House Rent Advance

1.2  House Rent Advance

a          Confirmed staff may be given up to a maximum of two years’ house rent advance as per their entitlement upon transfer only. One year’s advance can be availed within the city.

b          Staff on probation will only be given house rent advance upto a maximum of one year’s rent if they are being relocated for business reasons and are required to pay house rent advance to acquire accommodation within their entitlement. Staff on probation, at their home location, will not be paid House Rent Advance.

c          House Rent Advance will not include payment of security deposit or any other expense, such as the cost of lease agreements, real estate commissions.

d          Staff shall be entitled to re-avail this facility on expiry of the lease i.e. when house rent advance has been completely repaid or on repayment of the outstanding advance in case of lease termination prior to expiry.

e          Staff shall also be eligible for house rent advance upon transfer (relocation) according to the individual’s specific entitlement. (Please refer to Rule 8)

f          House Rent Advance can be availed for renting accommodation owned by the manager’s spouse, parents, siblings or children on Human Resource Manager’s recommendation.

g          In the case of death of a manager, his family may stay, if they so wish, in the premises they have been occupying and the Company shall provide rent/housing facility upto six months after the date of the manager’s death according to his entitlement.

h          House Rent Advance and House Building Assistance cannot run concurrently i.e. House Rent Advance cannot be availed during the repayment period of the House Building Assistance or conversely, House Building Assistance will be given only after repayment of House Rent Advance.