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Subsidised home loans for poor

Staff Reporter

Kozhikode: The Economically Weaker Sections (EWS) and the Lower Income Group (LIG) residing within the limits of the Vadakara and Koyilandy municipalities and Kozhikode Corporation will soon be able to get the benefit of a Central scheme, ISHUP, (Interest Subsidy for Housing the Urban Poor), which extends housing loans at an interest subsidy of five per cent through select banks.

The Kudumbasree Mission has been appointed the nodal agency for implementing the scheme and to prepare the final list of beneficiaries.

According to officials with the District Kudumbasree Mission, the scheme will formally be launched in Kozhikode in the second week of January. Distribution of application forms has already started through the Community Development Societies (CDS) in the district.

Under this ‘affordable housing scheme for all' concept introduced by the Union Ministry of Housing and Urban Poverty Alleviation in 2008, those coming under the EWS and LIG categories will be able to obtain loan up to Rs.1 lakh and Rs.1.60 lakh respectively with interest subsidy. The service will be offered to the beneficiaries through eight banks.

Those who get a monthly income of Rs.5,000 and below are under the EWS and those between Rs.5001 and Rs. 10,000 are classified as LIGs. Even government employees can seek the benefit of the scheme. “People who wish to purchase new houses too can depend on this interest subsidy scheme, ” says K.G. Shiju, assistant district coordinator of the Kudumbasree Mission.

“As per the existing terms, the beneficiaries will have to submit their title deeds to obtain the amount from the banks,” he adds.

Although the limit of the loan amount under the interest subsidy scheme has been limited up to Rs.1.60 lakh, the borrowers are also allowed to obtain excess amount by paying the actual commercial interest.

He added that a district-level evaluation committee had been constituted to ensure faultless screening of eligible persons.

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