7th Pay Commission: The government can make a big announcement regarding the payment of 18 months’ arrears of DA (DA Arear) to the employees. On the other hand, it can also give a big blow in the new financial year.
New Delhi. Very soon the central government can give a big gift to the employed. But with this a decision of the government can also empty the pockets of the employees. In fact, it is expected that the government can make a big announcement regarding the payment of 18 months’ arrears of DA (DA Arear) to the employees. On the other hand, in the new financial year 2023-24, an increase in interest rates on Housing Building Advance for central employees can also be announced.
Explain that the Central Government gives House Building Advance (HBA) to its employees under the recommendations of the 7th Pay Commission.
RBI is continuously increasing the interest rate. He started the process of increasing the interest rate in May. The central bank has increased the repo rate from 4 per cent to 6.25 per cent. After increasing the repo rate, banks have started increasing the Marginal Cost Based Lending Rate ie MCLR.
EMI will increase
The EMI on term loan is expected to increase with the increase in MCLR. Most consumer loans are based on a one-year marginal cost based lending rate. In such a situation, personal loan, auto and home loan can become expensive due to increase in MCLR.
There will be a direct impact on the pockets of the customers.
After making RBI loans costlier, it is believed that in the new financial year, the central government may increase the interest rates on housing building advance given for the purchase of houses for central employees. Under this scheme of the government, central employees can avail house building advance till March 31, 2023 at 7.1% interest rate.
When do you get the benefit?
The government gives house building advance to its employees to buy land and build houses on it. The government gives house building advance to the employees for purchasing a plot under the co-operative scheme and building a house or flat on it or acquiring a house through membership of a co-operative group housing society. The government gives HBA to the central employees on purchasing a house or flat built from a private organization.
How much do you get HBA?
This loan is available in two ways. Can take 25 months base salary or advance up to Rs 25 lakh. Apart from this, advance can also be taken on the basis of the cost of the house or the capacity to repay the loan. However, in this only a maximum loan or advance of 80 percent of the property value can be obtained.
