Housing Advances and Regulations Quiz

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Questions and Answers

What is the time limit for purchasing land using the advance and producing the mortgage deed?

2 months (correct)
6 months
3 months
1 month

What is the maximum allowed extension period for completing the purchase of a house with the advance?

2 months
3 months (correct)
1 month
6 months

What interest rate is prescribed for the advances unless conditions are fulfilled satisfactorily?

No interest is charged on the advance
Simple interest at 2% above the prescribed rate (correct)
Simple interest at the prescribed rate
Compound interest at the prescribed rate

What requirement must be fulfilled for the Head of the Department to extend the time for producing the sale deed?

The applicant should have made land payment or shown likelihood to do so (C) Signup and view all the answers

What rebate percentage is allowed if conditions attached to the advance sanction are fulfilled?

12% (A) Signup and view all the answers

What is the maximum amount of advance that can be obtained for the purchase of a motor cycle, scooter, or moped on the first occasion?

Rs. 30,000 (C) Signup and view all the answers

What is required if the intention is to purchase a motor vehicle from a non-regular dealer?

Previous sanction from the competent authority is needed. (B) Signup and view all the answers

Which information is NOT required when applying for an advance?

Preferred model of vehicle. (D) Signup and view all the answers

What should be certified by the applicant regarding the information provided in the application?

It is complete and true. (C) Signup and view all the answers

How soon must the delivery of the motor vehicle be taken after the advance is drawn?

Within one month. (D) Signup and view all the answers

Which of the following is required regarding previous advances for a similar purpose?

Details of previous draws and outstanding amounts. (A) Signup and view all the answers

What information must be provided regarding the officer's leave status?

Dates of commencement and expiry of leave. (D) Signup and view all the answers

What is the maximum increase allowed for a second advance?

50% subject to a ceiling of Rs. 500 (B) Signup and view all the answers

How is the total amount of the second advance treated after being compounded?

As a fresh advance (C) Signup and view all the answers

What must a medical officer provide to support an application for a cancer treatment advance?

A hospitalization certificate and anticipated cost (C) Signup and view all the answers

Under what conditions will advances for cancer treatment not be allowed?

If the patient is an outpatient at a hospital (B) Signup and view all the answers

What is the limit for the amount of advance for cancer treatment?

Four months' pay, Rs. 500, or the amount recommended by the doctor (A) Signup and view all the answers

What is the minimum requirement for a railway servant to apply for a cancer advance?

The railway servant or family member must be treated as an inpatient (C) Signup and view all the answers

How many advances can be granted for the same illness?

One advance only (B) Signup and view all the answers

What is the total number of installments in which the fresh advance is to be recovered?

24 installments (B) Signup and view all the answers

If a railway servant’s pay is Rs. 1,200 per month, what is the effect on their entitlement for advances for treatment?

They are not eligible for any advance (D) Signup and view all the answers

What happens to the balance of a previously sanctioned advance when a second one is approved?

It is added to the second advance (D) Signup and view all the answers

What is the formula used to calculate interest when a portion of the principal is paid in equal monthly installments?

$\frac{n(a+1) \times r \times l}{2 \times 100 \times 12}$ (D) Signup and view all the answers

How should interest be calculated when repayment is not regular?

By adding the total outstanding balance at the end of each month. (C) Signup and view all the answers

What is the maximum period for which a railway servant can receive an advance for personal traveling expenses while on tour?

30 days (B) Signup and view all the answers

In what circumstance may the Head of Office deny an advance for personal traveling expenses?

If funds are not available. (A) Signup and view all the answers

What kind of expenses are included under 'personal traveling expenses' for a railway servant on tour?

Travel expenses along with contingent charges (C) Signup and view all the answers

What does the term 'Controlling Officer' refer to in the context of sanctioning advances?

An officer who has authority over a head of office. (C) Signup and view all the answers

What is required before a railway employee can raise a temporary loan for purchasing a conveyance if funds are not available?

Permission from the prescribed authority. (A) Signup and view all the answers

Which statement is accurate regarding the role of the officer declared as their own Controlling Officer?

They can sanction an advance under the traveling allowance rule to themselves. (D) Signup and view all the answers

What should be considered when applying for an advance that is not sanctioned due to delays?

It is necessary to inform the advance sanctioning authority of any temporary loans. (B) Signup and view all the answers

What is the maximum limit for the grant of House Building Advance for new construction or purchase of a new house?

34 months of basic pay and dearness pay (B) Signup and view all the answers

Which of the following represents the revised maximum limit for the grant of House Building Advance for the enlargement of an existing house?

34 months of basic pay and dearness pay (B) Signup and view all the answers

In the case of constructing a house in a rural area, what is the maximum percentage of the actual cost that can be covered by the advance?

80% (B) Signup and view all the answers

What is the rate of interest on House Building Advance for an amount up to Rs. 1,50,000?

6.5% (A) Signup and view all the answers

What percentage of the pay is considered for repaying capacity of officials retiring after 20 years?

40% (D) Signup and view all the answers

For railway officials retiring after 10 years but not later than 20 years, how much DCRG may be adjusted?

65% (B) Signup and view all the answers

What is the maximum limit on the amount of advance for constructing a new house or flat?

Rs. 7.5 lakhs (A) Signup and view all the answers

What is the rate of interest for a House Building Advance amounting to Rs. 7,50,000?

9.5% (D) Signup and view all the answers

What is the repaying capacity percentage for officials retiring after 20 years calculated on?

Total of basic pay, stagnation increment, and NPA (D) Signup and view all the answers

For houses located on the periphery of a town or city, what is the maximum limit of advance?

Not restricted (D) Signup and view all the answers

What is the role of the Head of the Department concerning house building advance applications?

To examine applications based on established priorities while indicating the advance amount. (D) Signup and view all the answers

What must a railway servant certify before the payment of the advance is authorized for property acquisition?

That negotiations for the purchase have reached concluding stages and the purchase price meets the advance amount. (C) Signup and view all the answers

Which of the following formalities must be completed before the disbursement of an advance for purchasing land?

Completion of prescribed formalities like Agreement, Mortgage, Deed, Surety, Bond in consultation with legal authorities. (A) Signup and view all the answers

What specific title confirmation is required from the railway servant before the advance for property purchase is sanctioned?

Assurance that the property transaction will yield indisputable title to the land or house. (C) Signup and view all the answers

What type of expenses is not the responsibility of the Railway Administration in the context of house building advances?

Costs incurred by the railway servant for legal verification of property title. (C) Signup and view all the answers

What is the maximum amount of advance that can be granted to a railway servant who has returned from leave and has not previously drawn an advance?

Two months' substantive pay or Rs. 1,000, whichever is less (A) Signup and view all the answers

In what manner should the recovery of advances granted to railway servants be structured?

In monthly installments of one-third of pay fixed in whole rupees (A) Signup and view all the answers

What is the maximum repayment period for special passage advances made in England?

Thirty-six months (B) Signup and view all the answers

What is the repayment structure for an advance granted in cases of exceptional natural calamities?

Repayable in twenty-four equal monthly installments starting after two months (B) Signup and view all the answers

What criteria must be met for a railway servant to be eligible for an advance due to a natural calamity?

The property must have been substantially affected or damaged (D) Signup and view all the answers

Which of the following statements regarding the interest on advances is accurate?

Special passage advances in England bear interest at a prescribed rate (C) Signup and view all the answers

What is the maximum amount a non-gazetted railway servant can receive as an advance under special circumstances?

Three months’ pay or Rs. 500, whichever is less (C) Signup and view all the answers

Which category of applicants is required to provide surety from a permanent Central Government servant before disbursement of the advance?

Applicants who are not permanent Railway servants. (A) Signup and view all the answers

What additional requirement must an applicant submit when applying for the construction of flats?

Adequate collateral security as per specific rules. (B) Signup and view all the answers

When does the liability of the surety cease?

When the advance is fully repaid, including interest. (C) Signup and view all the answers

What action is taken if the advance is utilized for a purpose other than what it was sanctioned for?

The applicant will face disciplinary action under specific rules. (A) Signup and view all the answers

Who must be satisfied regarding collateral security when land is not mortgaged for flat construction?

The Head of the Department. (B) Signup and view all the answers

Which of the following groups must provide surety regardless of their permanent status?

Applicants due to retire within 18 months from the date of application. (B) Signup and view all the answers

What is a requirement for Railway servants applying for an advance for ready-built houses?

Surety from a permanent Central Government servant in prescribed form. (A) Signup and view all the answers

What happens to a personal loan if an applicant has not fulfilled the conditions attached to their advance sanction?

The applicant may face suitable disciplinary actions. (A) Signup and view all the answers

Which circumstance allows for the Head of the Department to deny an advance request?

Non-compliance with the necessary collateral security requirements. (B) Signup and view all the answers

What must the sanctioning authority verify before allowing any deductions from a railway servant's wages?

That the total deductions do not exceed prescribed limits (C) Signup and view all the answers

Under what condition can a railway servant's spouse also be eligible for a house-building advance?

If they both agree to mortgage jointly owned property (A) Signup and view all the answers

What is the minimum floor area requirement for a house to be constructed under the advance scheme?

22 square meters (B) Signup and view all the answers

Which condition must be met to relax the requirement of house ownership for an applicant?

If there is a house owned in a village while settling in a town (D) Signup and view all the answers

Which of the following statements is true regarding housing advances for railway servants under suspension?

They can be granted advances with collateral from two permanent railway servants (A) Signup and view all the answers

What is one requirement for the advance application related to previous loans?

The applicant should not have taken loans from other government departments (B) Signup and view all the answers

What is the purpose of the promissory note in the advance application process?

To formalize the terms of the advance (A) Signup and view all the answers

Which of the following options reflects a limitation on eligibility for the house-building advance?

The applicant has previously owned a house (A) Signup and view all the answers

What happens if both spouses are employed by different government sectors regarding the house-building advance?

Both salaries will be considered for calculating the ceiling (A) Signup and view all the answers

What are the conditions under which a railway servant can apply for an advance if they have already availed of a loan?

They must repay the outstanding loan in one lump sum. (B) Signup and view all the answers

Which purpose can a railway servant NOT utilize an advance for?

Payment of monthly rent for a property. (C) Signup and view all the answers

What percentage can the administrative Ministry relax the cost ceiling limit by, in individual cases?

25% (C) Signup and view all the answers

For which scenario can advances be sanctioned according to the provided rules?

Purchasing a plot under a collaborative scheme. (A) Signup and view all the answers

What stipulation is there regarding the combined total of the advance and provident fund withdrawal?

It must not exceed the total amount specified in the rules. (D) Signup and view all the answers

Which of the following is a condition for approving an advance for a flat under Self-financing Schemes?

The title must vest in the railway servant after construction. (B) Signup and view all the answers

What is a potential requirement for enlarging living accommodation in an existing house?

The existing house must be owned outright by the railway servant. (C) Signup and view all the answers

What kind of transactions does NOT qualify for getting an advance?

Purchasing an old property for renovation. (C) Signup and view all the answers

Under which circumstance can a railway servant use an advance for the outright purchase of a house?

The purchase must be made from listed agencies only. (B) Signup and view all the answers

Flashcards

Basic Pay

The employee's base salary.

Anticipated price (Motor Vehicle/Computer)

Estimated cost of the vehicle/computer.