If the center’s temporary employees want to fulfill their dream of home, the government can help. In fact, the central government offers House Building Advance (HBA) for permanent employees to build or rebuild homes. The House Building Advance also applies to temporary employees of the Central Government.
This applies to all temporary employees who have served 5 years of continuous service. Ministries / Departments are authorized to grant House Building Advance (HBA) to their employees as per HBA rules.
Opportunity for March 31, 2022: Until March 31, 2022, the central government is allowing the benefit of the House Building Advance (HBA) facility. According to the rules, employees can take up to 34 months basic salary or pay a maximum of Rs 25 lakh for the construction of a new home or for the purchase of a new house-flat. Employees get an advance of 7.9 percent interest rate.
10 lakhs for reconstruction At the same time, a maximum of ten lakh rupees can be found for the rebuilding of the house. There are certain conditions that can be taken to make an advance for a home build or rebuild. For example, the plot to be claimed must be in the name of the employee or his partner, or the plot must be jointly with the spouse.
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HBA can also be obtained to rebuild an existing home. Let us tell you that the purpose of the HBA Scheme for Central Government Employees is to assist Government Employees in the construction / purchase of their own homes / flats