The Hindu Business Line : Kerala Govt notifies revamped housing scheme for staff

The admissible amount of loan would be 50 times the basic pay subject to a maximum of Rs 10 lakh at 8 per cent annual interest. Takeover of bank loans will not be allowed.

Our Bureau

Thiruvananthapuram, Nov. 16 The State Government on Monday ordered reintroduction of the House Building Advance scheme for employees, as promised by the Finance Minister, Dr Thomas Isaac, in his Budget speech for 2009-10.

The scheme was in operation under provisions in Article 244 of the Kerala Financial Code (KFC) but had to be discontinued as part of the austerity measures announced in the interim.

The Monday order features amendments requiring aspirants to qualify afresh for eligibility. According to the order, employees who own inhabitable home either in their name or in the name of spouses are not eligible for the scheme.

The applicant should have put in a minimum of five years of complete service at the time of application. Employees should have minimum 50 months of service left at the time of making the application. Preference will be given to those who are closer to superannuation. The admissible amount of loan would be 50 times the basic pay subject to a maximum of Rs 10 lakh at 8 per cent annual interest. Takeover of bank loans will not be allowed, the order clarified.

The advance will be limited only for purchase or construction of a house or ready built flat during the financial year. Heads of the Departments have to forward a statement of eligible applications in accordance with seniority according to the conditions in the prescribed proforma to the Finance Department.

The department will prepare a State-wide combined eligibility list from the list furnished by the Heads of Departments. The furnishing of department-wise eligibility lists and preparation of State-wide eligibility list by the Finance Department will be carried out through Web-based processing.

Eligibility List

Government orders sanctioning the advance will be issued from the Finance Department and allotment required will be given to departments concerned.

The combined eligibility list will be prepared based on the Budget provision earmarked for the scheme in each financial year.

When considering the joint applicants in respect of a couple who are Government employees, the eligibility list will be prepared on the basis of the spouse who has lesser service left. When considering applications of those who have same number of years in remainder service, weightage will be given to length of service. The application of the Head of the Department and joint loan of employees serving in different departments will be processed and sanctioned by the Finance Department.

The application with required documents has to be forwarded by one Head of Department if couples are working in different departments. Care should be taken to enlist their names in any one of the departments only, the order said.

Processing of applications will be in accordance with the provisions in KFC.

The Heads of Departments has been asked to forward the details of eligible applications in the prescribed form before December 31. Processing and sanctioning is expected to be completed on or before January 31, 2010.

More Stories on : Human Resources | Housing Finance | Kerala

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
AP Cabinet okays Rs 684-cr for housing in flood-hit areas

Kerala Govt notifies revamped housing scheme for staff

Education Dept on free software