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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.

Ministry / Department
Finance Department
Level
State
Benefit type
cash
Last verified: Recently

What is 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.

Benefit
##### ***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. ##### ***Disbursement*** - 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. ##### ***Duration and Validity*** - 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
Level
State — Goa
Ministry / Dept.
Finance Department
Benefit type
cash
Key eligibility
- The applicant must be an erstwhile beneficiary of the House Building Advance who had their loans operative as on 15th May, 2020. - The applicant must fulfill the eligibility criteria put forth by the empanelled bank for being eligible for housing loan under this scheme. - The applicant who had shi
Last verified
Recently

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. ##### ***Disbursement*** - 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. ##### ***Duration and Validity*** - 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

Eligibility

- The applicant must be an erstwhile beneficiary of the House Building Advance who had their loans operative as on 15th May, 2020. - The applicant must fulfill the eligibility criteria put forth by the empanelled bank for being eligible for housing loan under this scheme. - The applicant who had shiArea: GoaBenefit: cash

Documents Required

    How to Apply

    1. Step 1: Offline application — step 1

      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.

    2. Step 2: Offline application — step 2

      Step 2: In the application form, fill in all the mandatory fields, and attach copies of all the mandatory documents (self-attest, if required).

    3. Step 3: Offline application — step 3

      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.

    Sources & References

    Ready to apply?

    Applications are accepted only on the official government portal.

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