The central government has given the facility of HBA to its employees for construction of houses. Some rules have to be followed for this facility. Failure to do so will result in action being taken against the employees.
Now the central government is giving notice to such employees who took advantage of house building advance but did not follow the prescribed terms and conditions. After the list of such employees is prepared, action will also be taken against them. Let us tell you that the center provides the facility of House Building Advance to its employees for the construction of houses. Under which the employees are given Rs.
Government will take action: The Central Government has started preparations for action against those who violate the terms and conditions under HBA. In fact, those who have taken money from the HBA scheme for the construction of a house or flat, they have to strictly follow the rule 7B of HBA-2017. Provision has also been made for action against the employees for not doing so. The notice has been issued by the Department of Post in all the circles. In which this order has been asked to come into force with immediate effect.
What is the biggest rule: Actually the biggest rule or condition under this scheme is Rule 7B of HBA-2017. Under which the employees taking HBA have to get their house insured, the cost of which has to be borne by the employee himself. The special thing is that the amount of insurance should be equal to the amount of HBA. According to the information, according to the rules, insurance will have to be taken from the insurance companies recognized by IRDA. Also, the copy of the policy will have to be submitted to your department.
What will be covered in insurance: Many things are covered by getting home insurance. The loss due to fire, flood and lightning in the house is also covered by the insurance. This policy continues till the employee pays the advance. It has been made clear to all the departments that every year a copy of the policy certificate should be submitted in the month of July.
Since when was the HBA scheme implemented: The House Building Advance Scheme for government employees was started from 1 October 2020 by the Central Government, whose period has now been extended till 31 March 2022. The central government gives house building advance to its employees for the construction of houses at 7.9 percent interest rate.
According to the 7th Pay Commission, employees can take an advance of 34 months basic salary, maximum Rs 25 lakh or the cost of the house or the ability to pay the advance, whichever is less, for the construction of a new house or purchase of a new house-flat. Huh. This facility is available to those employees whose service has been completed for 5 consecutive years.
