Installment in House Building Loan
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What is the process of calculation of total Amount and Installment in House Building Loan? Basic pay Rs 9830.00. Please give reference order or rule in State Govt.
In case of school staff,
There is no scope of house building loan. We are allowed for a refundable loan from our provident fund which will have to submit from 10 to 24 instalment. (Para 12 A (e) of GPF Rule,1995.)
The amount of lone will not exceed the sum of 3 months of PAY (BASIC PAY+ D.A.) OR, 3/4 of the deposited amount in P.F. ,which is less. (Para 12 A (d) and 4 (c) of GPF Rule,1995.)
You will get non-refundable loan after 15 years of full service, Ropa-2009. It was 20 years before.For State Govt. W.B. Employee of Secretariat, what is the rule in this house building loan?
Dear Mr. Avik,
Actually it depends on where from you are taking the loan, for what purpose and for what duration and of course the amount of loan you want. It appears you want to know the maximum of the loan admissible amount. For UBI, it is 75 times of your basic pay in case of purchase/construction of a new residential building and 25 times in case of renovation, installment amount is naturally directly proportional to the loan amount and inversely proportional to the tenure of repayment but one thing have to be taken into consideration that the monthly installment should be equated in such a way that the total amount of deduction from your gross salary does not exceed 60% of your total emoluments. Conditions differ from Bank to Bank. However the following links may help you to get a detail information in this regard.
https://wbxpress.com/housing-loan-scheme … -employee/
https://wbxpress.com/housing-loan-scheme … -interest/
https://wbxpress.com/further-house-build … ized-bank/
Regards.
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