You can also take advantage of this government scheme. In that case, the government has some specific rules. You will get this big home loan (Home Buying Tips) at low interest. In that case, you just have to do this work.
For whom is this benefit
Almost everyone dreams of owning their own home. Due to the increase in property prices, buying a house is becoming increasingly difficult for the common man. However, buying a house is becoming a little easier for central government employees.
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Under which scheme will you get the benefit
The central government provides home loans to its employees at very low interest rates under the House Building Advance (HBA) scheme. Central government employees can take advantage of this scheme to fulfill their dream of owning their own home. Let’s know more about this scheme.
What is the House Building Advance (HBA) scheme?
The House Building Advance (HBA) scheme of the central government significantly helps central government employees in meeting their housing needs. Under this scheme, the central government provides loans to employees at very low interest rates for the construction, purchase, renovation or purchase of a house. This reduces the financial burden on employees and provides security for their future.
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The government has made the HBA more effective by increasing the maximum limit. Central government employees can get a loan of up to 34 times their basic salary + DA or a maximum of Rs 25 lakh, whichever is lower. It also provides money for home renovation within a certain limit.
Interest rates are lower than banks
Under this scheme, the government provides loans at lower interest rates. HBAs generally charge a fixed interest rate of 6% to 7.5%. Whereas private banks’ home loan rates are much higher.
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Additionally, this scheme offers a fixed interest rate, which means there is no risk of rate hikes throughout the loan tenure, allowing employees to plan their budget without worry.
Eligibility Criteria for HBA
All central government employees who have completed five years of government service and have not availed any government housing scheme before can avail the benefits of this scheme. Temporary employees can also apply subject to certain conditions. If both husband and wife are central government employees, only one of them can avail the benefits of this scheme.