HOUSE BUILDING LOAN AND ADVANCE COMPLETE DETAILS : LOAN AND ADVANCE

HOUSE BUILDING LOAN AND ADVANCE COMPLETE DETAILS  GO MS.No. 130  Dated: 01-07-2016


1. G.O. (P) No. 174, Finance (A&L) Department, dt  15-05-2010.
2.  G.O. (P) No. 46, Finance (HRM.V-PC) Department, dt   30-04-2015.
3. From the Prl. Secretary to Hon’ble Chief Minister C.M.P.No.989/ PSSC/2015, dt. 29-10-2015 enclosing the representation of the Andhra Pradesh Secretariat Association, dt.  29-10-2015.

O R D E R:

In the Government Order first read above, orders were issued revising the ceiling of the House Building Advance to the State  Government  Employees in the Revised Pay Scales, 2010 based on the recommendations    of the Ninth Pay Revision Commission.   In the Government order second   read above, orders were issued revising the Pay Scales of the State Government employees in the context of the recommendations of the Tenth  Pay Revision Commission.

2.           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.

3.           Government, after careful consideration of  the  recommendations  of the Tenth Pay Revision Commission and in modification of the orders issued  in Government order first read above, 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
Eligibility
Rate of interest
a)
Employees drawing  basic  pay upto Rs.26,600 per month
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.
b)
Employees drawing  basic  pay above Rs.26,600  p.m. and upto Rs. 42,490 p.m.
Rs.12.30
lakhs
-do-
-do-
c)
Employees drawing  basic  pay above Rs.42,490  p.m. and
upto Rs. 61,450 p.m.
Rs.15.00
lakhs
-do-
-do-
d)
Employees    drawing    basic pay above Rs.61,450 p.m.
Rs.20.00
lakhs
-do-
-do-
e)
All India Service Officers working in the State  (All India service 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
or 50  times of
basic pay whichever is less
-do-

4.            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.

5.            Government also considered for purchase of house site and hereby sanction ten times of basic pay in the Revised Pay Scales, 2015 or Rs.2.00 lakh whichever is less.

6.           Government further order that the following existing recovery pattern shall continue which is as  under:-

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.

7.           Penal Interest will be charged at double the rate of normal interest in case the advance are mis-utilized or not utilized at all and at 1 ½ % times    the normal rates for non-compliance with  formalities.



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

9.           These orders shall come into force from  01-01-2016.


10.        The G.O. is available on the Internet and can be accessed at  the address


DOWNLOAD HOUSE BUILDING ADVANCE IN PRC 2015 GO.130


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