Sarkari Yojana
House Building Loan Scheme for Employees of Government of Goa
About House Building Loan Scheme for Employees of Government of Goa
Under the Department of Finance, Government of Goa, the Debt Management Division started the “House Building Loan Scheme for Employees of Government of Goa”. It helps government employees fulfil the dream of a home of their own by backing beneficiaries of the earlier House Building Advance scheme whose loans were still running as on 15th May 2020. Loans are taken over through empanelled banks under a shared interest arrangement: the employee pays the principal component along with 2% of the interest, and the Government pays the rest of the interest subject to a maximum of 5%. The Directorate of Accounts implements the scheme together with the empanelled banks, which the Government notifies separately. Applications are taken offline only.
Scheme Overview
State Government
Individual
Scheme Details
Eligibility Requirements
To qualify for House Building Loan Scheme for Employees of Government of Goa, applicants must satisfy the following conditions:
Only former House Building Advance beneficiaries whose loans…
Only former House Building Advance beneficiaries whose loans were still operative as on 15th May, 2020 can apply.
The housing loan eligibility norms set by the…
The housing loan eligibility norms set by the empanelled bank must be met by the applicant.
Where the housing loan was moved to another…
Where the housing loan was moved to another bank after the earlier scheme closed, the loan account must now be run with one of the banks empanelled under this scheme.
Takeover of the current loan is to be…
Takeover of the current loan is to be sought from any empanelled bank, with the loan amount capped at what remains outstanding to date after instalments repaid from May 2020. Special Categories
Employees who took a top-up loan beyond the…
Employees who took a top-up loan beyond the House Building Advance sanctioned by Government are covered only for the part of the House Building Advance loan that remains outstanding on the date of application.
The 45 employees whose cases had been sanctioned…
The 45 employees whose cases had been sanctioned but who had not yet drawn the advance as on 15th May, 2020 may also apply.
Benefits Provided
House Building Loan Scheme for Employees of Government of Goa provides the following benefits to eligible applicants:
Financial Assistance
Of the interest levied by the empanelled bank,…
Of the interest levied by the empanelled bank, the employee pays 2% together with the principal component, and the Government meets the balance subject to a maximum of 5%.
Takeover covers whatever amount is outstanding on the…
Takeover covers whatever amount is outstanding on the date of application once instalments repaid from May 2020 are accounted for.
Where an additional loan beyond the House Building…
Where an additional loan beyond the House Building Advance was taken, the Government's interest share is limited to the House Building Advance loan amount outstanding on the date of application. Disbursement
Each month, the Government's share of interest is…
Each month, the Government's share of interest is credited into a pool account with the empanelled bank.
The bank must raise its demand no less…
The bank must raise its demand no less than 20 days ahead, after which the Government's combined share of all instalments for the following month is credited by a specified date.
Government contribution starts from the month after sanction…
Government contribution starts from the month after sanction in which the employee's loan repayment falls due, as long as the bank has raised the demand. Duration and Validity
The Government keeps paying its share until the…
The Government keeps paying its share until the employee reaches superannuation or for at most 20 years of the overall repayment period, whichever comes first, counting instalments the Government has already paid.
Should the loan term finish before the employee's…
Should the loan term finish before the employee's superannuation, the bank issues the closure letter to the Government employee, the Head of Department and the Directorate of Accounts. Conditions
The employee's portion of the Equated Monthly Instalment…
The employee's portion of the Equated Monthly Instalment must reach the bank within the set time.
If the employee delays paying his share, with…
If the employee delays paying his share, with a default lasting at most two months, he will lose eligibility for any further benefit under this scheme.
All documentation and valuation the bank needs for…
All documentation and valuation the bank needs for compliance must be completed by the employee, and the Government will not pay any of these costs.
Any deed of mortgage or other collateral security…
Any deed of mortgage or other collateral security executed earlier in the Government's favour has to be transferred to the empanelled bank, along with the employee's undertaking that he willingly wishes to transfer it to the bank.
Employees who benefited under the "One Time House…
Employees who benefited under the "One Time House Building Advance Settlement Scheme" will have those benefits adjusted against the first instalments; until then, the Government will not begin contributing its interest share, and the employee must carry the entire instalment burden.
If the employee leaves service for any reason…
If the employee leaves service for any reason other than normal retirement or superannuation, or dies before the loan is fully repaid, the whole outstanding amount falls due immediately from the Government employee or his successor, as applicable.
If the housing loan is not repaid for…
If the housing loan is not repaid for any reason at all, whether by the Government employee or the successor, as applicable, the bank may enforce the mortgage and act to recover the outstanding housing loan.
Documents Required
Applicants should keep the following documents ready before starting the application:
At the Time of Application
The House Building Advance sanction order (copy)
The House Building Advance sanction order (copy).
Statement of the loan account issued by the…
Statement of the loan account issued by the bank.
A letter from the empanelled bank where the…
A letter from the empanelled bank where the loan has been applied for, stating the repayment period and the fixed Equated Monthly Instalment. Documents for Transfer of Security
The deed of mortgage or other collateral security…
The deed of mortgage or other collateral security earlier executed in favour of Government (for transfer to the empanelled bank).
The employee's undertaking stating his willingness to transfer…
The employee's undertaking stating his willingness to transfer it in favour of the bank.
How to Apply
Offline Application
Applicants can apply for House Building Loan Scheme for Employees of Government of Goa through the offline application process outlined below.
Print the prescribed proforma, or collect the prescribed…
Print the prescribed proforma, or collect the prescribed proforma from an empanelled bank instead.
Complete all mandatory fields in the form and…
Complete all mandatory fields in the form and enclose copies of every mandatory document (self-attested where needed).
Within the prescribed period (if any), hand the…
Within the prescribed period (if any), hand the signed, completed form and documents to the Head of Department, who verifies them and sends the application with the prescribed proforma to the Directorate of Accounts.
Exclusions / Who Is Not Eligible
The applicant who has foreclosed their earlier loan upon withdrawal of earlier scheme is not eligible for any benefits under this scheme.
Official Application & Website
Verify the latest eligibility, dates and instructions before applying.