House Purchase or Construction Loan

Purpose
Purpose of this loan is to facilitate employees to acquire his/her own accommodation and to make
employees’ living standard better. House construction of purchase loan will be sanctioned based on the
past service, remaining service and basic salary of the permanent employee.
Eligibility:
 Loan will be provided after 5 years of service;
 House purchase/construction loan will be provided only once in the service to the authority. 2nd
time entitlement of this loan will be subject to approval by any competent platform approved by
Board in this matter. There will be no 3rd time entitlement
 Provided with loan equal to 80 basic salaries
 Property documents (land, flat of house ownership documents) will be provided as collateral or
Loan can be insured against default for which annual insurance premium will be borne by
concerned employee.
 In case of house purchase loan will be allowed in one tranche, whereas, in case of house
building it will be allowed in 3 tranches.
 CAA will have right to recover remaining balance from the employee’s GP Fund and other
balances in case of any amount not recoverable from insurance.
 Loan will be provided interest free to those who have opted not to get interest on their General
Provident Fund (GPF).
 For those who are getting interest on GPF, profit rate will be KIBOR + 3% at the time of providing
loan (the rate will remain fixed throughout the tenure)
 Repayment will be made in 180 equal installments. Repayment tenure will be restricted to
employee’s remaining service.
 Ten Monthly Installments will be deducted from employee’s salary each month saving two
months in which Eid-ul-Fitr and Eid-ul-Adha comes.
 Contractual employees will be entitled for the loan on the same conditions except that in case of
discontinuation of their period of service the will be required to settle their dues immediately.
(basis of loan can be initial basic of the scale on which they are appointed at the time of
application)

 HAJJ/UMRA POLICY
Purpose:

Purpose of this policy is to allow employees to perform hajj (pilgrimage) or Umra fully sponsored by CAA
fund. A fund may be created and monthly deduction from employees’ salary may be transferred to that
fund. Once a year employees may be selected to perform hajj or umra for which expenses may be fully
covered by fund.

 Applications will be invited annually from employees who are willing to perform hajj/Umra.
 Employees will be selected for Hajj/Umra through random balloting.
 Monthly contribution at standard rate of Rs. 800/employee may be deducted from employee
salary and transferred to fund every month. Monthly fund that can be generated based on eight
thousand employees will be Rs. 6,400,000(800*8000). That makes annual collection of Rs.
76,800,000 (6,400,000*12).

 Annually employee covered will be as follows:

Umra = 76,800,000/100,000 = 768
HAJJ(Pilgrimage) = 76,800,000/500,000 = 153

 If applied and not awarded in 5 balloting, person will be awarded mandatory, if people exceed
than available fund than merit will be on the basis of age or years of service.

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