Extending House Building by HUDCO to State Government Employees from HUDCO — Sanctioned — Orders issued.

GOVERNMENT OF KERALA
Abstract

FINANCE DEPARTMENT — Extending House Building by HUDCO to State Government Employees from HUDCO — Sanctioned — Orders issued.

FINANCE (HBA) DEPARTMENT

G.O.(P) No. 486/ 13/Fin

Dated, Thiruvananthapuram, 25/09/2013

Read:-
1) G.O.(P) No.505/09/Fin dated 12.11.2009.
2) G.O.(P) No.76/08/Fin dated 11.02.2008.
3) Lr. No. HUDCO/TRO/RFU/G-31 /2013-14/142/143 dated 16.05.2013.

   As per letter under reference the HUDCO has requested the Government to consider them and also to extend HBA to Government Employees on following terms and conditions.

   1. The maximum loan amount permissible will be ` 25 lakhs or 80% of the cost of the housing unit like stamp duty, registration and other documentation whichever is lesser. The actual loan amount will be determined based on repayment capacity. Repayment capacity takes into account factors such as income, age, spouses’ income, assets, liabilities, stability and continuity of occupation and saving history with details of bank account.

   2. Equitable/Registered mortgage of the property, being financed by way of deposit of original Title Deeds. HUDCO would also accept second mortgage of the properties financed in case the employee availed HBA from the Department.

   3. Administrative charges shall be @ 0.25% of the loan amount sanctioned and to be paid after sanction of loan.

   4. The loans at floating rate of interest (currently 9.95%) will automatically change after every six months i.e., on 1st April and 1st October every year whenever there is a change announced from time to time.

   5. Any condition is subject to change in HUDCO guidelines issued by HUDCO headquarters from time to time.

   Government have examined the matter in detail and are pleased to accord sanction to avail the housing loan facility extended by HUDCO on optional basis upto ` 25 lakhs, accepting their terms and conditions, to the State Government employees who are desirous to avail the benefit. However, the eligibility for HBA and maximum amount (including first and second mortgage) to be sanctioned as HBA will be determined strictly in terms of orders issued in Government Order 1st and 2nd under reference cited. The monthly installment of loan recovery would be made by respective HODs/CCOs/DDOs as the case may be from the salary of the respective employee and remitted with HUDCO on monthly basis by deducting from their salary at source.

(BY ORDER OF THE GOVERNOR)

T.GANGADHARAN NAMBIAR
ADDITIONAL SECRETARY (FINANCE)

Source:http://www.finance.kerala.gov.in/