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CREDIT-cum- SUBSIDY SCHEME FOR RURAL HOUSING
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The Government of India,
Ministry of Rural Development has introduced the Credit–cum-Subsidy Scheme for
Rural Housing with effect from 1st April 1999 for the category of
households above the poverty line as also those who do not have the repayment
capacity to take benefit of fully loan based programmes as offered by housing
finance institutions. |
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The scheme targets solely the
rural areas and at least 20 Kms away from the metropolitan and large towns and 5
Kms away from the small and medium towns and families having annual income upto
Rs. 32,000/-, while subsidy is restricted to Rs. 10,000/-, the maximum loan
amount that can be availed is Rs. 40,000/-. The subsidy portion is shared by the
Centre and State Government in 75:25 ratio. The loan portion is to be disbursed
by the Implementation Agency as identified by the State Government from State
Housing Boards, State Housing Corporation, specified scheduled commercial Bank,
Housing Finance Institution or the DRDAs/Zilla Parishads. |
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There is no upper limit for project cost. However the
credit component shall be restricted to a maximum of Rs. 40,000/- and subsidy
component to a maximum of Rs. 10,000/-. The loan is to be granted only for
construction of new houses as per the schemes not for repair works. |
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