Legal Alert:::Rates of interest on advances and loans to Government employees for construction/purchase of houses/flats

The undersigned is directed to enclose herewith a copy of Ministry of Finance, Department of Expenditure’s O.M. No.5 (3)-B(PD)/2012, dated the 3^rd January 2013, intimating the rates of interest on advances and loans given to Government employees for construction/purchase of houses/flats during 2012-13, i.e. 1^st April, 2012 to 31^st March, 2013 and until further orders, for information and compliance.

Copy of G.I., M.U.D., O.M. No.5 (3)-B(PD)/2012, dated the 3^rd January 2013

The undersigned is directed to state that the rates of interest on advances and loans given to Government employees for construction/purchase of houses/flats during 2012-13, i.e. 1^st April, 2012 to 31^st March, 2013 and until further orders will be as under:-

Slab	Interest Rate per cent per annum
Advance up to Rs. 50,000/-	6.00
Advance up to Rs. 1,50,000/-	7.50
Advance up to Rs.5,00,000/-	9.00
Advance up to Rs.7,50,000/-	9.50

Ministry of Urban Development is requested to issue separate O.M. at their level on the above issue.

This issue with approval of Hon’ble Finance Minister.

Source:- G.I. M.U.D. , O.M. No. I-17011/2 (6)/2013-H. III,dated 17-1-2013

Regards

Dr. Deepak Miglani

President Legal Point Foundation

www.legalpoint.in

Legal India

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