Interest Rates for Various Loans and Advances to Government employees – Haryana

Advances to Haryana Government Employees

(A) House Building Advance

1. Only one advance shall be sanctioned up to Rs.25 lakh (Rs.Twenty five lakh only) to the Government employees in his/her entire service.
2. HBA will be given to only one person (either Husband or Wife)

(i) For Construction of House/Purchase of Built up house allotted by the govt. agencies or any other registered society/through private sources

34 Months basic pay, in any pay Matrix, subject to a maximum ceiling of Rs.25.00 lakh (Rupees twenty five lakh), whichever is less, for construction of House/Purchase of Built up house allotted by the govt. Agencies or any other registered society or through private source.

(ii) For the purchase of plot

60% of the total admissibility of House Building Advance i.e. 20 months basic pay, in any pay matrix, subject to maximum of Rs.15.00 lakh (Rupees fifteen lakh) thereafter, remaining admissible amount subject to the maximum of Rs.10.00 lakh can be granted for construction of House on the same plot.

(B) House Building Advance – For extension of House/repair of House

(i) For extension of House

1. 10 Months basic pay, in any pay matrix, subject to a maximum ceiling of Rs.5.00 lakh (Rupees Five lakh)
2. Advance for the extension of house, in cases where any house building advance has not been obtained from Government earlier, may be allowed after the expiry of three years from the date of purchase of house or taking possession thereof, whichever is later.
3. In the case of employees, who had taken a House Building Advance earlier from the Government, this advance may be allowed after five years of the start of the drawal of the earlier advance.

(ii) For repair of House

• 10 Months basic Pay, in any pay matrix, subject to a ceiling of Rs.5.00 lakh (Rupees five lakh)
• Advance for the repair of house, in cases where any Hours Building Advance has not been obtained from Government earlier, may be allowed after the expiry of five years from the date of purchase of house or taking possession thereof, whichever is later.
• In case of employees, who had taken a House Building Advance earlier from the Government, this advance may be allowed after seven years of the start of the drawls of the earlier advance

Second House Building Advance

Second House Building Advance will not be allowed.

(C) Marriage loan

1. 10 Months basic Pay, in any pay matrix, subject to a ceiling of Rs.3.00 lakh (Rupees three lakh), whichever is less, for the marriage of their sons/daughters/dependent sister(s) and marriage of the employee concerned.
2. This loan is available for two times only in entire service.
3. Rate of interest shall be equal to that of GPF.

The second advance will be available at the same rate of interest prescribed for first marriage advance by the state Government

(D) Vehicle Loan

(i) Car Loan

1. Government employees drawing revised pay of Rs.45,000 & above, in any pay matrix shall be eligible for this advance.
2. 15 Months basic pay subject to a maximum ceiling of Rs.6.50 lakh (Rupees six lakh fifty thousand) or 85% of the actual price of the Motor Car, whichever is less.
3. Rate of interest shall be equal to that of GPF on first loan and 2% excess if drawn 2nd time and 4% excess if drawn 3rd time.
4. The 2nd & 3rd loan will be granted only after issuance of the NDC of previous loan

(ii) Motor Cycle / Scooter Loan

1. This advance shall be availed only for purchasing a new Motor Cycle/Scooter.
2. Rs.50,000/- (Rupees fifty thousand) for Motor Cycle and Rs.40,000/- (Rupees forty thousand) for scooter or actual price of the vehicle, whichever is less.
3. Rate of interest shall be equal to that of GPF on first loan and 2% excess if drawn 2nd time and 4% excess if drawn 3rd time.
4. The 2nd & 3rd loan will be granted only after issuance of the NDC of previous loan

(iii) Moped Loan
This advance is abolished

(iv) Cycle Loan

1. This advance shall be availed only for purchasing of a new Bicycle.
2. Rs.4,000/- (Rupees four thousand) or actual price of Bi-cyle, whichever is less.
3. Rate of interest shall be equal to that of GPF.
4. The second and third advance will be available at the same rate of interest prescribed for first bicycle advance by the state Government.

(E) Computer Loan

1. Rs.50,000/- (Rupees fifty thousand) or actual price of computer/laptop, whichever is less.
2. The 2nd & 3rd load will be granted only after issuance of the NDC of previous loan
3. Rate of interest shall be equal to that of GPF on all advance.

Rate of interest and Penal Interest (If misused) to be charged on

• House Building Advance
• Motor Car Advance
• Scooter Advance
• Motor Cycle Advance
• Moped Advance
• Cycle Advance
• Computer Advance and
• Marriage Advance

granted to the Government employees and also fixation of rate of interest on General Provident Fund and other similar fund for the financial Year 2018-2019.

Government of Haryana

No. 34/2/94-WM(3)

From
The Principal Secretary to Govt. Haryana,
Finance Department

To
1.All Head of Department in Haryana
2. All Commissioners of Division
3. All Deputy Commissioners & S.D.Os(Civil) in Haryana
4. The Registrar General, Punjab and Haryana High Court
5. All District & Session Judge in Haryana State.

Dated Chandigarh, the 30.08.2018

Subject: Rate of interest to be charged on House Building/Motor Car/Scooter/ Motor Cycle /Moped/ Cycle/ Computer and Marriage Advance granted to the Government employees and also fixation of rate of interest on General Provident Fund and other similar fund for the financial Year 2018-2019.

Sir,
I am directed to refer to the subject noted above and to say that the matter regarding charging of interest on various loans and advances given to the government employees including AIS officers has been considered and it has been decided to charge interest on various loans and advances granted/sanctioned during the financial year 2018-2019 at the rates given below :-

2. In case of mis-utilization of any loan, penal interest @10% per annum will be charged from the applicant over and above normal rate of interest.

3. It has also been decided to fix the rate of interest at 7.6% per annum on deposits in the General Provident Fund and other similar funds w.e.f. 01st July,2018 to 17th July,2018.

4. The receipt of this letter may kindly be acknowledged. Copy of above may also be downloaded from the website www.finhry.gov.in
Yours faithfully,

sd/-
Joint Secretary Finance
for the Principal Secretary to Govt. Haryana,
Finance Department