In a major decision, the Odisha government on Tuesday announced a hike in the House Building Advance (HBA) for the State government employees.
Such decision has been taken as per the recommendations of the Seventh Pay Commission.
As per the Odisha government’s decision, the HBA has been increased from Rs 25 lakh to Rs 40 lakh.
As per the Chief Minister’s Office (CMO), the assistance will be extended to all the employees under the National Pension Scheme and the permanent employees.
The government also fixed the rate of interest on HBA at 8 per cent. It is pertinent to mention here that as per the House Building Advance rules 2020, loan up to up to Rs 25 lakh was paid at 11.5 % interest rates.
From now, the loan will be disbursed to the government employees in two phases in 60-40 ratio.