HBA Rules: There is a preparation to change the rule brought by the government for the benefit of the employees. Yes, after this they will have to pay more money than before.
HBA Interest Rates: Dearness allowance of more than one crore central employees and pensioners is due from January 1. An announcement on this is expected from the government in March. But even before this, bad news is coming out for the central personnel. There is a preparation to change the rule brought by the government for the benefit of the employees. Yes, after this they will have to pay more money than before. The government had reduced the rate of House Building Advance (HBA) for central employees to 7.1 in the current financial year.
Annual rate reduced from 7.9 percent to 7.1
At present, the Central Government employees get House Building Advance (HBA) at low interest. Let us tell you that the Ministry of Housing and Urban Affairs had reduced the interest rate of HBA from 7.9 percent to 7.1 percent annually from 1 April 2022 to 31 March 2023. It is being claimed in the media report that from the new financial year i.e. April 1, the interest rate on HBA is going to increase.
Can take money for these works
With this decision from the government, big relief was given to those who built houses or bought flats between April 1, 2022 and March 31, 2023. Let us tell you that the benefit of HBA is given to the Central Government employees on the basis of the recommendation of the Seventh Pay Commission. Under the rule, construction of a new house, extension of living space, purchase of housing board or authority plot, etc. are included.
What is HBA?
In this facility provided by the government, central employees can take an advance of 34 times their basic salary or up to a maximum of Rs 25 lakh. Let us tell you that House Building Advance is given to the Central Government employees. In this, the employee can take advance money for building a house or for taking a flat on a plot taken in the name of himself or his wife. The scheme was started from 1 October 2020. Under this, till March 31, 2023, the government gives house building advance to the employees at 7.1 percent interest.
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