7th Pay Commission: Central government employees can now take house building advance till 31 March 2022

7th Pay Commission: Central government employees can now take house building advance till 31 March 2022

7th Pay Commission: Central government employees can now take house building in advance till 31 March 2022

House Building Advance for Central Employees (Photo – istock)&nbsp

Headlines

  • Excellent opportunity for central government employees buying a house.
  • House Building Advance offer has been extended.
  • It can also be taken advantage of in buying a plot and remodeling the house.

New Delhi: House Building Advance is offered to help central government employees who want to build their own homes. At present, Central Government Employees (CGS) will have to pay 7.90% interest on House Building Advance (HBA) provided they avail it before March 31, 2022. Keeping in view the 7th Pay Commission Pay Matrix and 7th CPC Approval Provisions, the Center has already updated the HBA Guidelines for CGS.

The Ministry of Housing and Urban Affairs Housing-III issued an Office Memorandum (OM) in this regard and said that in respect of House Building Advance (HBA) 2017, the rate of interest on House Building Advance to Central Government employees will be available from 1 October 2020. From 31st March 2022 i.e. for 18 months will be 7.90%. So, those Central Government employees who have availed HBA benefit from 1st October 2020 will also get the benefit of this order as they will pay 7.90% interest on the advance also.

One thing to note here is that House Building Advance can be availed to buy a plot and build a house on it. However, the land should be registered in his own name or in the name of his spouse. HBA can be availed even if the plot is jointly owned by the employee and his/her spouse.

As per rules, HBA can also be availed for remodeling of an existing house, but the house should be in the name of the employee or in the name of his/her spouse or both. Central government employees, who have taken home loans from banks and other lending institutions, can also avail this benefit provided they fulfill the terms and conditions regarding HBA.

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