The central government will advise the employees to make a new home or to give a personal loan of up to 25 lakhs on ordinary interest like 8.50% for buying a house. Prior to this, the advance amount was Rs 7.50 lakh and the interest rate was 6-9.50%.
A senior official of the Ministry of Housing and Urban Affairs said that for the last 20 years, the advance of 25 lakh rupees can save up to 11 lakh employees from other companies. Explaining the details, he clarified, “If a 25 lakh loan is taken from a bank like a bank for 20 years, a monthly installment of Rs. 21,459 is made from a rate of 8.35% cycle rate.”
He said that the amount paid at the end of 20 years is 51.50 lakh, including the amount of interest of Rs 26.50 lakh. While housing building advance has been paid for a 15 year advance, it has to pay a total of 40.84 lakhs, with an interest of 25 lakhs. Which includes 15.84 lakhs of interest.
Another important thing is that if a couple is a Central Government employee, then they can take advantage of this Advance Plan either separately or together.
In finance, a loan is the lending of money from one individual, organization or entity to another individual, organization or entity. A loan is a debt provided by an entity (organization or individual) to another entity at an interest rate, and evidenced by a promissory notewhich specifies, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and date of repayment.
A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower.
In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time.
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