Bhubaneswar: The Odisha Government has enhanced the house building assistance for state government employees from Rs 25 lakh to Rs 40 lakh at the interest rate of 8%.
The enhancement has been made based on the recommendations of the Seventh Pay Commission, according to an official release issued by the Chief Minister’s Office.
The interest rate has been reduced to 8 per cent from 11.5 per cent.
The home loan will be given to the employees in two phases in a ratio of 60-40.
Under the previous Housing Assistance Act of 2010, loans of up to Rs 25 loan were given to the employees with a maximum interest rate of 11.5 per cent.
At present, the amount of housing assistance has been increased to Rs 40 lakh and the interest rate has been reduced to 8 per cent.
All permanent government employees, including employees under the National Pension Scheme, can get this assistance.