Central government employees may qualify for HBA benefits until March 2022

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Latest news from the 7th Compensation Committee: With the aim of helping central government employees who wish to build their own homes, the center offers the House Building Advance (HBA) benefit to all central government officials (CGS). The base interest rate charged on this HBA is 7.9% and the benefit will remain available until March 31, 2022. Keeping in mind the 7th compensation pay matrix and approval provisions of the 7th CPC, the center has already updated the HBA guidelines for central government officials.

The Ministry of Housing and Urban Affairs Housing-III issued an office memorandum (OM) in this regard and said: “Regarding the advance for the construction of houses (HBA) – 2017, the rate of interest on the advance for the construction of houses to central government employees will be 7.90% from October 1, 2020 to March 31, 2022, that is, for 18 months. ” So, central government employees who took advantage of the HBA benefit from October 1, 2020 will also benefit from this ordinance as they will also pay 7.90% base interest on the advance.

Speaking on the rules of the HBA, Shiva Gopal Mishra, staff secretary of the CWY National Council, said: “HBA can be claimed for purchasing land and building a house on it. be claimed by a central government employee for the construction of a house on land registered in his name or in the name of his spouse or in the event that the plot is jointly owned by the employee and his spouse. He stated that HBA can also be used for renovating existing accommodation, but the house must be owned by the employee, his or her spouse, or both.

Employees of the central administration, who have taken out a mortgage from banks and other credit institutions, can also benefit from this benefit provided they meet the general conditions of HBA.

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