this Branch has been opened for their benefit, some allottees started demanding advance to clear their remaining dues of Chhattisgarh Housing Board, despite the fact they are well-settled in Government or private sectors. Sir, because of the location of the Branch (nearby) on the highway and its easy accessibility to the State capital, it is going to be a very profitable venture when almost all the allottees take physical possession of their houses in this Colony. On the other hand, the RAD Housing Loan circular quotes ‘The housing loan to the prospective borrower customer be sanctioned at the RAB/Branch near the present place of work or residence of prospective borrower’. Sir, if amendment is not made out in the captioned Circular, the idea behind opening this branch is likely to be defeated. It is also pertinent to mention here that other banks, viz. Bank of Baroda, Union Bank, Dena Bank, State Bank of India, Central Bank, Chhattisgarh Gramin Bank, Axis Bank, are extending advance facilities only on the basis of their allotment letters, save minor other formalities. They sanction loans to the borrowers but pay to Chhattisgarh Housing Board direct. Thus make secure facilities. In view of above, your goodself is requested to advise the concerned Departments, for necessary corrective change in this Circular. We would appreciate if an early action is taken in the matter under advice to us before other banks benefit. Thanking you in anticipation and with profound regards, Yours faithfully, Br. Manager
Posted on: Tue, 25 Nov 2014 09:07:47 +0000
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