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Central govt employees can now get Rs 25 lakh advance loan
Posted on: 11/Nov/2017 11:26:57 AM
The central government has announced that its employee can get an advance amount of up to Rs. 25 Lakhs construction or purchase of house.
The prevailing advance limit was up to Rs. 7.5 lakhs. The interest rate was in 4 stages from 6% to 9.5%. Now, this has been revised to a uniform and simpler 7.5%.
As compared to the usual housing loans from banks over 20 years, this facility of getting advance can facilitate savings of up to Rs. 11 lakhs.
For example, when we get a loan from the banks under compound interest rates for an amount of Rs. 25 lakhs, the EMI (Equated Monthly Instalment) will be Rs. 21459. However, the total amount over 20 years period of EMIs will be Rs. 51.50 lakhs.
The same Rs. 25 lakhs, secured as an advance from the scheme proposed above by the central government. The EMI for the 1st 15 years will be Rs. 13890 and for the remaining period, the EMI will be Rs. 26411. This will work out to be a total of Rs. 40.84 lakhs as compared to the Rs. 51.50 lakhs explained above.
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