LOANS AND ADVANCES – Advances to Government Employees for the Celebration of Marriage – Administration of the Marriage Advance Scheme – Entrustment to the Director of Treasuries and Accounts – Orders – Issued
FINANCE [Salaries] DEPARTMENT
G.O.Ms.No.140 G.O.Ms.No.140, Dated , Dated , Dated 13th May 2016.
(Chithirai -30, Thiruvalluvar Aandu-2047)
LOANS AND ADVANCES – Advances to Government Employees for the Celebration of Marriage – Administration of the Marriage Advance Scheme – Entrustment to the Director of Treasuries and Accounts – Orders – Issued.
1. G.O.Ms.No.234, Finance (Salaries) Department, dated 30-03-1995.
2. G.O.Ms.No.148, Finance (Salaries) Department, dated 13-05-2015.
The Government of Tamil Nadu is granting various interest free and interest bearing advances to its employees. Among them, the following loans and advances are included under Demand 16 – Finance Department:-
|Name of the Advance||Head of Account (DPC)||Interim BE
(Rs. in Thousands)
|1.||Conveyance Advance||7610 00 202 AA||61,00,00|
|2.||Computer Advance||7610 00 204 AA||20,05,00|
|i.||Warm Clothing Advance||7610 00 800 AB 0206||30,00|
|ii.||Education Advance||7610 00 800 AB 2204||40,00|
|iii.||TANSI Advance||7610 00 800 AB 3801||5,00|
|iv.||Khadi Advance||7640 00 800 AB 4006||1,70,00|
|v.||Handloom Advance||7610 00 800 AB 4104||25,00,00|
|4.||Marriage Advance||7610 00 800 AC 0106||50,00|
Except Marriage Advance, all other advances are administered by the Director of Treasuries and Accounts.
2) In respect of Advances administered by the Director of Treasuries and Accounts, funds are allocated based on requirement from the Heads of Department / District Collectors. Whereas, in the case of Marriage Advance, sanction is accorded for notional allocation of funds to Heads of Department / District Collectors without knowing the actual requirement. This kind of fund allocation led to under utilization of funds by certain departments / districts and pendency of application for want of funds in some other departments / districts. Consequently, the huge surrender of funds occurred resulting to adverse remarks from the Accountant General (A&E).
3) The Government, after careful examination, has decided to streamline the administration of the Marriage Advance scheme. Accordingly, Government direct that the administration of the Marriage Advance Scheme be entrusted to the Director of Treasuries and Accounts as in the case of other advances listed above and issue the following orders:-
(i) The Director of Treasuries and Accounts shall be the administrator of Marriage Advance Scheme from the year 2016-2017;
(ii) The funds provided in the Budget Estimate 2016-17 under the Head of Account ‘7610 00 800 AC’- included in Demand 16 – Finance Department, shall be allocated to the Heads of Department and District Collectors based on requirement;
(iii) The Heads of Department and District Collectors shall send their requirement to the Director of Treasuries and Accounts and get funds for sanctioning Marriage Advance to the Government employees under their control as in the case of other advances;
(iv) The Director of Treasuries and Accounts shall be the Estimating, Recounciling and Controlling authority for the head of account 7610 00 800 AC;
(v) The Heads of Department and District Collectors shall follow the existing Government Orders and instructions governing the sanction of Marriage Advance;
(vi) The Director of Treasuries and Accounts shall follow the usual procedures for allotment of funds as applicable to other advances; and
(vii) The Director of Treasuries and Accounts shall issue instructions to Heads of Departments/ District Collectors on modalities for seeking funds to sanction Marriage Advance.
(By Order of the Governor)
ADDITIONAL CHIEF SECRETARY TO GOVERNMENT
Home Loan Rates in 2015: Here’s Your Guide
As soon as one starts looking out at properties to buy a house, banks start offering home loans. This can be overwhelming at times. Making a choice then largely depends on comparing what competitor banks have to offer. Here is a list, which compares home loan rates by different banks.
For a loan amount up to Rs 30 lakh and the tenure being 15-20 years, the following is on offering.
1. Floating interest rate of 10.15 per cent
This rate is being offered by the following organizations:
SBI ( State Bank of India)
PNB Housing Finance
India Bulls ( Up to Rs 25 lakh)
Tata Capital Housing Finance Ltd
EMI per lakh works out to be Rs 975.
SBI charges a processing fee of 0.25 per cent of the loan amount up to Rs 25 lakh or minimum Rs 1000. For a loan amount above Rs 25 lakh the processing fee is Rs 3,250. Citibank charges 0.25 per cent of the loan amount. ICICI, HDFC and PNB charge 0.5 per cent of the loan amount as processing fees. However, HDFC has capped the maximum amount to Rs. 10,000. Whereas, Axis Bank and HSBC charge a minimum processing fee of Rs 10,000 or 1 per cent of the total loan amount. DHFL charges Rs 5000 plus document charges and taxes and India Bulls charges Rs 7,500 plus taxes.
2. Floating interest rate of 10.20 per cent
This rate is being offered by the following banks:
Bank of India
The EMI per lakh works out to be Rs 978.
Federal Bank and UCO Bank both charge 0.5 per cent of the loan amount. The minimum amount charged is Rs 3000 and Rs 1500 whereas maximum is Rs 7500 and Rs 15,000 respectively by both the banks. Bank of India has decided to waive off processing fees on new loans sanctioned up to March 2015.
3. Floating interest rate of 10.25 per cent
This rate is being offered by the following lenders:
Punjab National Bank
Central Bank of India
Union Bank of India
United Bank of India
Bank of Baroda
Oriental Bank of Commerce
First Blue Home Finance
Indian Overseas Bank
State Bank of Travancore
The EMI per lakh works out to be Rs 982.
IDBI, Punjab National Bank and Oriental Bank of Commerce have NIL processing fees. State Bank of Travancore does not charge any processing fee up to a loan amount of Rs 25,000 and United Bank of India has waived off processing fee for a loan amount up to Rs 75 lakh. Processing fee ranges from 0.25 per cent to 0.5 per cent of the loan amount. Allahabad Bank charges 0.6 per cent of the loan amount with a cap of Rs 12,000 while India Overseas Bank charges 0.58 per cent of the loan amount with a cap of Rs 10,190.
4. Floating interest rate of 10.26-10.30 per cent
Standard Chartered Bank offers 10.26 per cent on home loans with a processing fee of Rs 5500 plus service tax. The EMI works out to be Rs 982.
Vijaya Bank charges 10.30 per cent and the EMI works out to be Rs 985. The processing fee is 0.25 per cent of the loan amount with a cap of Rs 10,000.
5. Floating interest rate of 10.50 per cent and above
Deutsche Bank offers an interest rate of 10.5 per cent and a flat processing fee of Rs 12,000 plus taxes. EMI per lakh works out to be Rs 998.
Bank of Maharashtra offers 10.55 per cent (up to 25 lakh) and 10.75 per cent above that. Accordingly the EMI works out to be Rs 1001 and Rs 1015 respectively. Processing fee is 0.25 per cent of the loan amount subject to maximum of Rs 25,000.
ING Vysya offers 10.75 per cent, the EMI for which works out to Rs 1015. Processing fee is 0.5 per cent of the loan amount.
Development Credit Bank and Dhanalakshmi Bank offer 11.50 per cent and charge a processing fee of 1 per cent. EMI per lakh works out to be Rs 1066.
6. Fixed rates on offer
LIC Housing Finance offers 10.10 per cent (fixed for 2 years)
HDFC Ltd offers 10.15-10.65 per cent (fixed for 2-3 years) and 10.25- 10.75 per cent (fixed for 10 years).
Axis Bank offers 10.40 per cent (fixed for 20 years)
Look out for festive offers when processing fee is waived off and always negotiate for better rates. Request your bank official to share complete details so that there are no surprises in the form of hidden charges, pre-payment charges etc. Also, find out about special rates applicable for self-employed individuals and women.
Hope this compilation helps you in analysing what suits you best.
Data source: deal4loans.com