7th Pay Commission Latest News: Center employees should take advantage of home construction advance, buy plot and build dream house till March 2022

7th Pay Commission Latest News: Dear Allowance (DA) and Dear Solution (DR) benefits to nearly 52 lakh central employees are expected to be restored on July 1, amidst good news for them. The Central Government is giving benefit to House Building Advance (HBA) for all Central Government Employees (CGS) who wish to build their own homes.

The basic interest rate on HBA is 7.9%

The main interest rate for this HBA is 7.9 percent. The government is offering this benefit till March 31, 2022. The Center has already updated the HBA Guidelines for Central Employees, in line with the 7th Pay Commission Pay Matrix and 7th CPC approval regulations. Central government employees who receive home loans from banks and other lending institutions can also benefit if they meet the terms and conditions of the HBA.

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The Ministry of Housing and Urban Affairs issued the office memorandum in this regard and said, “The interest rate on housing construction for central government employees for a period of 18 months from October 1, 2020 to March 31, 2022 is 7.90%.” They also take advantage of the order because they also pay a basic interest of 7.90 per cent on the upfront.

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Speaking about HBA rules, Shiv Gopal Mishra, secretary of the National Board of JCM, said, “A central government employee can claim HBA to buy a farm and build a house on it. Must be in the name of the employee or his spouse. Or the plot is jointly owned by a spouse. “HBA can also be obtained to remodel an existing residence, but must be owned by the home employee, his / her spouse or two,” he said.

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