RT-1263: Loans and Advances – Advance to Government servants for House Building purposes – Advance of Rs.6,00,000/- to Sri P.Y.B. Rajesh Kumar, Assistant Section Officer, Finance Department towards House Building Advance (Construction) – Sanctioned – Orders – Issued.

GOVERNMENT OF ANDHRA PRADESH ABSTRACT Loans and Advances – Advance to Government servants for House Building purposes – Advance of Rs.6,00,000/- to Sri P.Y.B. Rajesh Kumar, Assistant Section Officer, Finance Department towards House Building Advance (Construction) – Sanctioned – Orders – Issued. FINANCE (OP.I) DEPARTMENT G.O.Rt.No. 1263 Dated:29-03-2012 Read the following:- 1.G.O.(P).No.77, Finance (A&L) Department, dated:03.04.2006. 2.G.O.Ms.No.174, Finance (A&L) Department, dated:15-05-2010. 3.G.O.Rt.No.4156, Finance (A&L) Department, dated.23-11-2011. 4. G.O.Rt.No.1257, Finance (A&L) Department, dated.29-03-2012. 3.Application of Sri P.Y.B. Rajesh Kumar, Assistant Section Officer, Finance Department, dated.06-03-2012. ****** ORDER:- Under Art. 233-A of the A.P.F.C. Vol. I and in relaxation of rules governing grant of loans to Government Servants for house building purposes, Government hereby sanction an amount of Rs.6,00,000/- (Rupees six lakhs only) to Sri P.Y.B. Rajesh Kumar, Assistant Section Officer, Finance Department for house building purpose (construction) at Plot No.193, 241 Sq. yards, situated at Anki Reddy Palem, Guntur, Guntur District. 2. The disbursement of advance shall be made in three installments subject to the following conditions: i) The grantee has executed the mortgage deed, mortgaging the land purchased by him along with the house to be built thereon in favour of Government together with agreement bond in the prescribed form for the total amount of Rs.6,00,000/-. The first installment of Rs.1,50,000/- (Rupees one lakh fifty thousand only) is hereby released. ii) The second installment of Rs.3,00,000/- will be released and be payable when the walls reach lintel level. iii) The third installment of Rs.1,50,000/- will be released and be payable when the house has reached the roof level and the Secretary to Government is satisfied that the development of the area in which the house is newly built, is completed in respect of amenities such as water supply, drainage and sewerage. P.T.O.-2- 3. The grant of advance is also subject to the following conditions: i) That the construction of the house: a) Shall be carried out exactly in accordance with the approved plan and specifications on the basis of which the amount of advance has been completed and sanctioned. The plan and specifications must not be departed from without prior concurrence of the Government and that the grantee shall certify when applying for advance admissible at the roof level that the construction is being carried out strictly in accordance with the plan and estimates furnished by him to the Government that the construction has actually reached roof level and that the amount already drawn has actually been used in the construction of the house. b) Shall be completed within 18 months of the date on which the 1st installment of the advance is paid to the grantee. Failure to do so will render the grantee liable to refund the entire amount advanced to him together with interest due thereon in one lumpsum. The date of completion of the house must be reported to the Government immediately without delay. ii) Immediately on completion of the house the grantee shall insure the house at his own cost for a sum not less than the advance with interest due thereon and shall meet the house so insured against damage by fire, flood of lightning till the advance with interest due thereon is fully repaid to the Government and deposit the policy with the Government. iii) The house shall be maintained and repaired at his/her own cost and he shall pay all municipal and local taxes regularly until the advance with interest due thereon is repaid in full. iv) He shall keep the house free from all encumbrances. v) The grantee has furnished his consent statement for the recovery of the entire advance of Rs.6,00,000/- and interest thereon before his/her date of retirement. 4. The advance shall be recovered in 145 monthly installments i.e., 144 monthly installments @ Rs.4,130/- p.m. and 145th installment @ Rs.5,280/-. After the principal amount is completely recovered, interest at the rate of 5.50% per annum (simple interest) will be charged and will be recovered in 10 monthly installments. 5. The recovery shall commence from the 18th month of the date of drawal of the first installment or from the month following the completion of the house, whichever is earlier. Contd.Pg.3::3:: 6. Any amount drawn in excess of the expenditure incurred shall be refunded forthwith, with interest, if any, due thereon. 7. The insurance policy should be forwarded together with a letter addressed to the Insurance Company, that the Government are interested in the policy secured. 8. It will be open to the grantee to repay the amount in shorter periods if he so desires. The balance of the advance with the interest remaining unpaid on the date of retirement or death preceding retirement should be recovered from the whole or any specified part of the Retirement Gratuity that may be sanctioned to him. 9. In case the grantee does not repay the balance of the advance due to Government on or before that date of retirement, it should be open to Government before the security of the mortgage at any time thereafter and recover the balance of advance due together with interest and the cost or recovery by sale of the house or in such other manner as may be permissible under the law. The recovery of the advance shall be affected through the monthly pay/leave salary bills of the grantee. If the grantee ceases to be in service for any reason other than the normal retirement/superannuation or if he dies before the repayment of the advance in full, the entire outstanding amount of advance shall be payable to the Government forthwith. Failure on the part of grantee or his successors in interest to repay the advance for any reason whatsoever, will entitle the Government to enforce the mortgage or to take such other action as may be permissible under the law. The property mortgaged to the Government shall be recovenyed to the grantee or his successors in interest, as the case may be, after the advance together with interest due thereon, has been repaid to the Government in full. 10. It is certified that the advance for the house construction is sanctioned for the first time and that the individual has not taken any house building advance or ready built house advance previously. 11. Surety bond need not be obtained from the individual as he is a permanent Government servant. 12. The expenditure shall be met from out of the funds allotted to this department vide reference 3rd and 4th read above, and shall be debited to “MH 7610 – Loans to Government Servants – MH.201 – House Building Advance, SH.(05) Loans to other Officers”. 13. Finance (Claims) Department is requested to draw and credit the amount to the individual’s Bank Account through ECS. (BY ORDER AND IN THE NAME OF THE GOVERNOR OF ANDHRA PRADESH) Dr. P.V. RAMESH PRINCIPAL SECRETARY TO GOVERNMENT (R&E) To Sri P.Y.B. Rajesh Kumar, Assistant Section Officer, Finance Department. Finance (Claims) Department. Copy to: The Deputy Pay and Accounts Officer, Secretariat Branch, Hyderabad. The Principal Accountant General (A&E), A.P., Hyderabad. SF/SC’s. //FORWARDED::BY ORDER// SECTION OFFICER