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sreekanth.karambiam
08-08-2009, 05:41 PM
:) Sir, I intend to purchase a flat. For this purpose, source will be by -a) raising housing loan from a bank, b) gift from close relatives and c) interest-free loan from friends/relatives etc. Now my question is should I take permission from the Head of Office for each i.e. a) b) and c) above separately or one permission order covering all the above points will do. Pl guide me

jitendraacr
08-08-2009, 10:00 PM
Dear friend
There is a simple procedure for your queries. Permission under Rule 18(2) is necessary when transaction is proposed to be made with a person with you have some official dealings otherwise simple intimation is sufficient. However if you are going to take loan of large amounts, then as per rules 16 of Conduct Rules, you are required to take prior permission. As regards small amount of interest free loans from friend/relatives, there is no need for prior permission. Small amount however has not been defined and it depends on applicants status and his financial sources. Decision is ofcourse lies upon competent authority. Amount up to 1-2 lakh may come under small amount and you can show 5-6 lakh loan from 2-3 relatives. At the last, no separate permission is required for each individual loan, one application is sufficient.
Jitendra

sreekanth.karambiam
09-08-2009, 10:30 PM
Dear Sir, Thank you very much for your prompt reply and guidance given in this regard. With regards...sreekanth

venkatcustoms
10-08-2009, 06:32 PM
:) Sir, I intend to purchase a flat. For this purpose, source will be by -a) raising housing loan from a bank, b) gift from close relatives and c) interest-free loan from friends/relatives etc. Now my question is should I take permission from the Head of Office for each i.e. a) b) and c) above separately or one permission order covering all the above points will do. Pl guide me

Dear Srikanth,

Pl. go through the permission format. It is enough if you apply for permission to buy the flat. Under the head, source, you have to provide these informations ie a, b and c.

Also, the sanctioning authority may require you to produce documentary evidence for applying loan from bank, letter of consent from the close relative and friends (as regard to gift or interest-free loan)