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Thursday, December 11, 2008

Interest bearing advances - for Motor Car ,Scooter, Moped and Computer and Cycle

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F.No 12(I)/E.II-A/2008

GOVERNMENT OF INDIA

Ministry of Finance

(Department of Expenditure

North Block,New Delhi
Dated 24th October,2008

OFFICE MEMORANDUM



Sub: Interest bearing advances / Sixth Central Pay Commission recommendation



The undersigned is directed to state that the implementation of the recommendations of the Sixth Central Pay Commission relating to interest bearing advances granted to Government employees is under consideration of the Government.

2. Meanwhile, pending finalization of the new arrangement, the existing provisions for interest bearing advances relating to purchse of Motor Car,Motorcycle, Scooter, Moped and Personal Computer would continue to be in operation. The eligibility criteria will be as follows:

Advance

Eligibility Criteria

Motor Car
(including Personal Computer)

Pay in the pay band of Rs.19530/- (Nineteen thousand five hundred and thiry only) or more

Motor Car, Scooter, Moped

Pay in the pay band of Rs.8560/- (Eight thousand five hundred and sixth only) or more


3. The quantum of advances would be determined with reference to pay in the pay band and existing ceiling would remain unchanged.

4. Advances for purchase of Bicycle and Warm Clothing (provided for in Rule 31 and 35 respectively of the Compendium of Rules on Advances to Government Servants) are to be treated as interest free advances in terms of this Department's OM of even number dated 7th October,2008.

5. Hindi version will follow.

House Building Loan

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Hosing Loan Interest would fall very soon…! The government has announced public sector banks would soon introduce a package for those seeking home loans. Presently banks and housing finance firms are charging between 12% and 14% for fixed-rate home loans and offering between 9.5% and 11.75% for floating rate home loans. But the latest measures announced by RBI has started easing the cost of funds for the banks following which they are expected to decline the interest rate further.

"Public sector banks will shortly announce a package for new borrowers for home loans in two categories -- for loans of up to Rs 5 lakhs and Rs 5-20 lakhs".

The government pointed out that there is a large unmet demand for housing in the country, especially for middle and low income groups. The demand in residential segment has declined in the last six months on account of high interest rates on housing loans and steep rise in property prices during last two to three years.The government highlighted the RBI's decision to provide refinance facility of Rs 4,000 crore to National Housing Bank.

Under the scheme, home loans up to Rs 5 lakh will be offered at a rate of around 7% while those above Rs 5 lakh and up to Rs 20 lakh will be granted at around 8%. We hope that the reduction of interest rates shall be effect for old customers also.

Housing Loan - Floating Interest Rates
Banks / Institutions 5 Years 10 Years 15 Years 20 Years
Allahabad Bank 9.75 2113 10.25 1335 10.5 1105 10.75 962
Bank of Baroda 10.25 2138 10.5 1350 10.5 1106 10.75 1016
Bank of Rajastan 11.5 2199 10.75 1421 12 1200 12.5 1137
Canara Bank 10.25 2137 10.5 1350 10.75 1121 10.75 1016
Central Bank of India 9 2075 10 1321 10 1074 10 965
Dena Bank 10.5 2150 11 1378 11.25 1153 11.25 1050
Indian Bank 9 2075 9.25 1278 9.5 1042 10 962
Indusind Bank 11.25 2187 11.25 1392 11.5 1168 11.5 1066
Oriental Bank 10 2125 10 1321 10.25 1153 10.25 -
State Bank of India 9.75 2113 10 1321 10 1074 10.25 -
Syndicate Bank 10 2125 10.5 1349 10.75 1121 11 1032
Vijaya Bank 9.25 2088 10 1322 10.25 1090 10.75 1016
Can Fin Homes Ltd 8.5 2200 11.5 1406 11.5 1169 11.75 1067
GIC Housing Ltd 10.75 2162 11.25 1392 11.5 1134 10.95 1084
HDFC 11.75 2212 11.75 1421 11.75 1185 11.75 1084
HUDCO 10.5 2200 10.75 1322 - - 11 1032
LIC Housing 11 2174 11 1377 11 1137 11 1032
PNB Housing 11.75 2212 11.75 1421 11.75 1185 11.75 1315
Sundaram BNP 12.5 2250 12.5 1464 12.5 1233 12.5 1137
Housing Loan - Fixed Interest Rates
Banks / Institutions5 Years10 Years15 Years20 Years
Allahabad Bank 11.25 2187 11.75 1420 12 1200 12.5 1090
Bank of Baroda 11 2175 11.25 139211.5 1169 - -
Bank of Rajastan 12.5 2249 12.75 147813 1265 13.5 1207
Canara Bank 11.25 2187 11.25 139211.25 1152 11.25 1049
Central Bank of India 10 2125 - - - - - -
Dena Bank 11.25 2187 11.75 142111.75 1185 11.75 1084
Oriental Bank 11 2175 11 -11.25 1152 11.25 1049
State Bank of India 12 2224 12 1435- - - -
Vijaya Bank 9.5 2101 10 1322- - - -
Can Fin Homes Ltd 14 2327 14 155314 1332 14 1244
GIC Housing Ltd 11.5 2200 121435 12.5 1233 131172
HDFC 14 2327 14 155314 1332 14 1244
HUDCO - - -- - - 131172
LIC Housing 13.5 2300 13.5 1523 13.5 1298 13.5 1207
PNB Housing 13.75 2314 13.751538 13.75 1315 13.75 1226
Hence, calculation starts…!



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