Good news for govt employees as HBA interest rates reduced

New Delhi/ Bhubaneswar: Good news for government employees as the Centre on Thursday reduced interest rate on house building advance (HBA).

As per official sources, the rate of interest on HBA has been reduced from existing 8.5% to 7.9% for a period of one year, irrespective of the loan amount. The revised rates will to effect from October 1, 2019.

HBA is admissible to permanent employees and all those temporary employees also who have rendered five years of continuous service.

The Ministries/Departments are delegated powers to sanction House Building Advance to their employees in accordance with the HBA rules.

The scheme of HBA to Central Government Employees is aimed as a welfare measure providing assistance to the Government employees to construct/acquire house/flats of their own.