7th Pay Commission Latest News: There is good news for central employees. The government has given big relief to the employees. Under this, the interest rate on the advance given to repay the home loan has been cut by 80 basis points i.e. 0.8 percent.
7th Pay Commission/HBA Interest Rates: The government has given great relief to the central employees. Building Advance (HBA) i.e. the interest rate of home loan taken from the bank has been reduced from 7.9 percent to 7.1 percent to make houses for the employees (Central government employees). For this, the government has also issued an office memorandum.
Big relief to the employees
The government has increased the interest rate of 80 basis points, or 0.8 percent, on advances given to employees for repayment of home loans taken from banks for building houses, buying houses or flats for the period from April 1, 2022 to March 31, 2023. has been cut. That is, now the dream of central employees’ own house will become even easier.
At what rate will you get the advance?
The Ministry of Housing and Urban Affairs has issued an office memorandum and informed about the reduction in the interest rates of advance. Employees can now take advance at the rate of 7.1 per cent per annum till March 31, 2023, after this announcement of the government, which was earlier at 7.9 per cent per annum.
Can you take advance up to Rs 25 lakh?
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, from the cost of the house or its ability to pay, whichever is less for the employees, that amount can be taken as advance.
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 his own or his wife’s plot. 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.
