New Delhi: In this festive season, the Central Government has given a big gift to the government employees. The government has decided to reduce the interest rate on House Building Advance from 8.5 percent to 7.9 percent. The government's move has been suggested to boost demand in the housing sector. According to the report, the new rates of interest became effective from October 1. The Union Housing and Urban Affairs Ministry has said that the interest rate on the house building advance for government employees has been reduced from 8.5 percent to 7.9 percent.

This reduction has been made for one year and it does not matter what the loan period was. All permanent employees are eligible for House Building Advance. Also, temporary employees serving five years of continuous service can also avail this facility. The Ministry has stated, Departments have been given the power to approve House Building Advance as per HBA rules to their employees. Let us know that in the past, the Union Finance Minister Nirmala Sitharaman had said that the interest rate will be cut on the house building advance. The housing sector has been highly affected due to the slowdown in the country.

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