The central government is going to get another gift from the Government looking for new Asia. Central Government employees can now take up to 25 lakh advancements on the simple interest of 8.50 per cent for the construction or purchase of new housing. This information has been given in an official release. Prior to this, the maximum limit was 7.50 lakh rupees and the interest rate was between 6 percent and 9.50 percent.
And a senior official of the Ministry of Urban Affairs said that about Rs. 11 lakhs can be availed by availing the benefit of ‘Housing Building Advance’ compared to other companies having a loan of 25 lakhs for 20 years. Explaining this, he said that if a loan of Rs 25 lakh from a bank like SBI is taken at the rate of compound interest of 8.35 percent for current 20 years, then monthly installment of Rs. 21,459 is made.
According to the official, the amount to be paid at the end of 20 years goes to 51.50 lakhs, including the amount of 26.50 lakhs of interest. However, if this loan is taken from HBA on a simple interest of 8.50 per cent for 20 years then the monthly installment for the first 15 years is 13,890 rupees and the next installment comes to Rs 26,411 per month. Thus, the total paid amount is 40.84 lakhs which includes 15.84 lakhs of interest.
If a couple is an employee of the Central Government, they can take advantage of this scheme separately and together. Earlier, only one of them could take advantage of this.