House Building Advance – HBA Interest Rates reduced from 8.5% to 7.9%
HBA meant for Central Government Employees will have reduced interest rate from October 2019
House Building Advance – HBA Interest Rates for Central Government Employees has been reduced to 7.9% for a period of one year – This Housing Loan Scheme has provides a unique facility of recovery of Principal amount alone first and then the interest amount in equated monthly installments.
The rate of interest on House Building Advance [HBA] has been reduced from existing 8.5% to 7.9% for a period of one year, irrespective of the loan amount of HBA. This will be with effect from 01st October 2019.
HBA is admissible to permanent employees and all those temporary employees also who have rendered 05 years of continuous service.
The Ministries/Departments are delegated powers to sanction House Building Advance to their employees in accordance with the HBA rules.
The scheme of HBA to Central Government Employees is aimed as a welfare measure providing assistance to the Government employees to construct/acquire house/flats of their own.
- 7th CPC House Building Advance – Interest bearing advances
- House Building Advance Rules 2017 – 7th Pay Commission HBA order
- Moving from any Housing Loan to Central Government HBA (House Loan)
- HBA Interest Rate Concession for Small Family Norms Withdrawn
- Govt Triples Home Loan Limit for Central Government Employees to Rs 25 Lakh