Breaking News: Advance amount up to 7 lakhs for building houses for soldiers
Latest Updated 18/07/2023: A maximum amount of up to seven lakh rupees will be provided as loan to the jawans of all the three services for building or buying a house. This order has been issued by the Ministry of Defense implementing the recommendations of the Seventh Pay Commission.
- The government will also give six lakhs under the head of house expansion
- Borrowed amount will have to be returned with interest
Under the order, the soldiers will get this amount as house building advance. They will be able to use this for the construction of their house or for buying a flat. Under the fixed formula, they will be able to get a maximum amount of seven lakh rupees as advance equal to the basic salary of 34 months.
It has been said in the order that an amount of up to six lakhs will be made available to the jawans for the expansion of the existing house. They will have to return this amount to the government in installments along with interest, which will be determined on the basis of the remaining service period.
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