Sage-Tips

What are the documents required for home loan for govt employees?

Documents Required

• Employer Identity Card.
• Duly-signed Loan Application with 3 Passport size photographs.
• Proof of Identity – Passport/ Aadhaar Card/ Passport/ Voter ID Card.
• Proof of Address – Recent Copy of Telephone Bill/ Electricity Bill/ Driving Licence.

How much home loan can a govt employee get?

An employee of Central Government can borrow up to an amount equal to his/her basic pay for 34 months. This is subject to a maximum limit of Rs. 25 lakh, the cost of the house, or an amount based on his/her repaying capacity. The lowest amount among these will be considered.

Is Patta required for housing loan?

You will only get the document issued if there is any house or building built on it. If there are multiple owners for a single plot then a single Patta is being issued for all the owners. But in that case the there must be a division of the property. If there is an undivided land Patta will not get issued.

What is the maximum amount of home loan available through IOCL?

It provide home loans up to 20 lacs on a simple interest basis . for ferther loan employees can take bank loan ( i.e. bank loan + IOCL loan on the very same property 8 clever moves when you have $1,000 in the bank.

What are the allowances that enhance the employee experience in PSU?

There are various allowances that enhance the employee experience in a PSU. The House Rent Allowance is the allowance that the employer gives to the employee to cover the cost of renting a home. The HRA varies from place to place. In metropolitan cities the HRA is 30\% of (basic + grade pay) and it is 15\% in B cities and 10\% in the rest.

What are some facilities given by IOCL to its engineers?

Santosh Mohan Rajkumar’s answer to What are some facilities given by IOCL to its engineers? Apart from Basic Pay (24900), DA (120.3\% of BP presently), HRA if you are not in Company accomodation, Cafeteria allowance is max 50\% of BP in PSU as per 2nd PRC (equivalent to 6th cpc)

What are the allowances included in the basic pay of IOC?

In IOC Cafteria allowance is 48.5\% of BP which includes allowances like Professional attire, House maintenance, Professional update, Similarly other allowances which add up to make 48.5\% of Basic Pay amount. Remaaining 1.5\% of BP is deduction for maintenance of nominated hotels, hospitals, townships etc .