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1.
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Purpose
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- Purchase/ construction/extension/repairs and renovation.
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2
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Eligibility
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- Areas covered: All statutory towns as per census 2011 and Towns notified subsequently
- Interest Subsidy:
- Credit link subsidy is available for loan amount up to Rs. 6, 00,000/- only.
- Interest subsidy is available at the rate of 6.50% for a tenure of 20 years. The maximum interest subsidy is Rs. 2.67 lac.
- Woman ownership is mandatory for new acquisition.
- The carpet area of the houses :
- For construction /new acquisition: No restriction on the area, but interest subvention would be limited to the first Rs. 6 lac only.
- For repair and renovation:
- Up to 30 sqm. for EWS.
- 60 sqm. for LIG.
- Annual household income:
- EWS – up to Rs. 3 lac.
- LIG - between Rs. 3-6 lac.
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3
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Margin
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20%.
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4
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Security
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- Mortgage of the property being financed.
- Collateral: on case-to-case basis, if required.
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5
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Rate of interest (ROI)
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Prevailing card rate with Interest subsidy at the rate of 6.50% for the initial amount of Rs. 6 lac only. |
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6
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Repayment
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Maximum repayment term - Up to 30 years but interest subsidy will be available only for the initial 20 years of the loan. |
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7
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Other conditions
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- The beneficiary family will comprise husband, wife, unmarried son and/or unmarried daughter. The beneficiary family also includes an adult earning members irrespective of marital status. Such beneficiary should not own a pucca house either in his / her name or in the name of any member of his / her family in any part of India to receive central assistance under the Mission.
- Preference under the scheme, subject to beneficiaries being from EWS/LIG segment, should be given to Manual scavengers, Women (with overriding preference for widows), persons belonging to SC/ST/OBC, Minorities, persons with disabilities and Transgender.
- Repairing work can be undertaken in houses, which are kutcha, semi pucca and require extensive renovation.
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