Monday, August 12, 2019

A Complete Guide of NTR Housing Loan Scheme


The NTR Rural Housing Scheme aims to provide affordable houses to the backward and homeless. Established back in 2016-17, this scheme provided around 4 Lakh houses to beneficiaries since the completion of its 3rd phase.

The NTR housing loan is provided to eligible families of this scheme under the Pradhan Mantri Awas Yojana (PMAY).

Benefits of this loan

The Credit Link Subsidy Scheme (CLSS) of the PMAY provides interest subsidies on home loans. This scheme targets families belonging to the Economically Weaker Section (EWS) and Low Income Group (LIG).

Features of this loan include:

       Interest subsidy of up to 6.5%.
       Applicable on home loans up to Rs. 6 Lakh.
       tenure of this loan is up to 20 years.

The maximum subsidy on home loan interest rates that EWS and LIG families can receive is up to Rs. 2.67 Lakh.

Home loans under the PMAY scheme are available from numerous financial institutions. Few NBFCs offers home loans with loan amounts of up to Rs. 3.5 Crore along with competitive interest rates and tenures of up to 20 years. There are other beneficial features available with these loans like balance transfer facility, top-up loan, etc.

Not only for the purchase of houses, if you constructed your house under the AP NTR Housing Scheme, then also you can avail a home loan.

Eligibility criteria for NTR Housing Scheme

Only Andhra Pradesh citizens with a white ration card or BPL benefits are eligible for this scheme. The beneficiaries must also not own any house or land under any other government policy.

Usually, the eligible individuals are identified by the municipal personnel who conduct regular surveys. However, beneficiaries falling under the criteria can also register online.

Documents needed to avail this scheme

       Aadhaar (mandatory), Voter ID, PAN, Driving License, etc.
       Details of family income and that of co-dependants.
       Bank account details.
       Documents of the permanent and present address of an applicant.
       Document providing size of the existing property (in case of already constructed houses).

Those eligible for the scheme can opt for an NTR housing loan. They have to provide the documents mentioned above to avail it and must also know how to close the loan effectively.

Benefits of this housing scheme in AP

The primary benefit of this scheme is the availability of subsidies. While SC/ST families can benefit from a subsidy of up to Rs. 1.65 Lakh, families in other categories can benefit from subsidies of up to Rs. 1.16 Lakh when purchasing houses.

Previously, two municipal corporations that provided houses under this scheme include:

         I.            Guntur Municipal Corporation

The Guntur Municipal Corporation allocated around 5,000 houses in 2017-18. The project is still in its initial stages in places like Bhimavaram, Tadepalligudem, and Eluru. The corporation also completed the online registration of 3,900 homes built by the Andhra Pradesh Township and Infrastructure Development Corporation under the NTR Urban Housing City.

      II.            Vijayawada Municipal Corporation

The Vijayawada Municipal Corporation allocated more than 8,000 houses under the PMAY NTR Nagar Housing Scheme. Homes constructed by the Andhra Pradesh Township and Infrastructure Development Corporation came in sizes of 300, 365, and 430 sq. ft.

Prices of these residences were Rs. 5.62 Lakh, 6.74 Lakh, and 7.71 Lakh respectively. Beneficiaries will receive a subsidy of Rs. 1.50 Lakh during purchase.

Some of the amenities coming with these houses included LED streetlights in the adjacent areas, 50 W energy-efficient fans, 20 W LED tube lights, and 9 W LED bulbs.

Other than the above, the AP Government has also sanctioned 15.78 Lakh houses at the cost of around Rs. 31,000 Crore under the PMAY-NTR Urban-Beneficiary Led Construction (BLC), PMAY-NTR Gramin, and NTR Rural Housing schemes. Beneficiaries can also opt for a housing loan to avail these houses.

Author: verified_user