Insight Bureau: Based on the recommendations of the Seventh Pay Commission, Odisha Government has increased the House Building Assistance for the State Government employees from Rs 25 lakh to Rs 40 lakh.
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Interest rates have also been reduced to 8%.
The loan will be given to employees in two phases in a ratio of 60-40.
Under the previous Housing Assistance Act of 2010, loans of up to Rs 25 lakh were issued, with a maximum interest rate of 11.5%.
At present, the amount of housing assistance has been increased to Rs 40 lakh and the interest rate has been reduced to 8%.
All permanent employees, including employees under the National Pension Scheme, can receive this assistance.
