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New housing loan norms for Central staff

BL Research Bureau

Central government employees, under the newly issued guidelines, can now get loans for acquiring ready built flats or houses constructed by private builders. The fresh guidelines, issued by the Centre are as follows:

  • The builder should be registered under the Companies Act or with the Registrar of Firms under the Indian Partnership Act.

  • The builder should be registered as an approved builder with the urban development authority or the housing boards of State government or municipal authorities.

  • If a system of such registration does not exist, the builder should produce an income-tax clearance certificate or documentary evidence to show that he has undertaken housing projects for government agencies.

  • The builder should have a clear title to the land.

  • The employee should obtain an undertaking from the builder that the house or flat is ready for possession and occupation.

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