Government Employees Can Now Avail Home Loans Up to ₹25 Lakh
Government employees and officers will now be able to take loans up to ₹25 lakh for buying or constructing houses. Previously, this limit was only ₹7.5 lakh.
According to the new rules, this facility will be available only to those who have completed at least five years of service. The order was issued by Deepak Kumar, Additional Chief Secretary (Finance).
Key Loan Provisions
- An employee can take a maximum loan of ₹25 lakh or 34 months of basic salary, whichever is lower.
- The loan will be repayable over 20 years with interest.
- The cost of the house should not exceed 139 times the basic pay or a maximum of ₹1 crore.
- An additional loan of up to ₹10 lakh will be available for repairs or expansion of houses, repayable within 10 years.
- Upon retirement, employees will be entitled to a loan equivalent to 40% of their basic pay for housing needs.
Boost to Housing Benefits
This significant increase in the housing loan limit is expected to benefit thousands of state employees, making home ownership easier and more accessible.
