HOUSE BUILDING ADVANCE
HBA
HOUSE BUILDING ADVANCE
Who can apply?
(a) Permanent
All India Services Officers allotted to the state
(b) Permanent
All India Services Officers allotted to the state but on deputation to the Central
Government for not more than six years
(c) Permanent
Government servants other than the Officers mentioned at (a) & (b) above
(d) Government
Servants not failing in categories (a), (b) and (c) above who have rendered
atleast 5 (five) years of continuous service.
(Note: in case of both the
husband and wife happen to be State Government Servants and eligible for grant
of advance, it shall be admissible to only one of them.)
Features of HBA
Maximum Amount that can be sanctioned : Rs 40 lakh
Interest rate: 8%
Recovery period : within 25 years
Maximum no. of installments for recovery of principal sanctioned: 225 monthly instalments
Maximum no. of installments for recovery of interest accrued : 75 monthly instalments
SOP FOR PURCHASE OF LAND AND CONSTRUCTION OF BUILDING THEREON
FOR RELEASE OF 1ST INSTALMENT
After
ensuring the eligibility, the applicant need to apply in the prescribed form to the sanctioning authority of the concerned
office for sanction of HBA in his/her favour (Amount for sanction & no of instalments for repayment of
principal and interest to be intimated)
(1) The
concerned office on receiving the application, if satisfied, will sanction the
amount of 1st instalment.
(2) The employee after receiving the sanction
order, shall prepare the agreement in Form III and register the same in the tahasil
office.
(3) After
registration of the draft agreement deed, the concerned employee will receive a
receipt from the tahasil office copy of which is need to be produced in the
office of the employee. The employee has to request the concerned office to
release the sanctioned amount of 1st instalment in his favour.
(4) After
receiving the amount, the employee need to purchase a litigation free land within
three months and intimate the concerned office regarding purchase of land and
utilisation of the fund sanctioned.
FOR
RELEASE OF THE 2ND INSTALMENT
(1) After
purchase of land, the sale deed need to be furnished in the office concerned
and the plan and estimation for construction of house in the same land need to
be made through an architecture / Civil engineer.
(2) The
Plan and Estimation need to be duly countersigned by the Executive
Engineer R&B/RD./B.D.A./ Housing Board etc as per the location of land.
(3) The
duly countersigned plan and estimation need to be furnished in the concerned
office.
(4) Then
the draft mortgage deed to be prepared and the same need to be registered in
the tahasil office from where the registration of land during purchase has been
made.
(5) On
successful registration of mortgage deed, the concerned employee will receive a
regd. receipt from the concerned tahasil.
(6) On
production of the receipt to the office, the 2nd instalment amount
will be released.
TO FREE THE
MORTGAGED LAND AFTER REPAYMENT OF ADVANCE
After repayment of advance along with interest thereon, the reconveyance deed need to be executed at the concerned tahasil in order to make the land free hold.
Purpose and maximum amounts that can be sanctioned
|
SL
No |
Purpose |
Maximum
advance that can be drawn |
|
1 |
For
purchase of land and construction of Building thereon. |
50
months basic pay subject to maximum of Rs.40.00 lakhs or cost of land and
construction of house or repaying capacity whichever is the least. |
|
2 |
For
construction of House on the existing plot of land |
50
months basic pay subject to maximum of Rs.40.00 lakhs or cost of construction
of house or repaying capacity whichever is the least. |
|
3 |
For purchase of
ready-built house |
50
months basic pay subject to maximum of Rs.40.00 lakhs or cost of house or
repaying capacity whichever is the least. |
|
4 |
Additional HBA for enlarging the living accommodation in an existing house |
50 months basic pay subject to maximum of Rs.10.00 lakhs or cost of the enlargement or the amount according to repaying Capacity whichever Is the least |
|
5 |
Additional HBA for completion of incomplete building |
50
months basic pay subject to maximum of Rs.10.00 lakhs or cost of the
enlargement, or the amount according to repaying capacity, whichever IS the
least |
|
6 |
For
repayment of bank loan |
50
months basic pay subject to maximum of Rs.40.00 lakhs |
NOTE: The Government employee availing Additional House Building Advance for completion of the incomplete building shall not be eligible for further advance for enlarging the living accommodation in the existing house in future.
Release of Advance in instalments:
SL No | Purpose | Maximum advance that can be drawn |
1 | For purchase of land and construction of Building thereon. | Advance shall be released in two instalments as under: a) First instalment-(for purchase of land) 60% of the advance shall be released after registration of the draft agreement deed. b)
2nd instalment- The balance 40% of the advance shall be
released after submission
of the sale deed of the land purchased,
plan and estimates duly countersigned by the Executive Engineer of R&B I R.D I B.D.A./Housing Board and registration of draft mortgage Deed. |
2 | For construction of House on the existing plot of land | Advance shall be released in two instalments as given below:- a)
1st instalment- 60% of the advance shall be released after submission of sale Deed, plan & Estimate duly countersigned by the Executive Engineer R&B/RD./B.D.A./ Housing Board etc & mortgage of the property with Building. 2nd instalment -The balance 40% of the advance shall be released after submission of utilization certificate from the Executive Engineer R&B I RD I B.D.A./ Housing Board etc in respect of the 1st instalment. |
3 | For purchase of ready-built house | Advance shall be released in two instalments as given below: a) 60% of the advance shall be released after submission of allotment letter from B.D.A./ Housing Board/ Builders or a written consent letter of the private sellers & registration of the draft Agreement Deed, submission of Surety Bond, wherever necessary an undertaking to mortgage the House. b) The balance 40% shall be released on submission of payment receipt from the seller in respect of the 1st instalment of the Advance. |
4 | Additional HBA for enlarging the living accommodation in an existing house | The amount shall be released m one instalment after submission of utilization certificate m respect of previous advance and plan & Estimate from the Executive Engineer (R&B) I R.D. IB.D.A. /Housing Board I Regional Improvement Trust& registration of draft supplemental Mortgage Deed. |
5 | Additional HBA for completion of incomplete building | The additional amount shall be released in one instalment on Submission of utilization certificate in respect of the previous advance and recommendation for further advance from the EE (R&B)/ R.D./B.D.A/ Housing Board/ Regional Improvement Trust & registration of draft supplemental Mortgage Deed. |
6 | For repayment of bank loan | Shall be released in one instalment in case of repayment Outstanding Home loan taken from Bank. The outstanding amount of Home Loan from the Bank should be within the eligibility limit of the concerned government employee. |
DOWNLOAD HBA APPLICATION FORM
DOWNLOAD SURITY BOND FORM-IV
AGREEMENT FORMAT FOR 1ST INSTALLMENT FORM-III
TO GENERATE CUSTOMISED FORM-III - CLICK HERE
SAMPLE FORMAT FOR MORTGAGE DEED FOR FORM-I
TO GENERATE CUSTOMISED FORM-I - CLICK HERE
RELATED O.M. S / RULES OF FINANCE DEPARTMENT
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