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.
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