According to a media report , the existing scheme of HBA has been further liberalized after considering the recommendations of the 7th Pay Commission and other relevant factors. A notification has also been issued in this regard.

What is the limit: In case of purchase/construction of a new house/flat, the employees will get 34 months’ basic salary, subject to a maximum of Rs 7 lakh, or an amount as per the cost of the house/flat or repayment capacity.

Extension of existing house: 34 months’ basic salary of the employee can be given, subject to a maximum of Rs 6 lakh or equal to the cost of the extension.

Limit on the cost of the house: The cost of the house to be constructed/purchased (excluding the cost of the plot) should not exceed 139 times the basic pay of the employee, subject to a maximum of Rs.60 lakhs.

How to pay: The advance amount for the purchase of a ready house can be paid in lump sum. Advance for purchase/construction of new flat may be paid in lump sum or in convenient installments at the discretion of the Head of the Department. For the financial year 2017-18 onwards, the interest on Housing Building Advance will be 8.50%. Explain that the facility of house building advance is available to the central government employees. Under this, employees can take money advance at low interest. However, for this it is necessary to fulfill certain conditions.

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7th Pay Commission/HBA Interest Rates:  Central employees have again received good news from the government. Now employees can easily make their own house. This time the government has made a big announcement for the central employees. In fact, the government has reduced the interest rate on the building advance (HBA) i.e. home loan taken from the bank to the employees (Central Govt Employee’s) from 7.9 per cent to 7.1 per cent. The government informed about this.

Big relief for the employees!

Now the dream of own house of the employees will become even easier. Employees can now avail this interest rate till 31 March 2023. Under this decision, from April 1, 2022 to March 31, 2023, the government has increased the interest rate of advance by 80 basis points to the employees to repay the home loan taken from the bank for construction of house, purchase of house or flat. That is, 0.8 percent has been cut.

Know what is the interest rate for advance?

Central employees can now build houses cheaply. Let us tell you that the Ministry of Housing and Urban Affairs issued an office memorandum informing about the reduction in the interest rates of advance. According to this memorandum, employees can now take advance at 7.1 per cent per annum interest rate till March 31, 2023 after this announcement by the government, which was earlier 7.9 per cent per annum.

How much advance can be taken?

Now the question is, how much advance can you take? Let us tell you that under this, central employees can take advance in two ways i.e. up to 34 months or up to a maximum of Rs 25 lakh according to their basic salary. Also, the cost of the house or the ability to repay, whichever is less for the employees, can be taken as advance. That is, with this facility, the dream of government employees to have a home has become very easy.

Know what is HBA?

This scheme started from 1 October 2020 and under this, till 31 March 2023, the central government gives house building advance to its employees at 7.1 percent interest rate. Actually, the central government gives House Building Advance to its employees, so that the central employee can take advance to build a house on the plot in the name of himself or his wife.

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Under this decision, the government has given a big gift to the employees, from April 1, 2022 to March 31, 2023, to repay the home loan taken from the bank to the employees to build a house, buy a house or flat. The interest rate has been cut by 80 basis points i.e. 0.8 percent. That is, now the dream of the employees of their own house will become even easier. Employees can now avail this interest rate till 31st March 2023.

Know how much interest will be charged on the advance received by the employees,
the Ministry of Housing and Urban Affairs has issued an office memorandum and informed about the reduction in the interest rates of advance. After this announcement of the government, employees can now take advance at the rate of 7.1 percent per annum till March 31, 2023, which was earlier at 7.9 percent per annum. Under the decision of the government, employees can now build houses cheaply.

Employees can take up to Rs 25 lakh in advance, now the question is, how much advance can you take? Let us tell you that under this special facility given by the government, central employees can take advance in two ways i.e. up to 34 months or up to a maximum of Rs 25 lakh according to their basic salary. Also, out of the cost of the house or its ability to pay, whichever is less for the employees, that amount can be taken as advance.

Know what is HBA?

It is worth mentioning that the Central Government gives House Building Advance to its employees. In this, the employee can take advance to build a house on a plot taken in the name of himself or his wife. This scheme was started from 1 October 2020 and under this, till 31 March 2023, the central government gives house building advance to its employees at the rate of 7.1% interest.

The post HBA Interest Rates: Big News Central Government ! Employees can take advance up to Rs 25 lakh, Check Details Immediately first appeared on Rightsofemployees.com.