Two employees’ unions have hailed the revised ‘Housing Building Advance’ rules that have increased the borrowing limit for the employees and thanked Union minister Hardeep Singh Puri for notifying them. The All India Central PWD SC/ST Association and Central Secretariat Employees Association thanked Puri for notifying the revised ‘Housing Building Advance (HBA) rules. According to the new ‘Housing Building Advance’ rules announced by the Housing and Urban Affairs Ministry, central government employees can take advance up to Rs 25 lakhs for construction or purchase of house at a simple interest rate of 8.50 per cent.
Earlier, the maximum borrowing limit was Rs 7.50 lakh with interest rate slabs ranging from 6 per cent to 9.50 per cent. “This will go a long way in fulfilling the basic requirement of all central government employees who dream of a house of their own,” All India Central PWD SC/ST Association said in its letter to the minister. In a separate letter to Puri, Central Secretariat Employees Association said “attractive provisions” of the new rules will “definitely incentivise” the central government employees to buy a house and give an “impetus” to the housing infrastructure sector in the country.