HLA Rules 14Chapter II · Motor Car Advance

Section 14 · Advance for purchase of motor car

-[Section 4]. - [(1) The total amount to be advanced to the prospective Borrower for the purchase of a motor car shall not exceed rupees [one lakh] [Substituted by Haryana Notification No. GSR 82/HA 9/79/S. 8/88 dated 21.10.1988.] or the anticipated price of the motor car, whichever is less. If the actual price is less than the advance drawn, the balance shall forthwith be refunded to the Government.[Explanation. - In case the borrower has already applied for loan and in anticipation of the grant of car advance to be sanctioned to him, has purchased a car and made payment of its price to the dealer, he shall still be entitled to the grant of the car advance.] [Explanation Substituted by Haryana Notification No. GSR 63/HA 9/79/S.8/86 dated 5.19.1986.][Provided that a member shall be entitled to a total repayable advance of [sixteen lakhs rupees] [Substituted by Haryana Notification No. GSR 82/HA 9/79/S. 8/88 dated 21.10.1988.] and fifty thousand under this rule and rule 5 together]

(2)

[ Notwithstanding anything contained in sub-rule (1) the member shall be eligible to draw car advance in a tenure of the Vidhan Sabha which may be for a period of five years or less subject to the following conditions :-

(i)

that the Borrower has refunded the amount of first motor car advance in full alongwith the interest thereon to the Government;

(ii)

that the amount of sale proceeds left over after the repayment of the principal amount and interest thereon plus amount of advance shall not exceed the cost of the motor car to be purchased or rupees four lacs, whichever is less; and

(iii)

that an attested copy of sale deed of the sale of previous car shall be enclosed with the application for the second motor car advance.]

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