Calcutta, July 13 :    Calcutta, July 13:  Steel Authority of India (SAIL) has decided to sell its 9000 surplus quarters in the townships of Durgapur, Bhilai, Rourkela and Bokaro in a move that will boost its bottomline by Rs 300 crore and save it lakhs in maintenance expenses. Money raised from the sale will not only increase current year profits in a one-off affair, but the houses will be sold to existing and retired SAIL employees who will get an opportunity to purchase their own dwellings at affordable prices. Officials describe the plan as one that is designed to promote the 'welfare of employees', saying there are already 981 applications on the table. Unions have applauded the move. The state-owned steel company, the country's largest producer of the metal, is in talks with Housing Development and Finance Ltd to give its employees the option of borrowing on easy repayment terms. 'Our idea is that employees should be able to own a house with loans that can be repaid over a period of 10 to 12 years before retirement. This way, they will not have to cough up their lifetime savings for a house after they hang up their boots,' an official said. While the existing and retired employees stand to benefit, the company will not have to spend on the upkeep of quarters at a time when it is struggling to remain in the black. The scheme is open to ex-servicemen, but not to outsiders. The houses are priced between Rs 1.5 lakh and a high of Rs 15 lakh depending on the categories they are slotted in. In most SAIL townships, there are about eight types of quarters. Asked whether the houses are being offered at a discount, the official said the 'sale will be mutually beneficial.' 'The quarters which will be sold are not limited to the concrete structures. You have to take into consideration the huge piece of land attached to all of them,' he added. Sources in Durgapur speak of several employees who opted for such quarters constructing extra rooms in the spare land. At the same time, SAIL is planning to sell other surplus assets like schools and hospitals, which it feels can be run either as joint ventures, or sold off. However, the company has not taken a final decision on the issue. 'Our aim is to sell the houses first. Once that task is accomplished, we will be able to make up our mind on shedding services which have been rendered relatively insignificant over the years,' he added.