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You are here: Home / Expected DA / ELIGIBILITY AMOUNT, RATE OF INTEREST – HOUSE BUILDING ADVANCE FOR CENTRAL GOVERNMENT EMPLOYEES

ELIGIBILITY AMOUNT, RATE OF INTEREST – HOUSE BUILDING ADVANCE FOR CENTRAL GOVERNMENT EMPLOYEES

February 21, 2010 admin 9 Comments

  

HOUSE BUILDING ADVANCE

This Scheme of House Building Advance to Central Government Employees is very support to build or purchase an Individual or Falt for own in service. The scheme is introduced by Ministry of Urban Development & Poverty Alleviation Act as the nodal Ministry for the same in 1956.
  
The salient features of House Building Advance :-
  
Eligibility Criteria :-
(a) All permanent employees.
(b) Employees with at least 10 years’ continious service.
(c) If both husband and wife are Government servants, advance is admissible to only of them.
  
Purposes :-
(a) Acquiring a plot constructing a house.
(b) Constructing a new house on the plot laready owned by the official or jointly with his/her spouse.
(c) Getting a plot under Co-operative Schemes
(d) Extension of living accommodation in an existing house.
(e) Repayment of a loan taken from HUDCO for house construction.
(f) Purchase flats form Registered Builders
  
Advance Amount :-
(a) The Maximum Limit for grant of House Building Advance shall be 34 months’ of band pay subject to a maximum of Rs.7,50,000 or cost of the house or the repaying capacity whichever is the least, for new construction/purchase of new house/flat.
  
(b)The maximum limit for grant of HBA for enlargement of existing house shall be 34 months’ pay in the pay band subject to a maximum of Rs. 1.80 lakh or cost of the enlargement or repaying capacity, whichever is the least.
  
(c)The cost ceiling limit shall be 134 times the pay in the pay band subject to a minimum of Rs.7.50 lakh and a maximum of Rs.30 lakh relaxable up to a maximum of 25% of the revised maximum cost ceiling of Rs.30 lakh.
  
(d) The rate of interest on House Building Advance is between 5% to 9.5% ,depending on the loan amount.
  
(e) The repaying capacity of Govt. servants who have more than 20 years of remaining service has been revised from 35% to 40% of pay. (Pay means pay in the pay band).
  
For more details visit www.urbanindia.nic.in
  
RATE OF INTEREST:- 

  

HOUSE BUILDING ADVANCE
Amount of Loan Sanctioned From 16.12.97 to 31.3.01 From 1.4.01 to 31.3.02 From 1.4.02 to 31.3.03 From 1.4.03
Up to Rs.50,000 7.5% 6.5% 6% 5%
Rs.50,000 to Rs.1,00,000 9% 8% 7.5% 6.5%
Rs.1,00,000 to Rs.1,50,000 9% 8% 7.5% 6.5%
Rs.1,50,000 to Rs.2,00,000 11% 10% 9.5% 8.5%
Rs.2,00,000 to Rs.2,25,000 11% 10% 9.5% 8.5%
Rs.2,25,000 to Rs.5,00,000 11% 10% 9.5% 8.5%
Rs.5,00,000 to Rs.7,50,000 12% 11% 10.5% 9.5%

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Comments

  1. Roshan lal pahwa says

    September 19, 2011 at 7:56 pm

    As I am a central Government employee since 1985, at present, I am serving in Ministry of Finance(D/o expenditure), to whom an application for HBA should be submitted for purchasing a flat.

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  2. nathi ram says

    July 28, 2011 at 11:44 am

    I am central Govt. Group’B’ (gazetted) servant with grade pay of Rs.5400/- I applied for dwelling unit to CGEWHO at Mohali. CGEHO offered me a dwelling unit of type ‘D’ at Mohali Punjab with a cost of Rs. 49.50 lakh. When I applied for permission to deposit first instalment of the dwelling unit my office declined to grant me permission to make the transaction on the plea that the cost of the unit is more then 30 lakh and they are linking the ceiling limit with HBA ceiling which is 30 lakh maximum. My last day for payment is 29.07.2011. If I cancell the unit I shall loose processing fee of Rs. 1000+ fine @ 15%. The appliation was duly forwarde through proper channel. Please guide me.

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  3. a.behera says

    August 26, 2010 at 12:49 pm

    sir, kindly reply me the actual eligibility criteria for ota of central govt. employees other than railway employees. also total ceiling of ota amount. wheter higher rate ota is inclusive in total ota limit

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  4. habungs says

    August 7, 2010 at 8:45 pm

    I joined in the state govt. service as an exhibition Assistant (equivalent to junior grade IIS in the central service) and due for MACP.In my state this post is isolated. Can I claim for ACP in conformity with the central govt. employees for fixing my pay under ACP/MACP as may be elligible for Jr. Gd. IIS getting MACP being fixed in the Sr. Gd Scale of Rs.2000 – 3200/-(4th CPC).please help!

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