(1) Subject to the provisions of this Act, a member may, during his term of office, be sanctioned a housing advance of upto a maximum of 9[Rs. 30 lakhs], repayable within a maximum 10[period of twenty years] on such installments and interest as may be fixed by the Speaker, for construction of a house or a bungalow or for acquiring a flat, for residential purpose and such housing advance can be availed of by a member only once during his life time.
11[Provided that the balance of the increase in the loan amount can be availed of, by any member who has availed of the loan on an earlier occasion.]
(2) The terms and conditions for the grant of housing advance under sub-section (1) shall be as prescribed and the recovery of the advance shall be made from the salary and pension of the member in the manner prescribed.
(3) Notwithstanding anything contained in sub-section (1), a member may be allowed to use out of the advance sanctioned to him under this section, for the purpose of repaying any existing loan availed of by a Member from any Bank or financial institution for the purpose of housing to full extent or for the purpose of carrying out repairs to his house to the extent of 50% of the limit.
(4) A house, bungalow, etc. constructed or a flat acquired with the advance granted under this section shall be mortgaged to the Government by means of a registered deed of mortgage in the manner prescribed and the member shall have no right to sell, mortgage, assign, transfer or alienate in any manner whatsoever such house, bungalow, flat, etc, until the entire advance granted under this section is repaid by the member and such mortgage to the Government shall have priority over all other dues.