Common use of Staff House Purchase Loans Clause in Contracts

Staff House Purchase Loans. Existing Loans under the Company’s Staff House Purchase Scheme shall be allowed to continue on the existing terms and conditions arranged, subject to the additional conditions set out below, for a period of up to five years. Five years after the date of termination of employment, any outstanding borrowing will be subject to the terms and conditions which subsist in respect of House Purchase Loans to customers of the Company. The rate of interest on each Staff House Purchase Loan shall be increased by 2% on each of the first four anniversaries of the date of termination of employment subject to the rate not exceeding that charged to the Company’s customers. Executives shall sign a mandate authorising variation of the monthly repayments in line with changes in the interest rate and these variations shall be calculated in such a way that repayment of the loan is achieved without extension of the original term of the loan. If employment is obtained which offers mortgage facilities, the Staff House Purchase loan shall be repaid as soon as eligibility under the new employer’s scheme is attained. The Company will not consider applications for increases in borrowing. However, it will consider applications to move house, within the existing facilities and subject to the approval of the property to be purchased, normally for the purpose of taking up new employment. In such cases, the retention of any surplus arising on sale within the facility will be subject to the provisions of the Company’s Staff House Purchase Scheme in force at the time of sale. All other conditions of the Company’s Staff House Purchase Scheme shall apply to the loan.

Staff House Purchase Loans. Existing Loans under the Company’s Staff House Purchase Scheme shall be allowed to continue on the existing terms and conditions arranged, subject to the additional conditions set out below, for a period of up to five yearsyears from the date of termination of employment. Five years after the date of termination of employment, any outstanding borrowing will be subject to the terms and conditions which subsist in respect of House Purchase Loans which apply to customers of the Company. The rate of interest on each Staff House Purchase Loan shall be increased by 2% on each of the first four anniversaries of the date of termination of employment subject to the rate not exceeding that charged to the Company’s customers. Executives shall sign a mandate authorising variation of the monthly repayments in line with changes in the interest rate and these variations shall be calculated in such a way that repayment of the loan is achieved without extension of the original term of the loan. If employment is obtained which offers mortgage facilities, the Staff House Purchase loan shall be repaid as soon as eligibility under the new employer’s scheme is attained. The Company will not consider applications for increases in borrowing. However, it will consider applications to move house, within the existing facilities and subject to the Company’s approval of the property to be purchased, normally for the purpose of taking up new employment. In such cases, the retention of any surplus arising on sale within the facility will be subject to the provisions of the Company’s Staff House Purchase Scheme in force at the time of sale. All other conditions of the Company’s Staff House Purchase Scheme shall apply to the loan.

Staff House Purchase Loans. Existing Loans under the Company’s 's Staff House Purchase Scheme shall be allowed to continue on the existing terms and conditions arranged, subject to the additional conditions set out below, for a period of up to five years. Five years after the date of termination of employment, any outstanding borrowing will be subject to the terms and conditions which subsist in respect of House Purchase Loans to customers of the Company. The rate of interest on each Staff House Purchase Loan shall be increased by 2% on each of the first four anniversaries of the date of termination of employment subject to the rate not exceeding that charged to the Company’s 's customers. Executives shall sign a mandate authorising variation of the monthly repayments in line with changes in the interest rate and these variations shall be calculated in such a way that repayment of the loan is achieved without extension of the original term of the loan. If employment is obtained which offers mortgage facilities, the Staff House Purchase loan shall be repaid as soon as eligibility under the new employer’s 's scheme is attained. The Company will not consider applications for increases in borrowing. However, it will consider applications to move house, within the existing facilities and subject to the approval of the property to be purchased, normally for the purpose of taking up new employment. In such cases, the retention of any surplus arising on sale within the facility will be subject to the provisions of the Company’s 's Staff House Purchase Scheme in force at the time of sale. All other conditions of the Company’s 's Staff House Purchase Scheme shall apply to the loan.