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LATEST CENTRAL GOVERNMENT EMPLYOEES NEWS
Central Govt Holidays 2023 | Dopt Orders on Holidays 2023
38% DA Order for Central Govt Employees wef 01.07.2022 - Finmin Orders 2022
Revised Rates of HRA 27%, 18% and 9% from 01.01.2021 - Finmin Orders 2021


Kendriya Vidyalaya Class 1 Online Admission 2023-24 Latest Updates
Kendriya Vidyalaya Online Registration for Class 1 Admission 2023-24 will commence from 27.03.2023 (Monday) 10 'o' Clock Onwards
Kendriya Vidyalaya Admission Schedule 2023-2024

LATEST CENTRAL GOVERNMENT PENSIONERS NEWS
OROP-2 Pension Revision Table 1 to 121 for Defence Pensioners wef 1.7.2019
Annual Increment Due on 1st July to the Employees Retiring on 30th June
Notional Increment on the Day of Superannuation
FR 56(j) of CCS (Pension) Rules age of 50 years or on Completion of 30 years of Service
Coverage under CCS (Pension) Rules CG employees appointment before and after 01-01-2004

House Building Advance for Central Government Employees at 8.5 Percentage Rate of Interest

September 17, 2019

Central Govt Holiday List 2023 PDF | Holiday Calendar 2023 India

House Building Advance for Central Government Employees at 8.5 Percentage Rate of Interest

A vital announcement on House Building Advance for Central Government employees: Recently the Finance Minister Nirmala Sitaraman said that the interest rate on House Building Advance will be lowered due to linked with the 10 Year G Sec Yields.

Check also: 7th CPC House Building Advance

The current interest rate for House Building Advance is at 8.5%. And the recovery of principal first in the first 15 years and the interest will be deducted thereafter in the next 5 years with simple interest calculation method.

The 10 Year G Sec Yield is less than 7 percent as on September 2019. So, expected the rate of interest on HBA may be reduced below 7 percent on Housing Building Advance for Central Government Employees. This will help to build a new house who wish to initiate to construct their own house.

The Central Government revised the rules on loan eligibility, Cost ceiling, Advance, Repayment method and Rate of interest as per the recommendations of 7th Pay Commission in 2017.

The key highlights of the recommendations of 7th CPC on HBA as follows…

HBA can avail only one time in the entire service.

For House or Flat
34 months basic pay is the maximum amount of HBA and the ceiling of HBA is Rs.25 lakh. Cost of the house or flat or repaying capacity (whichever is the least)

Construction for expansion
34 months basic pay is the maximum amount of HBA and the ceiling of HBA is Rs.10 lakh. Cost of expansion or repaying capacity (whichever is the least)

Repaying Capacity
40% of basic pay for retiring after 20 years

40% to 65% of basic pay for retiring after 10 years

Up to 50% of basic pay for retiring within 10 years

(DCR Gratuity may also be adjusted in the above two cases respectively 65% and 75%)

Methodology of Recovery
7th Pay Commission recommended on the interest rate on HBA

  • The interest on Housing Building Advance shall be reviewed every three years
  • The methodology of recovery of Housing Building Advance shall continue as per the existing pattern
  • Recovery of principal first in the first fifteen years in not more than 180 monthly installments
  • And the interest thereafter in the next five years in not more than 60 monthly installments.
  • The advance carries simple interest from the date of payment of the first installment.

READ ALSO:

  • HBA Rate of Interest 7.9 Percent for Central Govt Employees from 1st October 2020 to 31st March 2022 June 12, 2021Read more…
  • House Building Advance Interest Rate Declined from 8.5% to 7.9% for CG Employees October 4, 2019Read more…
  • House Building Advance for Central Government Employees at 8.5 Percentage Rate of Interest September 17, 2019Read more…
  • 7th CPC House Rent Allowance to PBOR – Defence Forces Personnel June 13, 2019Read more…
  • House Building Advance Rules-Postal Employees January 24, 2019Read more…
  • 7th CPC House Building Advance – Interest Bearing Loan Migration of Govt Employees November 21, 2018Read more…

No related posts.

ALLOWANCE NEWS

Counting Leave without Allowance as Qualifying Engagement for Grant of Annual Increment to GDS

Revised Rate of DA from Jan 2023 at 37.2% to CPSE Employees for 2017 Pay Scales

Payment of DA from Jan 2023 at 201.2% to CPSE Employees for 2007 Pay Scales

408.4 Percent DA from Jan 2023 to CPSEs 1997 Pay Scales

Allowances Applicable to Central Government Employees – Dopt Order 2022

GDS Latest News

Counting Leave without Allowance as Qualifying Engagement for Grant of Annual Increment to GDS

March 13, 2023 By admin Leave a Comment

Processing of Transfer Applications of GDS under Limited Transfer Facility through GDS Online Transfer Portal

November 29, 2022 By admin Leave a Comment

Processing of Transfer Applications of GDS – DoP

September 21, 2022 By admin 2 Comments

Review of the Scheme for Engagement of the Dependent of a Deceased GDS on Compassionate Grounds

June 7, 2022 By admin 1 Comment

34 Percent DA Order to GDS Employees wef 1.1.2022

April 12, 2022 By admin Leave a Comment

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