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Saturday, 11 April 2015

Hose Building Loan Advance

House Building Advance in RPS, 2015

Hosing Loan
The Tenth Pay Revision Commission among others has recommended enhancement of eligibility ceiling in respect of House Building Advance to the State Government employees, in the Revised Pay Scales, 2015.
Government, after careful consideration of the recommendations of the Tenth Pay Revision Commission and in modification of the orders issued in Revised Pay Scales, 2010, hereby enhance the existing ceiling of House Building Advance to the State Government employees, for the purchase of ready built house/ flat, for purchase of site-cum-construction of new house/ flat and for the construction of new house/ flat on the site already owned by the employee as follows:-
Sl. No.

Pay ranges in Revised Pay Scales, 2015

Enhanced Maximum Ceiling

Eligible Amount
Rate of Interest

1

Employees drawing basic pay upto Rs.26600/- per month.


Rs. 10.00 Lakhs

Rs.10.00 Lakhs or 72 times of basic pay, whichever is less.

For Class.IV employees @ 5.00% p.a. For others @ 5.50% p.a.

2

Employees drawing basic pay above Rs.26,600/- p.m. and upto Rs.42,490/- p.m.

Rs. 12.30 Lakhs

Rs. 12.30 Lakhs or 72 times of basic pay, whichever is less.
-do-

3

Employees drawing basic pay  above Rs.42,490 p.m. and upto Rs.61,450 p.m.
Rs. 15.00 Lakhs

Rs. 15.00 Lakhs or 72 times of basic pay, whichever is less.

-do-

4

Employees drawing basic pay above
Rs.61,450/- p.m.

Rs.20.00 Lakhs

Rs.20.00 Lakhs or 72 times of basic pay, whichever is less.

-do-

5
All India Services Officers working in the State
(All India Services officers working in the  State may be given the option to choose either  the State Govt. ceiling or to adopt Govt. of India rules)

Rs.25.00 Lakhs

Rs.25.00 Lakhs
or 50 times of basic pay, whichever is less.

-do-


           Further, Government hereby enhance the existing ceiling of House Building Advance for repairs/ extension etc., to twenty times of basic pay in the Revised Pay Scales, 2015 or Rs.4.00 Lakhs, whichever is less.
           Government also considered purchase of house site and hereby sanction ten times of basic pay in the Revised Pay Scales, 2015 or Rs.2.00 Lakhs, whichever is less.             

Government further order that the following existing recovery pattern shall continue:

House Building Advance  :  300 monthly instalments, i.e. 240 principal + 60 interest.

Repairs                                :   90 monthly instalments, i.e.75 principal + 15 interest.

House site                           : 72 monthly instalments, i.e. 60 principal + 12 interest.

         
House Building Advance Loan
Penal Interest will be charged at double the rate of normal interest in case the advance is misutilised or not utilized at all and at 1 ½ times the normal rates for non-compliance with formalities.

 All other conditions governing the sanction of House Building Advance under the existing Rules will continue.

These orders shall come into force from 01-04-2015.

G.O.Ms.No. 37 Download


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