The Ministry of Housing & Urban Affairs Housing has issued an Office Memorandum stating that the rate of interest on House Building Advance to Central Government Employees will be 7.9 percent from 1* October 2020 to 31 March 2022.
The grant of house building advance for central government employees as per the 7th pay commission provisions was notified in 2017 and is s regulated by the terms of rules and regulations laid down from time to time by the Ministry of Housing & Urban Affairs. The Interest on Housing Building Advance for the financial year 2017-18 onwards was shall be 8.50% which will be reviewed every three years to be notified in consultation with the Ministry of Finance.
The currently set interest rate will be applicable for a duration of 18 months till March 2022. The payment towards the HBA EMI is one of the major deductions in most of the employee's pay. Hence the lower interest rate will result in increased take-home salary.
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