7th Pay Commission: Gift from the government to build houses for 52 lakh central employees during the Corona period 7th Pay Commission: Gift from the government to build houses for 52 lakh central employees during the Corona period

7th Pay Commission: Gift from the government to build houses for 52 lakh central employees during the Corona period 7th Pay Commission: Gift from the government to build houses for 52 lakh central employees during the Corona period

Under the scheme, the central government has announced to provide affordable housing to its employees.

7th Pay Commission: Gift from the government to build houses for 52 lakh central employees during the Corona period

House Building Advance

New Delhi: 7th Pay Commission: During Corona period, the Central Government announced House Building Advance for its 52 lakh employees. It was announced in June 2020 after Corona. Under the scheme, the central government has announced to provide affordable housing to its employees. (7th Pay Commission: Gift from the government to build houses for 52 lakh central employees during the Corona period)

The benefits of this scheme will be available till March 31, 2022

Under the House Building Advance, 52 lakh central government employees can raise money to build houses at a rate of 7.9 per cent. The benefits of this scheme will be available till March 31, 2022. This special scheme was launched from 1st October 2020. Earlier in September 2020, Finance Minister Nirmala Sitaran had announced a cut in interest rates on House Building Advance. Recently, the House Building Advance was also amended with the Seventh Pay Commission in mind. The basic salary of any central employee will be 24 times or a maximum of Rs 25 lakh.

A maximum of Rs 10 lakh for house expansion

If the house is already built, the advance amount for the extension is a maximum of Rs 10 lakh, 34 times the basic salary and the minimum amount is available in advance at the cost of the house extension. The biggest feature of this loan is that the advance is repaid in total for 20 years. Only principal amount is paid in 15 years i.e. 180 EMI. In the next 5 years i.e. 60 EMI interest is paid. This is because the advance net return of the building is very low.

The amount will be doubled on a normal home loan

If a person is taking out a home loan, he will have to deposit almost double the amount in 20 years. The biggest reason behind this is that the major part of EMI has to be paid as interest for the initial 6-8 years. Even a small principal amount has to be paid. This is because the amount of interest is very high over the years. Under HBA, the principal amount is refunded before the full EMI. Interest earned during this period is repaid in the last 5 years.

What are the conditions for temporary employees?

There are some conditions to take advantage of this in advance. For example, it is necessary to build a house on one’s own land. Even if you want to expand the house, this advance amount can be used for this. This will only benefit the permanent employee. If a temporary employee has worked for more than 5 years, he / she will get advance benefit of house construction.

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7th Pay Commission: Gift from the government to build houses for 52 lakh central employees during the Corona period

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