Form of Agreement for purchasing Land-Buildings - Form No 5 (Print only)

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 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 Rupees

to the Borrower, vide the Ministry / Office Letter No.

dated

a copy of which is annexed 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 Rupees

(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 Rupees 

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 Rupees

(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 Rupees

(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 drawl 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 drawl 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 Ministry/Office       of  

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:

1^st Witness   :

Address:

Occupation:

2^nd Witness:

Address  :

Occupation:

Signed by Shri:

In the Ministry / Office of:

( For and on behalf of the President of India )

In the presence of       :

1^st Witness   :

Address:

Occupation:

2^nd Witness:

Address  :

Occupation: