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Karnataka plans a new housing scheme to pay interest on the loan

In order to meet the goal of “housing for all by Prime Minister Narendra Modi by 2022“, the state government is planning a complex “on-demand” housing complex that authorities believe will accelerate the process of providing shelter and also eliminate…

Housing is an area that Senior Minister B S Yediyurappa has identified as a priority, with Karnataka(Karnataka plans a new housing scheme) home of 25.36 lakh of rural households that do not own a house or land. In addition, about 11 Lakh urban families have sought housing under Pradhan Mantri Awas Yojana.

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Karnataka plans a new housing scheme to pay interest on the loan

Under the proposed plan, homeless people who apply for housing will be linked to banks for housing loans, and the government will be responsible for paying interest for a period of 12 to 15 years. This is different from the existing housing schemes under which the government grants financial benefits directly to the beneficiaries to build homes.

What we mean by” on-demand “is that anyone can request the installation of housing at any time,” said an official involved in the conceptualization of the plan. “The government will then link the applicant with the banks and provide a mortgage loan whose interest the government will pay. If the beneficiary is an SC / ST, we also have a provision to cover the premium.

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The government will need an estimated Rs 25,000 crore to provide 100% of housing, but leaving aside such generosity has been ruled out considering the state’s finances. “In addition, the current speed at which we are building affordable housing under various schemes is not enough to meet the 2022 deadline,” the official explained.

The housing plan on demand, which was formed in the Office of the Chief Minister (CMO), has now reached the Finance department for investigation.

If the plan is fulfilled, Rajiv Gandhi Housing Corporation Ltd (RGHCL) is likely to anchor it. “RGHCL has data linked to Aadhaar since 2011, which will help us verify if someone who already owns a house is looking for another house,” the official said.

The “on-demand” housing plan will primarily serve BPL households, but sources say that even APL families will be eligible for some conditions.

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