House Building Advance Interest reduced from 8.5% to 7.9% for a Period of One Year

House Building Advance Interest reduced from 8.5% to 7.9% for a Period of One Year

Press Information Bureau

Government of India

Ministry of Housing and Urban Poverty Alleviation

03-October-2019 19:02 IST

House Building Advance Reduced from 8.5% to 7.9% for a Period of One Year

The rate of interest on House Building Advance [HBA] has been reduced from existing 8.5% to 7.9% for a period of one year, irrespective of the loan amount of HBA. This will be with effect from 01st October 2019.

HBA is admissible to permanent employees and all those temporary employees also who have rendered 05 years of continuous service.

The Ministries/Departments are delegated powers to sanction House Building Advance to their employees in accordance with the HBA rules.

The scheme of HBA to Central Government Employees is aimed as a welfare measure providing assistance to the Government employees to construct/acquire house/flats of their own.

RJ/PS

*****

Source : PIB News