LOAN AGREEMENT

ARTICLES OF AGREEMENT made ------------this the_______________day of at -----

BETWEEN ---------------------residing at ---------- hereinafter called 'the Borrower' (which
expression shall unless the context otherwise requires, include his heirs, executors,
administers, and permitted assigns) of the One Part and Central Bank of India, a body
corporate constituted under the Banking Companies (acquisition and Transfer of
Undertakings) Act, 1970, having its Central Office at Chandermukhi, Nariman Point,
Mumbai-400 021, hereinafter called ;the Bank; (which expression shall unless the context
otherwise requires, include its successors and assigns) of the other part.

ARTICLE-I

DEFINITIONS

1.1 In this Agreement unless the context otherwise requires:

a The term 'schedule' means the schedule written after Article 10

b The term 'loan' includes the loan amount provided for in Article 2.1 of this
Agreement and the schedule, with interest, cost, charges expenses etc. chargeable
by the Bank.

c The term 'repayment' means the repayment of the principal amount of loan, interest
thereon, commitment and / or any other charges, premium fees and other dues
payable in terms of this Agreement to the Bank and means in particular,
amortization provided for in Article 2.6 of this Agreement.

d The term 'prepayment' means premature repayment as per the terms and
conditions laid down by the Bank in that behalf and in force at the time of
prepayment.

e The expression 'rate of interest' means the rate of interest referred to in Article 2.2

f The expression 'Equated monthly installment' (EMI) means the amount of monthly
payment necessary to amortize the loan over the period of the loan.

g The expression 'Pre Equated monthly installment interest' (PEMII) means interest
at the rate indicated in Article 2.2 on the loan from the date/respective dates of
disbursement or the date immediately prior to the date of commencement of EMI.

1.2 The term "Borrower" wherever the context so requires shall mean and be
construed as Borrowers and the Masculine gender wherever the context so
requires shall mean and be construed as the feminine gender.

1.3 The terms and expressions not herein defined shall where the interpretation and
meaning have been assigned to them of the General Clauses Act, 1897, have that
 interpretation and meaning.

1.4 The term ‘Construction’ shall means and include extension addition, alteration etc.

ARTICLE – II LOAN, INTEREST, ETC.

2.1 Amount of Loan

The Borrower agrees to borrow from the Bank and the Bank agrees to lend to the
Borrower for the purpose of --------------------------- a sum as stated in the schedule
on the terms and conditions herein set forth

2.2 Interest

a The Bank shall be entitled to charge interest at the rate of ---% with monthly rests
or at such other rate of interest as it may fixed from time to time.

b The borrower shall reimburse or pay to the bank such amount as may have been
paid or payable by the Bank to the Central or State Government on account of any
tax levied on interest (and/or other charges including PEMII) on the loan by the
Central or State Government or any other authority. The reimbursement or
payment shall be made by the Borrower as and when called upon to do so by the
Bank.

2.3 Computation of Interest:

The EMI comprises of principal costs, charges, expenses etc., and interest
calculated on the basis of monthly/quarterly rest at the rate applicable and is
rounded off the nearest/next rupee.

2.4 Details of Disbursement:

The loan shall be disbursed in one lump sum or in suitable installments to be

decided by the Bank with reference to the need or progress of construction of the
house (which decision shall be final and binding on the borrower)

2.5 Mode of Disbursement:

All disbursements may in the discretion of the Bank, be made either by crediting
the Borrower’s deposit account with the Bank for onward payment towards house
construction or by Banker’s cheque drawn in favor of the supplier or builder as the
case may be, as per requirement in conformity with the terms and conditions.
2.6 Amortisation:

a Subject to Article 2.2 the Borrower will amortize the loan as stipulated in the
schedule subject however that in the event of delay or advancement of
disbursement for any reason whatsoever, the date of commencement of EMI shall
be the first day of the month succeeding the month in which the disbursement of
the loan will have been completed and consequently due date of payment of first
EMI shall be in such as case be the last day of the said succeeding month.

b In addition to (a) above, the borrower shall pay to the Bank PEMII, if applicable

c Notwithstanding what is stated in Article 2.6(a) above and in the Schedule, the
Bank shall have the right at any time or from time to time the review and
reschedule the repayment terms of the loan or of the outstanding amount thereof in
such a manner and to such extent as the Bank may in its sole discretion decided.
In such event/s the borrower shall repay the loan or the outstanding amount thereof
as per the revised schedule as may be determined by the Bank in its sole
discretion and communicated to the borrower by the Bank in writing.

d The borrower shall on his own accord send to the Bank a statement of his income,
every year from the date hereof. However, the Bank shall have the right to require
the Borrower to furnish such information/documents concerning his employment,
trade, business or profession at any time and the Borrower shall furnish such
information/documents immediately.

2.7 Delay in payment of EMI etc.

a No notice, reminder or intimation will be given to the Borrower regarding his

obligation to pay the EMI or PEMII regularly on due date. It shall be entirely his
responsibility to ensure prompt and regular payment of EMI or PEMII.

b The delay in payment of EMI or PEMII shall render the Borrower liable to additional
interest as per the rules of the Bank in that behalf as in force from time to time,
without affecting rights and remedies that may be available to the Bank.

2.8 Pre-payment:

The Bank may, in its sole discretion and on such terms as to pre-payment charges,
etc., as it may prescribe permit acceleration of EMIS or pre-payment at the request
of the Borrower

2.9 Commitment charges:

The Borrower shall pay to the Bank Commitment charge at the rate specified by
 Bank on the principal amount of the loan or any part thereof as the case may be,
which shall not have been drawn and shall not have been cancelled by the Bank as
per rules of the Bank in that behalf, as in force from time to time.

2.10 Termination of further Disbursement:

Notwithstanding anything to the contrary contained herein the Bank may be notice
to the Borrower suspend or cancel further disbursements of the loan if the loan
shall not have been fully drawn within 12 months from the date of the letter of offer/
sanction.

2.11 Alteration and Re-scheduling of Equated Monthly Installments:

If the loan is not totally drawn by the Borrower within a period of 12 months from
the date of letter of offer or as per terms of sanction the EMI may be altered and re-
scheduled in such a manner and to such extent as the Bank may, in its sole
discretion, decide and the repayment will be made as per the said alteration and
re-scheduling notwithstanding anything stated in Article 2.6 and the Schedule.

2.12 Liability of Borrower to be Joint and Several:

In case of joint borrowers, the Liability of the Borrower to repay the loan together
with interest, etc., and to observe the terms ad conditions of this Agreement/and
any other Agreements, Document/s that may have been or may be executed by the
Borrower with the Bank in respect of this loan or any other loan or loans is joint and
several
ARTICLE – III SECURITY

3.1
Security for the Loan by Mortgage of property

The Borrower agrees and undertakes that the principal sum of the loan, interest,
commitment and other charges and any other dues under this Agreement shall be
secured by mortgage of the property described in the Schedule and the Bank shall
have the right to decide, in to sole discretion, the type of mortgage or any other
security and or additional security it may require and the borrower shall be bound to
execute/create the mortgage accordingly and furnish any such other or additional
security as required by the Bank.

3.2
Title to property

a The borrower hereby declares and assures the Bank that he has absolute clear
 and marketable title to the property offered as security, and that the said property is
absolutely unencumbered and free from any other liability whatsoever and the
borrower agrees to indemnify and keep the Bank saved and harmless against any
risk whatsoever.

b To execute any such Agreement/s, document/s, undertaking/s that may be required

now or hereafter as any time during the pendency of this loan or any other loans or
loans granted by the Bank hereafter
ARTICLE-IV CONDITIONS PRECEDENT TO DISBURSEMENT OF THE
LOAN

4.1 Utilisation of Borrower’s Contribution:

The Borrower assures the Bank that he has, prior to receiving the disbursement of
the loan as aforesaid utilised, his own contribution i.e. cost of the unit less the Bank
Loan

ARTICLE – V COVENANTS

5.1 Particular Affirmative Covenants:

a Utilisation of Loan:

The Borrower shall utilize the entire loan for the purchase/construction of the
property, as indicated by his in his loan application and for no other purpose
whatsoever.

b Construction:

The Borrower covenants that he shall complete the said construction as indicated
by him in his loan application or otherwise and obtain and produce to the Bank
proper completion certificate issued by the concerned Municipal Corporation or
Municipality.

c Notify causes of delay:

The borrower shall promptly notify any even or circumstances which might operate
as a cause of delay in the commencement or completion of the construction.

d Maintenance of Property:

The Borrower shall maintain the property, when completed, in good order and
condition and will make all necessary repair, additions and improvements thereto
 during the pendency of the loan.

e To notify change in employment/occurrence of circumstances:

i) The Borrower shall notify any change in his employment, business profession or
occupation as the case may be, within seven days of the change

ii) The Borrower shall also notify occurrence of any circumstances, which would make
it improbable for the Borrower to fulfill his obligations or otherwise affect Bank.

f) Compliance with rules etc., and payment of maintenance charges etc:

The Borrower shall duly and punctually comply with all the terms and conditions of
the holding of the property and all the rules, regulations bye-laws etc. of the
concerned Co-operative Society, Association, Association, Limited company or any
other Competent Authority, and pay such maintenance and other charges for the
upkeep of the property as also any other dues etc as may be payable in respect of
the said property or the use thereof.

The Borrower shall also pay regularly all taxes, rates ceiling, levies duties charges
g) etc. payable to the Central/state Government or any other body or authority.

h) Insurance:

Notwithstanding what is herein before stated the Borrower shall be vigilant and he
shall see that the property is always duly and properly insured against fire and
other hazards, the Bank being made the said beneficiary under the policy, or a
value as required by the Bank during the pendency of the loan and produce
evidence thereof to the Bank each year and whenever called upon to do so. In
case of any amount becoming payable under the Insurance Policy, the Bank shall
be entitled to receive the same and adjust it towards Bank’s dues and in case of
deficiency to claim/recover the same from the borrower.

i) Loss/damage by uncovered risks:

The Borrower shall promptly inform the Bank of any loss or damage to the property,
which the Borrower may suffer due to any force majeure or act of God, such as
earthquake, flood, storm, tempest or typhoon or due to any other reason
whatsoever.

5.2
Notify Additions, Alterations

The Borrower shall notify and furnish details of any additions to or alterations
 in the property, which might be proposed to be made during the pendency of the
loan

5.3
The Bank’s Right to inspect:

The Borrower agrees that the Bank or any person authorized by it shall have
free access to the property for the purpose of inspection/supervising and
inspecting the progress of construction and the accounts of construction to
ensure proper utilization of the loan and of after such construction to
check/inspect the condition of the property.

5.4
Negative Covenants, unless the Bank otherwise agrees

a
Possession:

The Borrower shall not let out or otherwise howsoever part with the possession
of the property or any part thereof

b
Alienation:

The Borrower shall not sell, mortgage, lease, surrender, assign, and otherwise
howsoever alienate the property or any part thereof.

c
Agreement and Arrangement:
The Borrower shall not enter into any Agreement or Arrangement with any person,
institution or local or Government body for the use, occupation of disposal of the said
property or any part thereof during the pendency of the loan or commit act of insolvency.

d
Change of use:

The Borrower shall not change residential use of the property if the property is
used for any purpose other than residential purpose, in addition to any other
 action which the Bank might take, the Bank shall be entitled to charge, in its sole
discretion, such higher rate of interest as it might fix in the circumstances of the
case.

e
Merger:

The Borrower shall not amalgamate or merge his property with any other
adjacent property nor shall be created any right of way or any other easement
on the property

f
Surety or Guarantee:

The borrower shall not stand surety for anybody or guarantee the repayment of
any loan or the purchase price of any asset.

g
Leaving India:

The Borrower shall not leave India for employment or business or for long term
stay abroad without fully repaying the loan then outstanding together with
interest and other dues and charges including prepayment charges as per the
rules of the Bank then in force.
ARTICLE – VI Borrower’s Warranties

6. The Borrower hereby warrants and undertakes to the Bank as follows:

a Confirmation of loan application:

The Borrower confirms the accuracy of the information given in his loan application
made to the Bank and any prior or subsequent information or explanation given to
the Bank in his behalf

b Disclosure of material changes:

That subsequent to the said loan application there has been no material change
which would affect the purchase/construction of the property or the grant of the
loan as proposed in the loan application.
c Charges and encumbrances:

That there are no mortgage, charges lispendens or liens or other encumbrances or

any rights of way, light or water or other easements or right of support on the whole
or any part of the property of the Borrower.

d Litigation:

That the Borrower is not party to any action or litigations of a material character
and that the Borrower is not aware of any facts likely to give rise to such action or
litigation or to material claims against the Borrower

e Disclosure of defects in property:

That the Borrower is not aware of any document, judgment or legal process or
other charges of any latent or patent defect affecting the title of the property or of
any material defect in the property or the title which has remained undisclosed
and/or which may affect the bank prejudicially.

f Public Scheme affecting the Borrower’s property.

That the Borrower’s property is not included in or affected or any of the Scheme of
Central/State Government or of the improvement Trust or any other public body or
local authority or by any alignment, widening or construction of road under any
scheme of the Central/State Government or of any corporation, Municipal
Committee, Gram panchayat, etc.

g Infringement or Local laws:

That no suit or action is pending in the Municipal Magistrate’s Court or any other
Court of Law or before any other authority in respect of the property to be
mortgaged with the Bank nor has the Borrower been served with any Notice for
infringing the provisions of the Municipal Act or any Act relating to local bodies or
Gram Panchayats or Local Authorities or with any other process under any law.

h Disclosure of facts:

That the Borrower has disclosed all facts relating to his property to the Bank and
has made available to them all the title deeds in his possession.

I Due payments of Public and Other demands:

That the Borrower has paid all public demands such as Income Tax and all other
taxes and revenues payable to the Government of India or the Government of any
 State or to any local authority and that at present there are no arrears of such taxes
and revenues due and outstanding.

j It shall be the Borrower’s obligation to keep himself / themselves acquainted with

the rules of the Bank herein referred to in force from time to time.

K That the Borrower shall deposit with the Bank the Share Certificate in respect of
the property immediately after the same is issued.

l That the margin money being the difference of the actual cost of the
purchase/construction of the property and the loan amount, has been provided for
by the Borrower himself and there are no other borrowings of the Borrower towards
the cost.

m That the Borrower shall use the property only for the residential use and occupation
of himself and/or his family members.

ARTICLE – VII REMEDIES OF THE BANK

7.1 If one or more of the events specified in this Articles (hereinafter called ‘Events of
Default’) shall have happened then the entire loan shall become due and payable
by the Borrower to the Bank and Bank will entitled to enforce its security,
notwithstanding anything to the contrary, in this Agreement or any other
Agreement/s or document/s

a Payment of dues:

Default shall have occurred in payment of EMIS and or PEMIIS and/or in payment
of any other amounts due and payable to the Bank in terms of this Agreement
and/or in terms of any other Agreement/s, document/s that may be subsisting or
that may be executed by or between the Borrower and the Bank hereinafter

b Performance of Covenants:

Defaults shall have occurred in the performance of any covenants, conditions or

agreements on the part of the Borrower under this Agreement or any other
Agreement/s between the Borrower and the Bank in respect of this loan and for
any other loan and such default shall have continued over a period of 30 days after
notice thereof given to the Borrower by the Bank.

c Supply of misleading information:

Any information given by the Borrower in his loan application or otherwise to the
 Bank is found to be misleading or incorrect in any material respect or any warranty
and particularly referred to in Article-6, is found to be incorrect.

d Inability to the Debts:

If there is reasonable apprehension that the borrower is unable to pay his debts or
enters into any arrangement or competition with his creditors or commits any act of
insolvency.

e Depreciation of Security:

If the property given as security depreciates in values to such an extent that in the
opinion of the Bank further security to the satisfaction of the Bank should be given
and such security is not given in spite of being called upon to do so.

f Sale or Disposal of property:

If the Borrower's property, which is given as security for the loan, is sold, disposed-
off, charged, encumbered or alienated.

g Attachment or Distrait on Mortgaged properties:

If an attachment or distrait is levied on the mortgaged property or any part thereof

and/or certificate proceeding are taken or commenced for recover of any dues from
the Borrower.

H Failure to furnish information/documents:

If the Borrower fails to furnish information/documents as required by the Bank

under the provisions of Article 2.6

i Death of the Borrower.

j Death of the Guarantor or the guarantor revoking the guarantee.

On the question whether any of the above events has happened, the decision of
the Bank shall be final conclusive and binding on the Borrower

7.2 Notice to the Bank on the happening of any Event of Default:

If any event of Default or any event which, after the notice or lapse of time or both
would constitute an even of default shall have happened the Borrower shall
forthwith give the Bank notice thereof in writing specifying such event of default or
such event.
 ARTICLE-VIII WAIVER

8 Waiver not to Impair the Rights of the Bank :

No delay in exercising or omission to exercise any right, Power or remedy accruing

to the Bank upon any default under this Agreement, or any other Agreement, or
document shall impair any such right, power or remedy or shall be construed to be
a waiver thereof or any acquiescence in such default, nor shall the action or
inaction of the Bank in respect of any default or any acquiescence by it in any
default, affect or impair any right Power or remedy of the Bank.

ARTICLE-IX CESSATION OF EMPLOYMENT

9 If the Borrower is in any employment, all amounts payable to him upon cessation of
his employment either by termination/resignation/retirement or otherwise, the bank
shall be entitled to receive all such amounts directly from his employer/s and adjust
the same towards the dues and claim/recover the deficiency, if any. The Borrower
shall instruct/authorise his employer/s to pay such amounts to the Bank directly. In
case any amount is received by him, the same shall be deposited immediately with
the Bank
ARTICLE-X MISCELLANEOUS

10.1 Inspection assignment etc.

a The Borrower shall permit inspection of all books of accounts and other records
maintained by him in respect of the loan to representatives of the Bank.

b The Bank shall have the right to create charge over the property in favor of any
company, bank, institution or body by way of security for any refinance facility or
any loan availed of by the Bank from such company, Bank, Institution or Body. The
Bank shall also have the right to transfer or assign the mortgage over the property
in favor of any company, bank institution or body in connection with any sale or
transfer of the loan by the Bank to them.

10.2 Service of Notice:

Any notice or request required to be given or made shall be given in writing and
shall be deemed to have been duly given or made when it shall be delivered by
hand, mail or telegram to the party to which it is required to be given or made at
such party's address viz, in case of Bank, at the address of the concerned Branch
and in case of Borrower at the address mentioned above or at such other address
 as the Borrower shall have designated by Notice to the Bank provided however
that in case of joint borrowers, notice to any one of the Borrowers shall be deemed
to have been given to all the Borrower

SCHEDULE

Article reference

2.1 Amount of Loan:Rs

2.2 Interest:

a Applicable rate of interest- -------( fixed/ floating)

b Concessional rate of interest----- ( fixed /floating)

2.3 Amortisation:

a Term or repayment -- years

b EMI Rs.----------

c Number EMIs --- months.

d Date of commencement of EMI -------------------

e Due date of payment of first EMI --------------------

However, in the event of delay or advancement of disbursement the date of commencement
of EMI shall be the first day of the month, succeeding the month in which the disbursement
the loan will have been complete. In such case, the due date of payment of first EMI shall
be the first day of such succeeding month.

f Subsequent EMI shall be payable at the end of each respective month

Description of the Property:

------------------------------------------------------------------------------------------------------------------

IN WITNESS WHEREOF the parties hereto have signed at MUMBAI on the

_______________
Signed and Delivered by the within
named.