The document summarizes the key details of the House Building Advance scheme for central government employees, including the borrowing amounts and interest rates before and after the 7th Central Pay Commission, eligibility criteria, and provisions for repayment over 180 installments or 60 installments of interest. The scheme aims to provide housing assistance to permanent and temporary government employees and has helped decrease the number of government quarters while allowing employees to own better homes through low interest rate loans.
The document summarizes the key details of the House Building Advance scheme for central government employees, including the borrowing amounts and interest rates before and after the 7th Central Pay Commission, eligibility criteria, and provisions for repayment over 180 installments or 60 installments of interest. The scheme aims to provide housing assistance to permanent and temporary government employees and has helped decrease the number of government quarters while allowing employees to own better homes through low interest rate loans.
The document summarizes the key details of the House Building Advance scheme for central government employees, including the borrowing amounts and interest rates before and after the 7th Central Pay Commission, eligibility criteria, and provisions for repayment over 180 installments or 60 installments of interest. The scheme aims to provide housing assistance to permanent and temporary government employees and has helped decrease the number of government quarters while allowing employees to own better homes through low interest rate loans.
House Building Advance for Central Government Employees
• Introduced in 1956 as a welfare Title Before CPC 7 After CPC 7
measure by MoUD • Providing assistance to Government Borrow amount (new) 7.5 lakhs 25 lakhs Employee • Permanent or temporary employee Borrow amount (expansion) 1.8 lakhs 10 lakhs • Having 10year Tenure Ceiling limit 30 lakhs 1 crore • Rebate on interest rate of 2.5% • Recovery of amount in 180 Interest Rate 6%-9.5% 8.5% installment • Recovery of interest in 60 installment • Sanction amount depends upon Pay Present Relevance band • If both spouse are government • Morgtage Deed is given to President employee of India • Only one is eligible • Provision to move from home Result of scheme loans to HBA • Employee can have houses in big • Interest rate reviewed every 3 cities year • Decreased the number of • 34 months of the basic pay Government Quarters subject to a maximum or cost • Interest rate are low of the house/flat, or the • Better home in same loan amount amount according to repaying • Repayment is easy capacity