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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.

Checkout this link to get the HBA Rate of Interest from the year 1985

Changes made in House Building Advance Rules after implementation of 7th Pay Commission Report

Click here to get the latest Govt orders on HBA

 

 

 

 

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