Now you can take a loan of up to 25 lakh rupees from the government to make your home dream come true. And if both husband and wife are in government jobs, then this benefit can be doubled, that is, a loan up to Rs 50 lakh! This can be used to buy, build, make old loans or expand home with cheap interest rate. Let's know in detail about this magnificent plan.
What is House Building Advance scheme?
This is a special scheme of the central government, which gives loans to government employees at a low interest rate so that they can build or buy their dreams. The objective of this scheme is that every government employee should get their permanent house and they can fulfill their dreams without financial burden.
How much loan will be found and for what works?
House Building Advance (HBA) Under the scheme, central government employees can take a loan of up to Rs 25 lakh. The interest rate on this loan is only 7.44% annually, which has been fixed for the financial year 2025-26. The special thing is that any employee can take advantage of this scheme only once in his entire career. But if both husband and wife are in government jobs, then both can take a loan of Rs 25 lakh, ie a total of Rs 50 lakh by applying separately.
This loan can be used for many types of tasks. You can create a new house on a land owned by your name or spouse. Apart from this, this loan can also be taken for construction by purchasing a plot. If you want to buy a new house or flat from a government or recognized builder, then this scheme is helpful for you. If you already have a house and want to expand or repair it, then you can get a loan of up to Rs 10 lakh. Not only this, this scheme can also be availed with certain conditions to repay the home loan already taken. That is, this scheme is beneficial for government employees in every way.
Who can take advantage of this scheme?
House Building Advance The benefit of the scheme is available to those central government employees who fulfill certain conditions. All permanent government employees are eligible for this. In addition, temporary employees can also apply who have been working continuously for at least 5 years. Officers of All India Services like IAS, IPS, IFS also come under the purview of this scheme. Employees working in union territories and officers working on deputation can also take advantage of this scheme. The special thing is that even if an employee is in the case of suspension, he can take advantage of this scheme by giving necessary bail. The government has ensured that employees get help even in difficult circumstances.
How will the eligibility be decided?
In the HBA scheme, the loan amount is fixed on the basis of the employee's monthly basic salary. This amount can be 34 times or a maximum of Rs 25 lakh of basic salary, which is less. A loan of up to Rs 10 lakh can be found for home expansion or repair. Non-Practizing Allowance (NPA) and family pension are also added to the basic salary, which increases the chances of getting more money to the employees. The total cost of the house (except for the price of land) should not exceed 139 times or Rs 1 crore of the basic salary of the employee, which is less. If needed, departmental heads can give a discount of up to 25% in this limit so that employees can get more help.
Loan refund and insurance conditions
The return duration of HBA loan is 20 years old. For the first 15 years, the employee has to pay the principal installments, and only interest in the next 5 years. This arrangement has been made for the employee's pocket not to be burdened with much burden. Also, it is necessary to insure the house or flat under this scheme. This provides protection in case of any unexpected loss. If not insured, the government may increase the interest rate by 2%. This rule is made to make employees aware of the safety of their home.
How to double benefits to husband and wife?
If both husband and wife work in the central government, both can apply for different HBA. That is, both can get a loan of Rs 25-25 lakh, which can help up to Rs 50 lakh. With this, they can fulfill the dream of buying a big and better house.
how to apply?
To apply for HBA to your department Drawing and Disbursing Officer (DDO) Or contact the accounts office. From there you will get the application form, which will have to be filled in the right way and submit it with the necessary documents. Now the facility of online application has also started in many departments, so that you can apply from home. This saves both time and hard work. You can apply offline or online as per your convenience.
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