Details of the Hosing loans to be offered to the Government employees!
Posted on: 01/Sep/2021 10:00:20 PM
The Tamil Nadu State Government Minister from Housing and Urban Development, S. Muthusamy, announced in the Legislative Assembly that the State Government of Tamil Nadu will provide the Housing Loan for either constructing a new one or buying an existing one.
The Minister had presented the scheme for providing housing loans for the State Government employees.
The Minister mentioned in the presentation that each government employee has the thirsty ambition to build/own a house in his/her lifetime! To realise this dream of the State Government Employees, the State Government of Tamil Nadu has come forward to provide them with the housing loan!
This loan is provided to the employees who have completed 4 years of service and having qualified for entering into the eligible bracket after a good performance. For the All India employed, a loan of up to Rs. 60 Lakhs is given. Employees working i9n the state are given a maximum loan of Rs. 40 Lakhs.
The loan is available even for renovating or further construction of an existing house; the employees are offered a 50% of the maximum eligible housing loan!
Presently, in the construction of the multi-storeyed housing complex being constructed by the Tamil Nadu Housing Board in the Chennai Metro City Nerkundram area, All India employees are given a housing loan of Rs. 20 Lakhs and the other State Government employees are given a housing loan of Rs. 10 Lakhs.
Giving due consideration for the welfare of the state government employees and their hardships encountering the high-interest payment, the facility is provided to consider the housing loan already taken by the employees with banks and other financial agencies is taken never the by the State Government as the housing loan.
The loan availed will be recovered in 180 instalments and then the interest from the loan will be recovered in 60 instalments. The interest is calculated based on the balance amount as per the last instalment paid.
In case an employee who has taken a housing loan dies, intending to help the family of the dead employee, the State Government has come up with an excellent scheme ‘State Government Employees Housing Loan Special Scheme’! As per this scheme, 1% of the monthly salary of the concerned an employee who has availed housing loan is deducted and kept as a special separate fund by the Tamil Nadu State Government.
In case an employee dies in service, the balance to be paid by the dead employees’ families will be taken from this special fund and adjusted.
In the current financial year, in the revised budget presented, Rs. 160 Crores have been allotted for the Houousing Loan dispersal for the State Government employees. Apart from this the employees in the Chief Secretariat and the All India level employees, to facilitate housing loans, each department in the Tamil Nadu Government Chief Secretariat has been allotted separate funds!”
