7th Pay Commission Latest News: Central employees have received good news since September. First the increase in dearness allowance and now the central government has made us happy by giving another gift. Employees can get the benefit of up to Rs 25 lakh directly. Keep in mind that you can take advantage of this facility only till 31 March 2023.
7th Pay Commission/HBA Interest Rates: There is continuous happiness for central employees since September. Recently, the employees have received another great news. The Modi government has made a big announcement for the central employees. Now the employees (Central Govt Employee’s) can get advance at cheaper rates to build their own house. For this, the government has cut the interest rates of House Building Advance (HBA). The interest rate on home loan availed as house building advance has been reduced from 7.9 per cent to 7.1 per cent. Its official memorandum (OM) has been issued. About 47 lakh employees are getting benefit from this decision of the government.
Will get benefit till 31 March 2023
The benefit of reduction in the rates of house building advance will be applicable from 1 April 2022 to 31 March 2023. Under this, 80 basis points i.e. 0.8 per cent reduction has been made in the interest rate on advances given to employees for building houses, buying flats or buying houses in resale. Now employees can take advance at this rate of interest till 31 March 2023. The Ministry of Housing and Urban Affairs has issued an office memorandum regarding this. Under the government’s decision, employees can now build houses cheaply.
Advance is available up to Rs 25 lakh
Under this special scheme given by the government, central employees can take advance up to 34 months or up to a maximum of Rs 25 lakh according to their basic salary. The cost of the house or the ability to repay, whichever is less for the employees, can be taken as advance.
Know what is HBA?
All the employees of the center get the facility of House Building Advance from the Central Government. In this, the employee can take an advance to build a house on a plot in the name of himself or his wife. This scheme started from October 1, 2020 and under this, till March 31, 2023, the central government is giving house building advance to its employees at 7.1 percent interest rate.
