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House Building Advance scheme

In G.O.(P)No. 505/2009/Fin dated 12.11.2009 Government have reintroduced the House Building Advance scheme to Government Employees in accordance with the provisions contained in Article 244 of KFC and amendments there after with the following further conditions:

Employees who own inhabitable home either in his/her name or in the name of spouse are not eligible for the Advance.

The applicant should have a minimum of 5 years completed service at the time of application.
The employees should have minimum 50 months of service left at the time of application.
Preference will be given to such applicants who have lesser service left for superannuation.
The admissible amount of loan shall be 50 times of basic pay subject to a maximum of Rs.10 lakhs.
The interest will be simple interest @ 8 % per annum.
Take over of existing bank loans shall not be allowed.
The House Building Advance will be limited only for purchase/construction of a house/ready built flat during the current financial year. The application should be in Form No.29 under Article 244 (c) of KFC.
The Head of the Departments (HODs) shall forward a statement of eligible applications in accordance with the Departmental seniority as per the conditions mentioned above in the prescribed proforma to Finance Department. Finance Department will prepare a state wise combined eligibility list from the eligibility list furnished by Head of the Departments. Furnishing of Department wise eligibility list by Head of the Departments and preparation of combined state wise eligibility list by Finance Department will be through web base computer processing. Government Orders sanctioning the HBA will be issued from Finance Department and allotment required for the same will be given to concerned Departments. The combined eligibility list will be prepared based on the budget provision earmarked to House Building Advance in each financial year.

The time frame for applying for House Building Advance is as follows.
Time for submission of applications in respective offices by Government Employees/Teachers -May 1-15
Time for furnishing applications to the Head of the Department -May 16-31
Time for furnishing of the Department wise eligibility list by Head of the Department to Finance Department -June 1-30
Time for preparing the combined inspection list by Finance Department -July 1-30
Time for issuing Government Orders and giving allotment by Finance Department -Within August 15th

Time frame for current financial year (2009-10)

The HOD shall forward the details of eligible applications in the prescribed form as stipulated in Appendix III, before 31.12.2009 to Finance Department in the current financial year. The processing and sanctioning of HBA during this financial year shall be completed on or before 31st January 2010.
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