Eligibility

• 10 times of actual monthly rent (or) 10 times of House rent allowance (HRA) of the employee (or) actual rental advance, whichever is lower
• Employees located at plant (Hosur / Mysore / Nalagarh) would be allowed to avail this facility only once
• In case of transfer, employees can claim rental as per their eligibility (mentioned in Sl.no.-1)

How to apply

• Employees needs to fill the “Salary Advance” form available at Time offices / Area Accountants
• Rental agreement (executed on Stamp paper) needs to be attached with “Salary Advance Form”
• Form needs to be approved by their Manager / HOD
• Approved form to be submitted to HRD-Admin
• HRD-Admin to verify the eligibility based on the policy and advise Finance for payment of rental advance
• Employee to be intimated by HRD-Admin once the Advance is credited to their salary accountPayment and recovery

Payment and recovery

Within 2 working days from the date of receipt of ‘rental advance’ request at HRD admin section along with the rental / lease agreement, the eligible amount will be credited into the employee’s bank salary account.

The said advance will be recovered in 10 or 20 EMIs. Installment recovery will start from the subsequent month salary payment.

Other guidelines

Only one rental advance will be considered for an employee (except for company initiated transfer employees).

When more than one employee is staying in the same house, they can avail rental advance on pro-rata basis-
When an employee vacates the house and occupies his own house, the rental advance has to be necessarily repaid within three months’ time.
In the event of separation of an employee from the services for any reason, the amount outstanding shall be adjusted against any payment due to him/her, statutory or otherwise and such amount outstanding for all purposes be deemed to be an advance against such statutory payments as well.