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Last modified / updated Jan. 01, 2016

Staff Housing Loan Scheme - Public Sector Banks to revise the Scheme

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Public Sector Banks to revise the Staff Housing Loan Scheme

On Government approval, IBA vide their letter no. CIR/HR&IR/2014-15/624-A/482 dated August 12, 2014 has issued instructions to all Public Sector Banks to formulate the Staff Housing Loan Policy with the approval of their respective Boards keeping the Housing Loan Scheme to Staff outside the purview of Industry level Bipartite Settlement.

IBA suggesting the Banks inter-alia as under

  1. The facility of loans to employees has now greater relevance with a view to improve their motivation level, inculcate a sense of belonging, ward against poaching on staff by competitiors and to make a career in PSBs more attractive and also the talent in Banks.
  2. Private Sector Banks are offering much better compensation to their employees than Public Sector Banks. including housing loan at concessional rates.
  3. Compensation to employees in respect of housing loan may be extended by the banks to the extent of cost of funds incurred by the concerned bank.

Accordingly, each bank is allowed to formulate the Staff Housing Loan Policy with the approval of the Board of concerned Bank, keeping the housing loan scheme to staff outside the purview of Industry-level Bipartite Settlement.

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