Table of Contents
- 1 Which ministry does control the House Building Advance?
- 2 Can a government employee buy a house?
- 3 What is house building advance for central government employees?
- 4 What is HBA for central government employees?
- 5 Who are eligible for HBA?
- 6 What is the interest rate of HBA?
- 7 Who is eligible for house building advance 2017?
- 8 When to apply for an advance on a house?
Which ministry does control the House Building Advance?
The Ministry of Urban Development
The Ministry of Urban Development is the nodal Ministry for implementing the same. The Ministry also formulates the rules about House Building Advance. HBA is provided to all permanent or temporary employees with service of 10 continuous years or more.
How is home building advance calculated?
The maximum limit for grant of HBA shall be 34 months’ of pay in the pay band subject to a maximum of Rs….House Building Advance to Central Government Employees – How to calculate the interest for HBA.
| 30 | |
| Year/Month | Apr-02 |
| IBB | 118750 |
| Installment | 1500 |
| Interest | 1039 |
Can a government employee buy a house?
In general, there is no bar on purchasing commercial/ residential or any kind of property for a Govt. Employee. The only notable thing is that any such purchase should be in consonance with your source of income and if situation arises, you should be able to show your means to purchase any such property..
How do I avail HBA?
- The following documents are required to be furnished to avail HBA I. ADVANCE FOR CONSTRUCTION OF AHOUSE: Documents as per rule l6(3)B read with O.M.
- II. ADVANCE FOR PURCHASING OF A FLAT FROM REGISTERED GROUP HOUSING SOCIETY:
- IV. ADVANCE FOR PURCHASE OF READY-BUILT HOUSES/FLATS FROM GOVERNMENT ORGANISATIONS.
What is house building advance for central government employees?
House Building Advance can be availed towards repayment of bank loan taken for the purpose of construction, purchase of new house or flat. HBA is admissible to permanent employees and all those temporary employees also who have 5 years of continuous service.
What is repayment of HBA?
REPAYMENT AND RECOVERY OF HBA:- ( 1) The entire amount of HBA together with interest is repayable in 20 years, 180 monthly instalment for principal and 60 instalment for interest. The official can however, elect to repay in a shorter period than that agreed to.
What is HBA for central government employees?
The Central Government employees, who wish to construct their own home, can avail the House Building Advance (HBA). 10 lakh or 34 months of basic pay or cost of the expansion of the house or amount according to repaying capacity, whichever is the least.
Can government employees loan?
Government employees can avail loans from banks such as Oriental Bank of Commerce, HDFC Bank, Axis Bank, and State Bank of India for interest rates starting from as low as 10.6% p.a. While Union Bank of India levies no processing charges, a few others levy 0.5% to 3.99% of the loan amount as processing charges.
Who are eligible for HBA?
What is Housing advance?
The Housing Advance Scheme is a benefit offered to nasfund Members while they contribute to the Fund. Get ahead faster with the Housing Advance Scheme to speed home ownership.
What is the interest rate of HBA?
7.9 per cent
The basic interest rate charged on this HBA is 7.9 per cent and the benefit will remain available till 31st March 2022. Keeping 7th pay commission pay matrix and 7th CPC approval provisions in focus, center has already updated the HBA guidelines for the central government servants.
How can HBA get central govt employees?
It can be claimed by a central government employee for constructing house on a plot registered in its name or in the name of its spouse or in case the plot is jointly owned by the employee and its spouse.” He said that HBA can be availed for remodeling of the existing accommodation as well but the house has to be owned …
Who is eligible for house building advance 2017?
Eligibility Criteria for Government Employees to avail HBA is provided in the House Building Advance Rules 2017 issued by Ministry of Housing & Urban Affairs vide its OM No.I.17011/11 (4)/2016-H-III Dated 09-11-2017 i. All permanent government employees. ii.
What does office mean in house building advance?
‘Office’ includes the Head quarters office of the Corporation at New Delhi, a branch office, a field office or any office that the Corporation may establish. ‘Pay’ means basic pay and includes officiating pay, dearness pay and personal pay at the time of application for the grant of house building advance.
When to apply for an advance on a house?
Advance under these rules may be granted for : Construction of a new house. Enlarging a living accomodation in a existing house owned by the employees or jointly 2 owned with his/her wife’husband and/or minor children for the construction of which house building advance had not been drawn earlier.
What are the rules for building a house in India?
For new construction or purchase of a ready built flat/house the cost of building (excluding cost of land) should not exceed 75 times the pay of an employee at the time of application or Rs. 1,25,000/- whichever is less.