7th Pay Commission Latest News: After the DA hike of central employees, now the central government has taken a big decision. This decision will directly benefit the employees. Let’s know the latest update.
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.
