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HBA Form of Agreement

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8 views

HBA Form of Agreement

Uploaded by

manjothsingh17
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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FORM NO.

Form of Agreement to the executed at the time of drawing an advance by a Central


Government Servant for purchase of plot of land and building a house, enlargement of
existing house and purchase of a ready-built house, where the title is absolute.

(Rules 5 (a) (1), 5(a) (3) and 5 (a) (5) )

AN AGREEMENT MADE THIS ________day of _________ Two Thousand and


___________ BETWEEN ________________________ son / daughter / wife of ________
__________________ at present serving as ____________________ (hereinafter called ‘
the borrower’, which expression shall unless excluded by or repugnant to the subject or
context include his heirs, executors, administrators and legal representatives) of the one part
and the President of India (hereinafter called ‘the Government’ which expression shall
unless excluded by or repugnant to the subject or context include his successors in office
and assigns) of the other part, WHEREAS the borrower desires to purchase land and
construct a house thereon / enlarge living accommodation in his / her house at
_________________________________ purchase a ready-built house at ___________
______________________________________ described in the schedule hereto annexed
and WHEREAS the Borrower has under the provision of the Rules framed by the
Government of India to regulate the grant of advances to Central Government Servants for
building, etc., of houses (hereinafter referred to as the ‘said rules’, which expression shall,
where the context so admits, include any amendment thereof or addition for the time being
in force) applied to the Government for an advance of Rs.___________ (Rupees
________________ __________________) to purchase the said land and construct a house
thereon / enlarge living accommodation in his / her house / purchase a ready-built house as
aforesaid and the Government has sanctioned an advance of Rs.__________ (Rupees
__________________ ________________) to the Borrower, vide the Office Letter No.
26029/___/200__Admn-I dated ___/___/200__, a copy of which is anne xed to these
presents for the purpose aforesaid on the terms and conditions set forth therein NOW IT IS
HERE BY AGREED by and between the parties hereto as follows :

(1) in consideration of the sum of Rs. _________ (Rupees _______________________


only) (insert amount of the first installment) to be paid by the Government after the
execution of this agreement for the purchase of land and the sum of Rs________ (Rupees
_________________________only) (insert balance amount to be paid) to be paid by the
Government to the Borrower as provided in the said rules, the Borrower hereby agrees with
the Government

(a) To repay to the Government the said amount of Rs._______(Rupees


_____________________ only) (insert full amount sanctioned) with interest calculated in
accordance with the said rules for the time being in force by ________(number to be filled
in) monthly installments of Rupees ________________
_______________________________ from his pay commencing from the month
___________________________ Two Thousand and _____________ or from the month
following the completion of the house, whichever is earlier and the Borrower hereby
authorizes the Government to make such deductions from his monthly pay, leave salary and
subsistence allowance bills.

(b) (i) Within two months from the date of receipt of the amount of Rs._________
(insert amount of installment to be paid) out of the said sanctioned advance or within such
further time as Government / Head of the Department may allow in this behalf, to expend
the aforesaid amount in the purchase of land and to produce for inspection of the
Government the sale deed in respect thereof failing which the borrower shall refund to the
Government the entire amount of the advance received by him together with interest
thereon.

(ii) Within three months from the date of the receipt of the aforesaid advance of
Rs._________ (Rupees __________________________) to expend the aforesaid amount in
the purchase of the said ready-built house and mortgage it to the Government failing which
the borrower shall refund forthwith to the Government the entire amount of advance
received by him together with interest thereon unless an extension of time is granted by the
Government.

(iii) To complete construction / enlargement of the said house within eighteen


months of _________________ strictly in accordance with the plan and specifications to be
approved by the Government and on the basis of which the amount of advance is to be
computed and sanctioned finally or within such extended period as may be laid down by the
Government.

(iv) Within three months of taking possession of ready-built flat under the self
financing housing scheme of the ______________ mortgage it to the Government of India
failing which the borrower shall refund forthwith to the Government the entire amount
received by him together with interest thereon unless an extension of time is granted by the
competent authority.

(2) If the actual amount paid by the borrower for the purchase of land and building a house
thereon / enlarging the house / the purchase of ready-built house is less than the amount
received under these presents by the borrower, to repay the difference to the Government
forthwith.

(3) To execute a document mortgaging the said house / land along with the house to be built
thereon to the Government as security for the amount advanced to the borrower under these
presents as also for the interest payable for the said amount in the form provided by the said
rules.

(4) If the land is not purchased and the sale deed thereof not produced for inspection of the
Government within two months of the date of drawal of the part of the advance for that
purpose, or within such further time as the Government / Head of the Department may
allow in this behalf / if the house is not purchased and mortgaged within three months of the
drawal of the advance or within further time as the Government / Head of the Department
may allow in this behalf / if the borrower fails to complete the construction / enlargement of
the said house, as herein before agreed, or if the borrower becomes insolvent or quits the
service of the Government or dies, the entire amount of advance together with interest
accruing thereon shall immediately become due and payable to the Government.
(5) The Government shall be entitled to recover the balance of the said advance with
interest remaining unpaid at the time of his retirement or death preceding retirement from
the whole or any specified part of the gratuity that may be sanctioned to him.

(6) Without prejudice to any other right of the Government in that behalf, if any amount
becomes refundable or payable by the borrower to the Government, the Government will be
entitled to recover the same as arrears of land revenue.

(7) The stamp-duty payable on these presents shall be borne and paid by the Government.

SCHEDULE ABOVE REFERRED TO

IN WITNESS WHEREOF THE BORROWER has hereunto set his hand and
Shri______________________________ in the _________________
____________________Government of India for and on behalf of the President of India has
hereunto set his hand.

Signed by the said Borrower

(Signature of the Borrower)


In the presence of :
st
1 Witness : Name :
Designation : Emp_code
Address :
nd
2 Witness : Name :
Designation : Emp_code
Address :

(For Official use only)

Signed by Shri __________________________________________________ in the


_________________________________

( For and on behalf of the President of India )


In the presence of :
st
1 Witness : Name :
Designation : Address :
nd
2 Witness : Name :
Designation : Address :

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