7th Pay Commission HBA Interest Rates Declined from 8.5% to 7.9% for a Period of One Year
To boost the Real Estate Sector, Centre has taken new measures in various steps like reduction of GST and allocation more funds. And now another measure on target of Central Government employees, the rates of interest on HBA reduced to 7.9%. The move will help to the Government employees to built new houses or buy a new flat of their own.
The Central Government has decided to reduce the interest rates on House Building Advance from 8.5% to 7.9% with effect from 1.10.2019.
7th Pay Commission already recommended to hike 34 times of basic pay in House Building Advance to all eligible Central Government employees.
Central Government employees who have completed five years service are eligible to avail House Building Advance.
Hba interest rate is applicable on the loan disbursed during the this period or the loan the remain outstanding for this period ?
Reduce interest of HBA only for the getting advance of the employees. Not for already got advance,, for them it’s fixed at the time of advance.taken.
Government order regarding HBA interest reduction from 8.5% to 7.9 %?