7th Pay Commission – Housing facilities and House Building Advance proposed by National Council, Staff Side, JCM in the Memorandum submitted to 7th CPC The non-availability of housing accommodation in all towns and cities of India has become acute. The rent per month even for a modest accommodation is beyond the capacity of the Government…
Additional Income Tax exemption for interest paid on house loan – Deduction of Interest upto Rs.1 Lakh on Home Loan up to Rs. 25 lakh for First Home Buyer over and above regular deduction of Rs. 1.5 lakh
Consequent upon the revision of Pay Scales of the State Government Employees w.e1.1.1,2006, the matter regarding revision of the rates/ entitlements/ limits of the House Building Advance to the State Government employees was under consideration of the Government.
The maximum loan amount that can be granted to Central Government Employees under House Building Advance Rules after implementation of Sixth Pay Commission Recommendations is Rs.7.5 Lakhs.
It is a fact that after implementation of Sixth Pay Commission recommendations House Building Advance (called as HBA) granted to by Central Government to its employees lost its charm as it is no longer a house loan commensurate with the present cost of construction.