Maharashtra government will provide home loans ranging from Rs 20 lakh to Rs 50 lakh to its employees. The decision has been taken considering the rising housing prices in urban areas, an official release said.
The loan amount would be provided based on the pay grade of the staff, it said.
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.
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 Rs 50 lakh, while in ‘Y’ category cities the same will be up to Rs 30 lakh. For the remaining areas, it is around Rs 20 lakh,” the release added.