Even after two full years are over from the date when Government received the recommendations of Sixth Pay Commission, the modalities for Housing Loan proposed by 6cpc are yet to be framed. In the mean time Ministry of Urban development issued an interim order for grant of HBA after implementation of Sixth Pay Commission.
It could be seen that the maximum Housing loan that could be obtained after implementation of sixth pay commission report is only Rs.7.5 lakhs. We feel this would serve no purpose and Govt should come up with the new modalities for HBA as early as possible.
You might be aware of the recommendations of 6cpc in respect of Housing loan. As per 6cpc recommendations the existing system of lending directly by the government it to be dispensed with and nationalized banks would lend to government employees at a subsidized Interest rates.
This is the extract of 6cpc’s recommendations regarding HBA.
The Commission, accordingly, recommends that the Government should not give any interest bearing advances. Instead the Government should enter into agreement with leading PSU banks to extend this facility at pre-determined competitive rates to Government employees. While the employee shall take the loans/advances directly from the bank with the approval of the sanctioning authority in the Government and also repay the installments directly to the bank. The Government will give an interest subsidy equal to 2 percentage points in rate of interest being charged by the bank to the employee. The interest subsidy for employees with disabilities will be equal to four percentage points in the rate of interest being charged by the bank.
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