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Anuroop Khare (student)     14 March 2013

I want to calculate h.b.a interest but don't know how?

My father Expired in Service on 02/01/2013, He was Central Government Employee G.P 5400, He took H.B.A Advance Rs 295000 in year 09/1998, on interest @ 11% p.a, His Principle amount is fully repaid or say recovered in 06/2011, I want to know how much Interest amount is accumulated. He has to complete the H.B.A interest in 50 installments and he was paying Rs 2000 from 07/2011, he has already paid 18 installments(Rs 36000) till now, I just can not get how the interest rate of 11% p.a will give me the total interest amount. Please some one help me.



Learning

 2 Replies

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     04 September 2013

If the interest payable was simple interest on the reducing balance, then the total interest would have been Rs.208221/- as in July, 2011. If no interest is payable on the interest to be paid it would be Rs.208221/50 = Rs.4164/- per month, give or take a few rupees.

Sudhir Kumar, Advocate (Advocate)     06 September 2013

read HBA rules. 


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