The interest rate on House Building Advance (HBA) has been reduced from standing 8.5% to 7.9% for a period of one year, irrespective of the loan amount of HBA. The reduction in the interest rate will be effective from 01st October 2019.
House Building Advance is permissible to permanent employees along with all those temporary employees also who have rendered 05 years of continuous service period.
The Ministries/Departments are provided with the powers to sanction House Building Advance to their employees following the HBA rules.
The arrangement of HBA to Central Government Employees is designed as a welfare measure providing assistance to the Government employees who wish to build/acquire house/flats of their own.