Housing, Rural Housing Scheme Loan Repayment to Oriental Insurance Company Limited
The Housing and Urban Development (HCS1) Department issued Government Order (2D) Number 25, dated 9 March 2015, sanctioning repayment of principal and interest due on 31 March 2015 to Oriental Insurance Company Limited, New Delhi, for loans used to finance the Rural Housing Scheme. It sanctions Rs.16,72,000 as principal and Rs.27,17,853 as interest, authorises payment, and directs recovery from the Tamil Nadu Co-operative Housing Federation Limited, Chennai.
What the document does
Government Order (2D) Number 25, dated 9 March 2015, issued by the Housing and Urban Development (HCS1) Department, approves government expenditure for repayment of Rural Housing Scheme loans obtained from Oriental Insurance Company Limited, New Delhi.
The loans were received by the Government of Tamil Nadu to finance the Rural Housing Scheme. The document records loan amounts of Rs.418.00 lakhs and Rs.1,122.00 lakhs, totalling Rs.1,540 lakhs, received during 1992-93 and 1996-97 respectively.
Amounts sanctioned
The Housing and Urban Development (HCS1) Department accepts the proposal submitted by the Registrar of Co-operative Societies (Housing) and sanctions:
- Rs.16,72,000 towards repayment of principal due on 31 March 2015.
- Rs.27,17,853 towards repayment of interest due on 31 March 2015.
- Payment of both amounts to Oriental Insurance Company Limited, New Delhi.
The principal expenditure is assigned to the account head for internal debt of the State Government and housing loans from the General Insurance Corporation of India Limited. The interest expenditure is assigned to the account head for interest on internal debt payable by the Registrar of Co-operative Societies (Housing).
Payment and recovery responsibilities
The Deputy Registrar of Co-operative Societies (Housing), Chennai-17, is authorised to draw and disburse the sanctioned principal and interest. Payment must be made by cheque in favour of Oriental Insurance Company Limited, New Delhi, payable two days before the due date.
The Registrar of Co-operative Societies (Housing), Chennai, must:
- Take immediate action to recover the amount from the Tamil Nadu Co-operative Housing Federation Limited, Chennai.
- Credit the recovered amount to the government account.
- Inform the Government about the recovery.
- Report the date on which principal and interest were repaid to Oriental Insurance Company Limited, New Delhi.
Relevance to property owners and buyers
Government Order (2D) Number 25 concerns repayment and recovery of institutional loans used for the Rural Housing Scheme. It does not set out any change to individual land ownership, property registration, land classification, planning permission or building approval. Its direct effect is on the named government and co-operative housing authorities responsible for payment and recovery.
This summary is generated from the source document to help you find what is relevant. The PDF above is authoritative. For advice on your own property, use LandLens One or speak to a qualified professional.
Common questions
Does this government order change my land title or property registration?
No change to individual land title or property registration is set out in the document. It deals with repayment of loans used to finance the Rural Housing Scheme.
How much money was sanctioned for payment?
The Housing and Urban Development (HCS1) Department sanctioned Rs.16,72,000 towards principal and Rs.27,17,853 towards interest due on 31 March 2015.
Who was authorised to make the payment?
The Deputy Registrar of Co-operative Societies (Housing), Chennai-17, was authorised to draw and disburse the amount by cheque to Oriental Insurance Company Limited, New Delhi.
Who must reimburse the Government for the payment?
The Registrar of Co-operative Societies (Housing), Chennai, was directed to recover the amount from the Tamil Nadu Co-operative Housing Federation Limited, Chennai, and credit it to the government account.
