HBA is admissible to :
- A Permanent railway employee or a temporary Railway employee with 10 years of service.
- Officers of all India services (IAS, IPS, IFS) on deputation to the Railways continuously for 6 years.
- If both Husband and wife are Railway employees, advance is admissible to any one of them. Where a house-site is owned jointly by husband and wife, amount will be sanctioned only if both agree to mortgage the same to Government.
- If both Husband and wife are Government Servants, the pay of both of them will be taken into consideration for calculating the ceiling limit.
- A Railway employee under suspension may be granted HBA on furnishing collateral security in the shape of mortgage bond from two permanent Railway employees.
HBA is granted for the following purposes:
- Purchase of a plot for construction of a house.
- Construction of a house on a plot already owned by a Railway employee or jointly with his/her spouse.
- Enlargement of an existing house.
- Purchase of a ready built house of flat.
- Repayment of loan taken from Govt/private sources for constructing a house.
Cost ceiling
- 134 times pay in Pay Band subject to a minimum of 7.5 Lakh and maximum of 30 Lakhs.
Amount of Advance
- 34 times the Basic Pay + Grade Pay or Rs. 7,50,000 or the actual cost or repaying capacity whichever is less.
- For enlargement of an existing house, 34 times the Basic Pay + Grade Pay or Rs. 1,80,000 or the actual cost whichever is less.
- In case of construction of a house in rural area, the amount of advance is 80% of the actual cost of construction and land.
- For purchase of plot/land and mount not exceeding 20% of advance in case of single storied and 15% in case of double storied is permitted.
Rate of Interest
Upto Rs. 50,000 5%
Upto Rs. 1,50,000 6.5%
Upto Rs. 5,00,000 8.5%
Upto Rs. 7,50,000 9.5%
- Penal interest of 2.5% for violating conditions.
- 0.5% reduction for promoting small family norms.
- Rate of interest prevalent on the date of release of advance/first instalment shall be applicable.
Recovery
Principal - 180 months
Interest - 60 months
Purchase of land and construct house – The following month of completing construction or 24 months after granting first installment whichever is earlier.
Construction of house – The following month of completing construction or 18 months after granting first installment whichever is earlier.
Comments
sir in HBA, PLOT kharid ke
sir in HBA, PLOT kharid ke banane keliye, agar mera basic 10350 hai to 10350*34 melaga tab ghar banane keliye kitna mil sakta hai pls. batayega.plot ka market value 12 lakh hai
My basic is Rs 26540. May I
My basic is Rs 26540. May I get a home loan of Rs 25 lakhs for purchase of a flat from a builder. Pl. give the procedures of application. I fulfill all eligibility.
My basic current basic is Rs.
My basic current basic is Rs. 11500 After 7CPC it should be near about Rs. 30,000. May I get a home loan of Rs 25 lakhs If not then how many can I get for purchase of a flat from a builder. Pl. give the procedures of application. I fulfill all eligibility. Plz reply my e-mail id is [email protected]
My basic pay is Rs.27600.May…
My basic pay is Rs.27600.May I get a home loan of Rs 1000000 lakhs for enlargement of an existing house.pl.give the procedure of application.
Wrrrfff
Presently I working JE POST IN NORTHERN RAILWAY, WITH GP 4200, I APPLIED FOR SAME GP 4200 POST IN STATE PUBLIC SERVICE COMMISSION BEFORE THE JOINING IN RAILWAY, NOW I SELECTED IN STATE JOB AFTER 2 YEAR SERVICE IN RAILWAY .
QUESTIONS HERE:-
1. RAILWAY GIVE NOC FOR SAME GP 4200. ?
2. I SIGN BOND AT THE TIME OF JOINING TO SERVE RAILWAY 5 YEAR
3. OR REFUND THE BOND MONEY TO RESIGN THE RAILWAY
Sir…
Sir
I want know about the procedure and documents for house building allowance please