7th
CPC RECOMMENDATIONS ON HOUSE BUILDING ADVANCE (HBA)
ü
House Building
Advance (HBA) comes under Interest-bearing Advances.
ü
Present
position of HBA is as below…
|
Name of the Advance
|
Amount Admissible
|
Eligibility
|
Recovery
|
|
HOUSE BUILDING ADVANCE
(HBA)
|
34 Months Basic Pay OR Rs.750000/- OR Cost of House OR
repaying capacity, whichever is the least for New construction / purchase of
New house / flat
|
All permanent officials or officials with at least 10
years of continuous service
|
Recovery of principal in max 180 monthly installments and
Recovery of interest in max 60 installments subsequently
|
|
For a new house, 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.30.00 lakh relaxable up to a maximum of 25% of the revised maximum cost
ceiling of Rs.30.00 lakh.
|
|||
|
The maximum limit for grant of HBA for enlargement of
existing house shall be 34 months’ of 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.
|
7th
CPC RECCOMENDATIONS
v
Ceiling:
ü Maximum Ceiling for House Building
Advance (HBA) will be 34 times of Basic Pay OR Rs.25 Lakh OR anticipated price
of House, whichever is least.
v
Recommendations
ü The requirement of minimum 10 years of
continuous service to avail HBA should be reduced to 5 years.
ü If both spouses are government servants,
HBA should be admissible to both separately.
ü Existing employees who have already taken
Home Loans from Bank and other financial institutions should be allowed to
migrate to this scheme.
HBA Ceiling enhanced up to Rs.25 Lakh
Requirement of minimum 10 years service reduced to 5 years.
