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House Building Loan Scheme for Employees of Government of Goa
The scheme aims to assist government employees in achieving their dream of owning a house by providing financial support to erstwhile House Building Advance scheme beneficiaries whose loans were operative as on 15th May 2020. The scheme provides loan takeover facility through empanelled banks.
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About This Scheme
The scheme "House Building Loan Scheme for Employees of Government of Goa" was launched by the Debt Management Division, Department of Finance, Government of Goa. The scheme aims to assist government employees in achieving their dream of owning a house by providing financial support to erstwhile House Building Advance scheme beneficiaries whose loans were operative as on 15th May 2020. The scheme provides loan takeover facility through empanelled banks with shared interest payment mechanism where the employee bears 2% of the interest plus the principal component while the Government bears the remainder of the interest subject to a maximum of 5%. The scheme is implemented by the Directorate of Accounts in coordination with empanelled banks notified separately by the Government. The applications for this scheme are accepted offline.
Benefits
Financial Assistance
- The Government bears the remainder of the interest charged by the empanelled bank, subject to a maximum of 5%, while the employee bears 2% of the interest plus the principal component.
- The loan takeover facility is provided for the amount outstanding as on the date of application after repayment of instalments from May 2020.
- For employees who had availed additional loan over and above the House Building Advance amount, the Government's share of interest is restricted only to the extent of such House Building Advance loan outstanding as on the date of application.
- The Government's share of interest is credited to the empanelled bank in a pool account on a monthly basis.
- The Government's cumulative share of all instalments due for the succeeding month is credited to the bank within a specified date, provided that the bank raises the demand at least 20 days in advance.
- The Government's share commences from the succeeding month of sanction wherein the employee is due for repayment of the loan, provided the demand has been raised by the bank.
- The Government's share is continued till the employee attains superannuation or for a maximum duration of 20 years of the total repayment period, whichever is earlier, by considering the already paid instalments by the Government.
- If the duration of the loan ends before superannuation of the employee, the bank submits the closure letter to the concerned Government employee, Head of Department and Directorate of Accounts.
- The employee must ensure that his share of Equated Monthly Instalment reaches the bank within the stipulated time.
- Any delay on part of the employee for contributing his share, subject to a maximum default duration of two months, will make the concerned employee ineligible to avail any further benefits under this scheme.
- The employee must carry out all the required documentation and valuation required for compliance from the bank side, and the Government will not bear any costs for the same.
- The deed of mortgage or any other collateral security executed in favour of Government earlier must be transferred in favour of the empanelled bank with an undertaking from the employee that he willingly desires to transfer the same in favour of the bank.
- For employees who have availed benefits under the "One Time House Building Advance Settlement Scheme", the amount to the extent of benefits availed under that scheme would be adjusted in the initial instalments itself, till which the Government will not start contributing its share of interest and the employee has to bear the full burden of instalments.
- If the employee ceases to be in service for any reason other than normal retirement or superannuation or if he dies before repayment of the loan in full, the entire outstanding amount will become payable forthwith by the Government employee or his successor, as the case may be.
- Failure to repay the housing loan for any reason whatsoever, either by the Government employee or the successor, as the case may be, will entitle the bank to enforce the mortgage and take action to recover the outstanding housing loan.
Eligibility
Note: You may be eligible based on the information shown. Please verify the official eligibility requirements before applying.
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Required Documents
- ✦Copy of Sanction Order of House Building Advance.
- ✦Loan Account Statement from Bank.
- ✦Letter from Empanelled Bank to which Loan is Applied for along with Repayment Period and Equated Monthly Instalment Fixed.
- ✦Deed of Mortgage or Any Other Collateral Security Executed in Favour of Government Earlier (to be Transferred in Favour of the Empanelled Bank).
- ✦Undertaking from the Employee that He Willingly Desires to Transfer the Same in Favour of the Bank.
✦ Required ◦ Optional
How to Apply
IIn-person
Step 1: The interested applicant should take a printout of the prescribed proforma. Alternatively, the interested applicant may approach an empanelled bank and obtain the prescribed proforma.
Step 2: In the application form, fill in all the mandatory fields, and attach copies of all the mandatory documents (self-attest, if required).
Step 3: Submit the duly filled and signed application form along with the documents, within the prescribed period (if any), to the Head of Department, who after verification, will forward the application to the Directorate of Accounts along with the prescribed proforma.
Quick Info
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- Central Government