Home Loans & Finance For Mud Houses Dwellers, Loan up to Rs 70000 to Build Pucca Houses

For Mud Houses Dwellers, Loan up to Rs 70000 to Build Pucca Houses

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According to The Economic Times, the homeless and those staying in mud houses will now get a loan up to Rs 70,000 from banks and financial institutions at the lower rate of interest in order to build Pucca houses.

This amount would be over and above the grant of Rs 1.30 lakh per person by the Centre under the Pradhan Mantri Awaas Yojana (PMAY). PMAY may get launched in a month’s time. This scheme aims at providing homes to one crore beneficiaries living in mud houses or homeless.

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The nodal ministry for this scheme, the Rural Development Ministry recently held deliberations with a number of banks, financial institutions, and others for providing loans in need to the beneficiaries for their home construction.

The Scheme

FUNDING FOR POOR HOMESSource Image

The Centre will directly transfer the grant in bank accounts of the beneficiaries according to the PMAY scheme. For those staying in plain areas, Rs 1.30 lakh per person will be transferred. For those who are in hilly terrain, Rs 1.50 lakh will be transferred. The plan is of building one crore houses over three years.

The beneficiaries of the scheme have been selected and validated. It will be on DBT mode. So the funds will be directly transferred into the bank accounts in installments over three years period.

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Including central and state’s share, the total outlay of the scheme is more than Rs 1.30 lakh crore. From the next month, the transfer of funds into the bank accounts of beneficiaries will start with the construction.

All of the houses built under this scheme will be geotagged for checking diversion of funds and ensuring transparency. The government wants to ensure and take all necessary steps for preventing misuse of funds or diversion to the names which are not in the list.

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