June 1, 2023: Odisha state cabinet chaired by chief minister Naveen Patnaik on May 29, 2023, cleared a new rural housing scheme, Mo Ghara. The government plans to spend Rs 2,150 crore in the next two years, under the housing scheme, benefiting around four lakh families.
The application process for the housing scheme will start on June 16, 2023. It is a credit-linked housing scheme for rural households in Odisha, which will involve the conversion of all kutcha houses into pucca ones.
Panchayati Raj minister Pradip Amat said that families belonging to the lower-income and lower-middle-income groups, with monthly income below Rs 25,000, who could not avail of benefits of the existing housing schemes due to stringent eligibility criteria or inadequate allocation, would benefit from the new housing scheme.
He further said that families who had received housing assistance in the past and now want to upgrade or expand their houses can also avail of the new housing scheme.
Rural housing scheme details
Under the Mo Ghara housing scheme, eligible beneficiaries can avail of housing loans up to Rs 3 lakh with capital subsidy, fully funded by the state government. The government will bear interests ranging from Rs 30,000 to Rs 70,000 for different amounts of loan starting from Rs one lakh. Beneficiaries can repay the loan in 10 years through easy instalments excluding one year moratorium period. Vulnerable sections such as SCs, STs and households led by persons with disabilities will be eligible for higher rebates.
Banks will not levy processing fees to sanction loans under this scheme. Further, the state government will waive off the registration fee and stamp duty needed during the mortgage of the title deed and reimburse the legal consultation fee, which is standardised to a maximum of Rs 1,000 per applicant.
The Mo Ghara housing scheme applicants must have a clear homestead land title when applying for a loan. They must invest a minimum of 10% of the loan amount as margin money, either in cash, kind or labour.
See also: Rural Housing Odisha: Application, Login, Selection, Helpline
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.
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