G.O.(2D) No.26, Rural Housing Scheme Loan Repayment, 2015
The Housing and Urban Development (HCS.1) Department issued G.O.(2D) No.26 on 19 March 2015, sanctioning payment of principal and interest due to United India Insurance Company Limited, Chennai, for a Rural Housing Scheme loan. It authorises interest of Rs.3,96,80,840 and principal of Rs.6,32,20,000, and directs recovery of the amount from the Tamil Nadu Co-operative Housing Federation Limited, Chennai.
What the document does
G.O.(2D) No.26 of the Housing and Urban Development (HCS.1) Department, dated 19 March 2015, is a financial sanction concerning a Rural Housing Scheme loan obtained from United India Insurance Company Limited, Chennai. It approves the release of money for principal and interest due on 31 March 2015.
The document does not contain provisions changing land ownership, title, registration, land classification or development rights. It mainly concerns government accounting, payment and recovery between the named public bodies and insurer.
Amounts sanctioned
G.O.(2D) No.26 sanctions the following payments to United India Insurance Company Limited, Chennai:
- Rs.3,96,80,840 towards repayment of interest.
- Rs.6,32,20,000 towards repayment of principal.
- Both amounts were due on 31 March 2015.
The interest and principal expenditure must be recorded under the separate government account heads specified in the document.
Payment and recovery process
G.O.(2D) No.26 assigns specific responsibilities for handling the sanctioned funds:
- The Deputy Registrar of Co-operative Societies (Housing), Chennai Region, is authorised to draw and disburse the sanctioned amount by cheque in favour of United India Insurance Company Limited, Chennai.
- The cheque is to be payable two days before the due date.
- The Deputy Registrar must ensure that spending under the relevant subhead does not exceed the authorised amount.
- 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.
- The recovered amount must be credited to the Government account, with the Government informed of the action.
- The date on which interest is paid to United India Insurance Company Limited must be reported to the Government.
Who is affected
G.O.(2D) No.26 directly concerns the Registrar of Co-operative Societies (Housing), the Deputy Registrar of Co-operative Societies (Housing), Chennai Region, the Tamil Nadu Co-operative Housing Federation Limited, Chennai, and United India Insurance Company Limited, Chennai.
For an individual property buyer or owner, the document creates no stated application requirement, payment liability or change to a land record. Its practical effect is the settlement and recovery of institutional loan amounts connected with the Rural Housing Scheme.
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 G.O.(2D) No.26 change my land title or patta?
The document contains no provision changing land ownership, title, patta or registration. It sanctions repayment of a Rural Housing Scheme loan.
How much money was sanctioned for repayment?
The Housing and Urban Development (HCS.1) Department sanctioned Rs.3,96,80,840 for interest and Rs.6,32,20,000 for principal.
Who must make the payment to United India Insurance Company Limited?
The Deputy Registrar of Co-operative Societies (Housing), Chennai Region, is authorised to draw and disburse the sanctioned amount by cheque in favour of United India Insurance Company Limited, Chennai.
Who must repay the amount to the Government?
The Registrar of Co-operative Societies (Housing), Chennai, must recover the amount from the Tamil Nadu Co-operative Housing Federation Limited, Chennai, and credit it to the Government account.
