Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
November 22, Wednesday 2017 9:14 AM       

       HEADLINES: Purchasing laptop under IT@school: Laptop price reduced by Rs 455                                              One arrested in connection with attack on Mayor                                              There was no pressure: Justice P S Antony                                              Clashes in Munnar hartal, CPI not participating                                              ‘Honey trap’ case against A K Saseendran: Commission submits report                                              ‘Padmavati’ row: Kamal wants Deepika’s head 'saved'                                              Indian Army breaks world record with 58 men on single bike                                              IFFI 2017: Sridevi inaugurates Indian Panorama                                              Finally, Robert Mugabe resigns                                              Kohli climbs to fifth spot in Test rankings                                              Sindhu leads India's challenge at Hong Kong Open                                              India vs SL: Bhuvi, Dhawan released from team                                              Kaumudi Facebook
       BUSINESS Next Article: ASSOCHAM solicits relief for exporters under GST  
       Central govt employees can now take advance up to Rs. 25 lakh for new home
 
         Posted on :09:09:36 Nov 10, 2017
   
A A
       Last edited on:09:09:36 Nov 10, 2017
         Tags: Central govt employees can now take advance u
 

NEW DELHI: Central government employees can now take advance up to Rs. 25 lakh for construction or purchase of a house at a simple interest rate of 8.5%, a move aimed at giving a fillip to the housing sector.

Earlier, the maximum borrowing limit was Rs. 7.5 lakh with interest rate slabs ranging from 6% to 9.5%.

A senior official in the Ministry of Housing and Urban Affairs said that around Rs. 11 lakh could be saved by availing "House Building Advance (HBA)" as compared to borrowing from lending institutions on a Rs. 25-lakh loan for 20-years period.

He explained that if a loan of Rs. 25 lakh is taken for 20 years at the prevailing rate 8.35% (compound interest) from banks like the SBI, the monthly instalment comes to Rs. 21,459. "The total amount to be paid at the end of 20 years comes to around Rs. 51.50 lakh, including interest component of Rs. 26.50 lakh," he added.

However, if the same amount is borrowed under the HBA at 8.5% (simple interest) for 20 years, the monthly instalment comes to Rs. 13,890 for first 15 years and Rs. 26,411 per month for the remaining period, he said.

"The total money that has to be paid comes to around Rs. 40.84 lakh, including interest component of Rs. 15.84 lakh."

The ministry makes rules for HBA for central government employees from time to time.

"Employee can borrow up to 34 months of the basic pay subject to a maximum of Rs. 25 lakhs, or cost of the house/flat, or the amount according to repaying capacity, whichever is the least for new construction/purchase of new house/flat," the release said, quoting the revised HBA rules.

Both spouses, if they are central government employees, are now eligible to take HBA either jointly, or separately. Earlier, only one spouse was eligible for such facility.

A A
       BUSINESS
Next Article: ASSOCHAM solicits relief for exporters under GST
 
 
BUSINESS HEADLINES
43.67 lakh biz file initial GST returns for October  
India advances three spots to 51 on IMD World Talent Ranking  
Sensex stays up for 4th day, spurred by RIL  
Sensex, Nifty end higher for 3rd day in volatile trade  
7.5-8 pct GDP growth expected this year: NITI Aayog VC  
Sensex loses sheen, IT, metal stocks weigh  
Chances of confirmation of wait list tickets during holidays now high: study  
Govt seeks Rs. 13,000-cr surplus from RBI  
HC judges, experts brainstorm on likely GST litigations  
Manmohan Singh corners Centre over GST  
Congress raises questions over Moody's reliability  
Nothing to celebrate Moody's rating: Yechury  
Moody's rating is answer to sceptics: Arun Jaitley  
Moody's ups India credit rating  
Sensex zooms 414 points after Moody's ups India rating  
Industry pitches for bringing natural gas under GST  
Cabinet permits export of all types of pulses  
Sensex opens in green on value-buying, climbs 164 points  
US dollar ends cheaper against rupee  
Indian companies create 113 K jobs in US: Report  
Largest diamond ever auctioned sold for record $34 mn in Geneva  
Wholesale inflation caps six-month high at 3.59pct for Oct  
SBI reduces employee strength; more people set to retire  
Sensex trades high, takes retail inflation in stride  
Foreign tourist arrivals up by 18.1 pct this Oct  
 
Do you think media was banned at CM's office on Tuesday?
yes
 
no
 
no opinion
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy