January 19, 2024: Andhra Pradesh Chief Minister YS Jagan Mohan Reddy, on January 18, 2024, disbursed a total of around Rs 47 crore in interest reimbursement to over four lakh beneficiaries who availed housing loans, according to media reports. The interest reimbursement is under the Navaratnalu-Pedalandariki Illu scheme, which is disbursed twice a year.
While addressing the beneficiaries and officials from his camp office, the chief minister said that the interest reimbursement over and above the 3% on a bank loan of Rs 35,000 each helps the beneficiaries pay only 25 paisa interest on housing loans for houses constructed in Jagananna Colonies, as cited in the media reports.
As banks are providing housing loans at 9% to 11% interest rates, the state government has decided to reimburse interest over and above 3% to reduce the financial burden of the beneficiaries. Â Â Â
Until now, bank loans worth about Rs 4,500 crore have been provided to around 13 lakh beneficiaries under the scheme, the chief minister said. He further stated that 31.19 lakh house site pattas have been distributed to the poor, with over 22 lakh houses under construction. As many as 8.6 lakh houses have been handed over to the beneficiaries.
Under this initiative, the AP government is offering a benefit of Rs 2.7 lakh on the construction of each house, including financial assistance of Rs 1.8 lakh, free sand worth Rs 15,000 and discounts worth Rs 40,000 on the supply of cement, steel and metal frames, he said. Moreover, the value of the property ranges from Rs 5 to Rs 20 lakh, depending on the area.Â
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
Related Posts
Andhra CM to distribute Gudivada Tidco houses on June 16.
DDA Housing Scheme 2016 likely to be launched around Diwali.
Real Estate Act comes into force, only 13 states notify rules.
Polavaram dam: NGT notice to Centre, others, on plea alleging obstruction in Godavari river.
Corruption exists in DDA, digitisation needed: Housing minister.
TIDCO houses in AP: Cost and beneficiary list.
