Housing Building Advance (HBA) can be granted to a central govt employee with special interest rates and HBA Rate of Interest can be checked here. The guidelines for grant of HBA along with purposes are as enumerated below:
- Constructing a new house on the plot owned by the official or the Official and the Official's wife/husband jointly.
- Purchasing a plot and constructing a house thereon.
- Purchasing a plot under Co-operative Schemes and Constructing a house thereon or acquiring house through membership of Co-operative Group Housing Scheme.
- Purchasing /construction of house under the Self-Financing scheme of Delhi, Bangalore, U.P., Lucknow etc.
- Outright purchase of new ready-built house/flat Housing boards, Development Authorities and other statutory or semi-Government bodies and also from private parties.*
- Enlarging living accommodation in an existing house owned by the official or jointly with his/her wife/husband. The total cost of the existing structure (excluding cost of land) and the proposed additions should not exceed the prescribed cost ceiling.
- Repayment of loan or advance taken from a Government or HUDCO or Private source even if the construction has already Commenced, subject to certain conditions.
- Constructing the residential portion only of the building on a Plot which is earmarked as a shop-cum-residential plot in a Residential colony.
* Private party means registered builders but not private individuals.