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A new regulation for the government employees to repay the housing loan
Posted on: 10/Sep/2018 2:30:28 PM
A new set of regulations have been announced for the state government employees who have availed housing loans to facilitate them on the repayment,
In the state of Tamil Nadu, the state government itself arranges to issue specific amounts of loans for house purchase instead of the employees approaching the banks.
As per the present facilities, loans of up to Rs. 40 Lakhs can be availed. This would be recovered in installments from the monthly salary. A minimum interest will be charged.
For the state government employees interested in repaying the full loan before the agreed duration, there are no proper regulations to follow in the present system. They need to clarify regarding the financial sources for deciding to pay the balance housing loan in full. In order to solve the difficulties in such exercises, the state government has announced certain new regulations:
Those who are interested in repaying the housing loan can submit an explanation to their higher officials with the legal proofs of the source of money enabling them to The higher official will scrutinise this application and will ascertain whether it is within the rules and regulations of the employee behaviour.
After the approval from the Head of the Department or the higher official, the concerned employee will need to pay the amount to the designated official and submit the application again.
During this time, the concerned employee should also furnish the details of approval from his higher authorities. Only after this, the concerned employee will be allowed to repay the full amount of the housing loan.
Once the payment is made, the full relevant details must be sent to the Chief Accountant.
