The Assam Government has launched a new home loan scheme called Apun Ghar for Assam Government employees under which home loans will be provided to the state government employees at subsidised interest rates. The Assam government has signed a MoU with the state bank of India to provide home loans at hugely subsidised interest rates to its employees.
About 4.5 Lakh government employees will be benefited under the home loans scheme launched by the Assam state government according to the data released by the government officials
via Aim
- The main intention of this home loan scheme is to improve the infrastructure of the state by a lending amount to the employees to construct new homes for affordable home loans for low-interest rates.
- The Assam state government signed Memorandum of Understanding (MoU) with State Bank of India in order to make sure about providing low-interest rate home loans for the beneficiaries under this scheme.
Implementation
- This housing loan scheme of Assam government was announced by the Assam government in the month of March 2017, which is often considered as the financial year end.
- It is believed that the start of this special housing loan scheme for Assam government employees will kick start from the new financial year which is April 2017.
- The state government would provide housing loans at a subsidised rate under the Apun Ghar scheme,
- 5% for its women employees and
- 5% for men employees.
Note
- The state government employees can avail a loan of up to Rs 15 Lakh for with an interest subsidy of 3.5%.
- The subsidy on interest rates would benefit state government employees in terms of lower interest rates and lower EMI’s.
Eligibility
Apun Ghar home loan scheme is however targeted to the government employees belonging to the lower income group of the society but applicable for all.
- In order to avail benefits of this home loan scheme,
- The applicant must be above 21 years and
- must be employed in any of the state government department of the Assam State.
- The desired applicant from the state government of Assam should complete the minimum of 5 years of service in any of the department owned by the state government of Assam.
- More importantly, the applicant of this special home loan scheme for government employees should be from the family of a low-income group or below the poverty line category.
How to Apply for Apun Ghar Home Loan
- The state government employees can simply submit the applications forms or submit their request to respective district drawing and disbursing officer and they do not need to visit the bank branch to apply for the Apun Ghar scheme.
- All the arrangement have been made by government and SBI to ensure hassle-free loans to employees. The employee will not have to submit piles of documents which is the normal process to apply for bank loan.
- The employees will simply have to submit applications to their respective Drawing and Disbursement Officers (DDOs) to apply for it.
- The DDOs will forward the loan applications to the SBI for processing to disburse the loans. No processing fee will be charged from the applicant for the loan application.
- The State Bank of India has a target to disburse about 10000 home loans by May next year.
Important links
http://finance.assam.gov.in/schemes/detail/apun-ghar
http://finance.assam.gov.in/sites/default/files/APPLICATION%20FORM%20FOR%20HOME%20LOAN_2.pdf
SBI loan rate and Apun Ghar Loan Rate
- The home loans offered to women employees under this scheme will be charged for 5% where else for the male employees it would be 5.5%.
- The normal home loans are being charged by the SBI around 9% as the interest rate from the consumers.
Conclusion
On witnessing the step taken by the state government of Assam, it’s clearly pictured as the initiative taken in order to match the vision of the Pradhan Mantri Awas Yojana on providing housing for all by the year of 2022. In addition to that, this loan scheme will help Assam government to build strong infrastructure in the state