7th Pay Commission: Ceiling of house building loan increased from Rs 7.5 lakh to Rs 25 lakh

Zee Media Bureau

New Delhi: The Union Cabinet on Wednesday approved the 7th Pay Commission's recommendation of enhancing ceiling of house building loan from Rs 7.5 lakh to Rs 25 lakh.

India Inc believes that the country's real estate sector is expected to receive a major boost due to the implementation of the 7th Pay Commission recommendations.

"The 7th Pay Commission implementation will be a positive move and raise the affordability of the government employees by increasing their home loan eligibility," said Ankur Dhawan, Chief Business Officer, PropTiger has said.

Real estate industry bodies have said that housing sales are expected to improve following implementation of 7th Pay Commission recommendations as prices have fallen in last few years because of slowdown in the property market.

 In a bonanza for over 1 crore government employees and pensioners, the Cabinet has approved implementation of the 7th Pay Commission, which had recommended an overall hike of 23.5 percent.