House Building Advance Rules: This news is very important for those who have taken a home loan. There is a problem in repaying the home loan. In such a situation, the help of the central government can be useful for you. The central government gives an amount to its employees for loan repayment. A home loan can be repaid with this money. The name of this system is the House Building Advance (HBA) scheme. Through this scheme, the government gives an advance of up to Rs 25 lakh to the employees. With this, you can pay the home loan taken from the bank, housing finance company, or other recognized financial institution. You will have to pay interest at the rate of 7.44 percent annually for this.
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In a way, through this scheme, government employees can take an advance of up to Rs 25 lakh from the government to build a house. The best thing is that if both husband and wife do government jobs, then both can get this benefit separately. Overall, both can get an advance of up to Rs 50 lakh. The employee gets a loan at a cheap interest rate, which is used to buy or build a house, pay off old loans, or expand the house.
What is House Building Advance?
This is a government scheme under which central government employees are given advance loans at low interest rates to buy and build houses. The objective of this scheme is to fulfill the dream of government employees to build their permanent house.
What is the specialty of the HBA scheme?
- Employees will be given 34 months’ basic salary or Rs 25 lakh, whichever is less, as an advance.
- A maximum of Rs 10 lakh or 34 months’ basic pay (whichever is less) will be given to the employees to expand their house.
- If both husband and wife are government employees, both can take an advance up to the maximum limit separately.
- Non-practicing allowance and family pension will also be added to the basic pay.
Secure option to buy a house
The government says that this provision will give the employees a secure option to buy the right plot and flat along with the house, so that their investment will be safe and the dream of housing can be fulfilled at a cheap interest rate.
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Who will get more benefit?
- All permanent central government employees
- Temporary employees with at least 5 years of continuous service
- Members of All India Services
- Employees of Union Territories
- Officers working on deputation
- Suspended employees are also eligible, provided they give bail