In the event of default committed by a Member in the repayment of even a single installment of housing advance granted to a Member under these rules by the due date as fixed by the Sanctioning Authority, the concerned Member, shall be liable to pay penal interest at the rate of one percent per annum on the entire amount of the housing advance sanctioned, from the date of draw of housing advance till the repayment of the full amount of such advance.
Section 6: Penal Interest in case of default
Goa (Grant of Housing advance to Members of the Legislative Assembly) Rules, 2006.State Rules of Goa · 2004
Where this provision sits
| Act | Goa (Grant of Housing advance to Members of the Legislative Assembly) Rules, 2006. |
|---|---|
| Section | 6 |
| Marginal note | Penal Interest in case of default |
| Jurisdiction | State of Goa |
| Status | In force as published by the source |
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