Grant of subsidy to the Central Government Employees on the rate of interest on HBA - NFIR

2% Interest Subsidy on HBAGrant of subsidy to the Central Government Employees on the rate of interest on HBA - NFIR

Grant of subsidy to the Central Government Employees on the rate of interest on HBA as recommended by VIth CPC. 

An attractive demand of 2% subsidy on the rate of interest charged to the employees working under Central Government has been raised by National Federation of Indian Railwaymen recently. The General Secretary of NFIR wrote a letter to Finance Ministry pertaining to the demand on 26.2.2013 and the Finance Ministry has given response to its letter.

The copy of letter and the reply from the Finance Ministry are reproduced and given below for your information...

NFIR
National Federation of Indian Railwaymen
3, CHELMSFORD ROAD, NEW DELHI -110 055

No.1/6(2)

Dated: 26/02/2013

The Secretary,
Ministry of Finance,
Government of India,(Department of Expenditure)
North Block,
New Delhi

Dear Sir,

Sub: Grant of subsidy to the Central Government Employees on the rate of interest on HBA as recommended by VIth CPC— reg.

As per recommendations of 6th CPC, the Government was to workout with banks a scheme for home loans to Central Government Employees for providing a subsidy of 2% in the rate of interest on the home loans raised by the employees from the banks. Though 31/2 years have passed since the report of the VI th CPC was accepted by the Government, such a scheme is yet to be conceived.

During the past few years, the cost of construction of even a tiny home has risen astronomically and the employees have to raise home loans from banks to supplement the meagre amount of HBA they receive from the Government, thus the overall outgo on account of payment of interest has risen considerably.

While it may not be possible to provide subsidy on the home loans raised by employees from banks as such a scheme has not yet been formulated by Banks, yet the employees will get atleast partial relief if the government provides the subsidy on the HBA that it has sanctioned to the employees from 1.1.2006 as recommended by the VIth CPC.

The NFIR therefore urges the Government to grant a subsidy or reduction of 2% on the rate of interest charged by the Government from its employees on all HBAs which have been sanctioned on or after 1.I.2006. This will redeem, though only partially, the assurance of the Government to its employees that was made consequent upon acceptance of the report of the 6th CPC and would partly mitigate their financial hardships. Action taken in the matter may be apprised to the Federation in due course.

Yours faithfully,
sd/-
(M.Raghavaiah)
(General Secretary)

NFIR
National Federation of Indian Railwaymen
3, CHELMSFORD ROAD, NEW DELHI -110 055

No.1/6(2)

Dt: 13.04.2013

The NFIR vide its letter No.1/6(2) dated 26/02/2013 had invited attention of the Ministry of Finance (Department of Expenditure), Govt. of India towards the higher cost of construction of homes. To encounter the escalation in prices to some extant. NEIR has demanded from the Government of India a subsidy of 2% on the rate of interest charged by the Government from its employees on all HBAs sanctioned on or after 01/01/2006.

NFIR’s communication has been forwarded by the Ministry of Finance (Deptt. of Expenditure) vide No.366/EV/2013 dated 10th April 2013 to the Ministry of Urban Development & Poverty Alleviation for appropriate action.

A copy of NFIR’s letter and the letter received from the Ministry of Finance are enclosed. This may be give wide publicity.

Yours fraternally,

sd/-
(M. Raghavaiah)
General Secretary

 

No.366/EV/2013
Government of India
Ministry of Finance
Department of Expenditure

New Delhi, the 10th April, 2013

Subject: Representation of Shri M. Raghavaiah regarding Grant of subsidy to the Central Government Employees on the rate of interest on HBA as recommended by VIth CPC.

The undersigned is directed to forward herewith reference/representation in the matter noted above for appropriate action/redressal of the grievance(s). It is also requested that the petitioner may kindly be informed suitably.

sd/-
(Sanjay Kumar)
Section Officer (E.V)

Source: NFIR

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