7.5% Rate of Interest on HBA for Central Govt Employees 2023-24
Rate of interest applicable on House Building Advance sanctioned to Central Government Employees during FY 2023-24 (i.e. 1st April, 2023 to 31st March, 2024) will be 7.5%
I-17015/2(2)/2022/H.III/5
Government of India
Ministry of Housing & Urban Affairs
(Housing III Section)
Nirman Bhawan, New Delhi
Dated 27.03.2023
OFFICE MEMORANDUM
Subject: – Applicable Rate of Interest on House Building Advance (HBA) for Central Government Employees during 01.04.2023 till 31.03.2024.
In pursuance to revision of interest rate by Ministry of Finance, Dept of Economic Affairs vide OM 5(2)-B(PD)/2023 dated 20.03.2023, the rate of interest applicable on House Building Advance sanctioned to Central Government Employees during FY 2023-24 (i.e. 1st April, 2023 to 31st March, 2024) will be 7.5% till further orders.
2. This issues with the approval of Competent Authority.
(Amita Gupta)
Under Secretary to the Govt. of India
Tel: 23061476
Interest Rate on House Building Advance (HBA) to Railway employees from 01.04.2023 to 31.03.2024 – Railway Board RBE No. 65/2023
Government of India
Ministry of Railways
Railway Board
RBE No.65 / 2023
No. 2021/F(E)Spl./ADV.3/1
New Delhi, Dated: 02.05.2023
The General Managers and PFAs
All Indian Railways, Production Units & Public Sector Undertakings
(As per standard list)
Sub.: Interest Rate on House Building Advance(HBA) to Railway employees from 01.04.2023 to 31.03.2024.
A copy of Ministry of Housing & Urban Affairs (MoH&UA)’s OM No.I-17015/2(2)/2022/H.III/5 dated 27.03.2023 regarding the subject mentioned above is enclosed. These instructions shall be applicable mutatis-mutandis on the Railways.
2. Please acknowledge receipt.
(A.S. Bhasin)
Deputy Director Finance (Estt.)-IV
Railway Board
Rate of Interest on HBA for Railway Employees 2023-24 PDF
What is the interest rate on HBA for the year 2023-24?
The interest rate on HBA for Central Government employees for the year 2023-24 is 7.5%.
What is the repayment period for HBA?
The repayment period for HBA is determined based on the age of the employee. It usually ranges from 10 to 20 years.
Are there any tax benefits available on HBA?
Yes, Central Government employees can avail tax benefits on the principal and interest paid towards the HBA under section 24(b) and section 80C of the Income Tax Act, respectively.