To be eligible, an employee from Maharashtra government should have completed five years’ service and should have five more years of service left
Maharashtra government has decided to provide home loans ranging from Rs20 lakh to Rs50 lakh to its employees. However, there is no mention of the rate of interest.
The decision has been taken considering the rising housing prices in urban areas, and the loan amount would be provided based on the pay grade of the staff, says an official release.
The sixth pay commission has already fixed the categories of cities, depending upon the prevailing rates of properties like independent houses, flats and plots, it said.
"In cities falling in the 'X' category, the government has offered principal home loan up to Rs50 lakh, while in 'Y' category cities the same will be up to Rs30 lakh. For the remaining areas, it is around Rs20 lakh," the release added.
To be eligible, an employee should have completed five years’ service and should have five more years of service left, it said.
If both the husband and wife are government employees, then the loan would be available only to one of them, it said.
The property to be bought should be in the name of the person who is opting for the government loan facility.