INBA Loan for Repair of Houses damaged due to Natural Calamity

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INBA GRANT / LOAN FOR REPAIR OF HOUSES DAMAGED DUE TO NATURAL CALAMITY

(A) Indian Naval Benevolent Association (INBA) provides grants and loans to serving naval personnel for repair of houses damaged due to natural calamity. The administrators of INBA have taken the following decisions in respect of INBA loans and grants for repair to houses damaged due to natural calamity:-

(i) The grant for relieving financial hardship to personnel on account of repair to their houses damaged due to a natural calamity has been retained as Rs 50,000.00. In case of a major natural calamity, personnel are to apply for such a grant only after an IG inviting applications is issued.

(ii) The quantum of loan for repair of a house damaged due to natural calamity has been enhanced to Rs Three Lakhs for all personnel at a nominal interest of 3% per annum. The loan would be payable in maximum of 120 installments.

(iii) Interest free loan from INBA for repair to houses damaged due to natural calamity has been discontinued with immediate effect.

(B) Eligibility conditions and documentation requirements for loan/grant for a house damaged due to natural calamity would be as contained in NO (Spl) 01/06.

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