Under the House Buidling Advance Scheme, the Central government employee can take advance to build a house on his own or his wife's plot.
We know that Prime Minister Narendra Modi-led government at the Centre has increased the Dearness Allowance (DA), Dearness Relief (DR) as well as House Rent Allowance (HRA) of Central government employees for July 2021. Now, the Centre has taken one more decision for the benefit of the lakhs of Central government employees as it as increased the deadline of House Building Advance (HBA) scheme for Central government employee till March 2022.
This means that of any Central government employee wants to buy a home then the employee will be able to get home loan at reduced rates till March 2022. Under the HBA Scheme, the government is providing home loans to central employees at the rate of 7.9 percent.
Under the HBA Scheme, the Central government employee can take advance to build a house on his own or his wife's plot. This scheme was launched on October 1, 2020 and under this scheme the central government will now give house building advance to its employees at the rate of 7.9% interest till March 31, 2022.
It is to be noted that the DA of the Central government employees has now beed incresed from 17 per cent to 28 per cent and the new DA will come into effect from July. Now, some reports are claming that the Centre may approve the Dearness Allowance for June as well and it is expected that the Centre would approve a DA hike of another 3 per cent in the coming days.
If the Centre takes this decision then the DA of the Centeal government employees will jump to 31 per cent and their salary will increase significantly.
The DA was first increased in January when the government hiked it by 4 per cent and then in June it was hiked by another 3 per cent. In January 2021, the DA was once again increased by 4 per cent and if the Centre decides to hike it again by 3 per cent then the total DA will climb to 31 per cent mark.
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 "7th Pay Commission: After DA hike, another good news for Central government employees - Read here")
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