7th Pay Commission: According to the recommendations of the 7th Pay Commission, the central government employees get the benefit of home loan at a very low interest rate.
New Delhi. 7th Pay Commission Employees working under the Central Government have been demanding for a long time to increase their dearness allowance. In such a situation, the central employees have got a good news from the central government before the DA high. Although this news is not related to DA Hike, but still, DA Hike is already giving a big facility to the Central Government employees.
Can buy house cheaply
At present, loans are being made expensive by almost all banks. Especially almost all the banks have made their home loans expensive. In such a situation, central employees are getting the benefit of taking home loans cheaply from the government. If you also work within the central government, then you can fulfill the dream of your own house by taking a cheap home loan.
Government reduced interest rates
Let us inform that, the government has reduced the interest rates on Housing Building Advance for the financial year 2022-23. So that central employees can get cheap home loans. The Ministry of Urban Development has reduced the interest rate on Housing Building Advance to 7.1 percent for the current financial year.
How Much Home Loan Can You Take?
Central employees can get home loans up to Rs 25 lakh from the government at a lower interest rate. Central employees are eligible to take a home loan equivalent to their basic salary of 34 months or maximum of Rs 25 lakh, whichever is less, as per the 7th Pay Commission recommendations and rules of Housing Building Advance 2017.
As per the Housing Building Advance Rules, the principal amount of the home loan taken has to be repaid in 180 EMIs within the first 15 years. After this, the interest on the home loan has to be paid in payment of 60 EMIs in five years. Any permanent employee, temporary employee who is still in continuous service for five years can take Housing Building Advance to build a house.
