CHB to facilitate central govt's housing scheme
Chandigarh Housing Board (CHB) will play the role of facilitator for effective implementation of the Union government’s Interest Subsidy Scheme for Housing the Urban Poor (ISHUP).
The scheme aims at providing cheap home loan to economically weaker sections (EWS)/low income group (LIG) people for acquisition or construction of houses. With the assistance of NHB and HUDCO, CHB will pass out the benefits envisaged to EWS/LIG beneficiaries in forthcoming housing plan under the said scheme in Sector 63, Maloya and Dhanas.
The economic parameters for eligible EWS beneficiaries as per the scheme are households having an average monthly income up to Rs. 3,300/- and that for LIG beneficiaries are households having an average monthly income between Rs 3,301 and Rs 7,300. The subsidy will be 5% per annum on interest charged on the admissible loan amount for EWS and LIG, over the full period of loan for construction or for acquisition of a new house.
A high level meeting to sensitize all states about various aspects of the scheme and to ensure smooth passage of benefits under the scheme was conducted by the government of India and UT was represented by finance secretary Sanjay Kumar along with officers of CHB.
Kumar said the scheme will provide housing loan, with subsidized interest, for a period of 15-20 years with a maximum limit of Rs 1 lakh to an EWS individual for a house of at least 25 sq. mtrs.
Additional loan, if needed will be at unsubsidized rate of interest. Furthermore, the scheme lays down that for a LIG individual the maximum loan amount admissible will be Rs 1.60 lakh for a house of at least 40 sq. mtrs.
The government has appointed National Housing Bank (NHB) and Housing and Urban Development Corporation Ltd. (HUDCO) as nodal agencies for implementation of the scheme. The subsidy will be released by the government to nodal agencies who in turn will pass on the same to the banks and housing finance companies for disbursement of the housing loan.
The scheme further envisages that primary security for the housing loan will be mortgage of the dwelling unit and there will not be any other collateral security/third party guarantee for loans up to and inclusive of Rs 1 lakh and no prepayment charges would be levied by the banks/HFCs under the scheme.
Source: The Times of India