Apply Apun Ghar Home Loan Scheme Introduced by the Assam government at low interest of around 5% and 5.5%
The state government of Assam introduced the Apun Ghar Home Loan Scheme that helps the state government employees to avail home loans for low interest rate from the state banks of India. As far the data released by the government officials about 4.5 Lakh government employees will be benefited under the home loans scheme launched by the Assam state government.
The main intention of this home loan scheme is improve the infrastructure of the state by lending amount to the employees to construct new homes for affordable home loans for low interest rates. In order to make sure about the providing low interest rate home loans for the beneficiaries under this scheme, the Assam state government signed Memorandum of Understanding (MoU) with State Bank of India.
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Eligibility Criteria
- In order to avail benefits of this home loan scheme, the applicant must be above 21 years and must be employed in any of the state government department of the Assam State.
- Also, the desired applicant from the state government of Assam should complete the minimum of 5 years of service in any of the department owned by the state government of Assam.
- More importantly, the applicant of this special home loan scheme for government employees should be from the family of low income group or below the poverty line category.
Difference between SBI loan rate and Apun Ghar Loan Rate
Since, the portrays as the home loan for low interest rate the amount offered under this scheme by the state banks of India will comes with reduced interest rate when compared with the existing rate followed by the SBI for normal home loans. The home loans offered to women employees under this scheme will be charged for 5% where else for the male employees it would be 5.5%. Meanwhile, for normal home loans the SBI charges around 9% as the interest rate from the consumers.
All Benefits offered by this Assam Government’s Special home loan scheme
- Loan Amount and EMI: Under this Apun Ghar Home Loan Scheme, the eligible employees would be able to get the maximum loan amount of 15Lakh from the SBI for the low interest rates (5% for women and 5.5% for men). Also, the scheme offers easy EMI system for the beneficiaries and it starts from the low amount of Rs. 13,017 on monthly basis.
- Subsidized Interest Rate: Since, the normal home loans offered by the financial body SBI for its consumers is around 9% and to tackle the low interest rate for this home loan scheme at 5% and 5.5%, the state government of Assam pay the remaining interest around 3 to 3.5% by its to the SBI. So that the beneficiaries would enjoy the home loans for lowest interest rate.
- Period of loan: As far as the data released by the government of Assam, this special home loan scheme Apun Ghar will be offered to the rightful beneficiaries for the tenure period of 20 years.
- Is It Security and Processing Fee free?: Unlike the other home loans offered by the state banks of India, there’s no such fee collected as security and processing fee under this special Apun Ghar Housing Scheme of Assam Government.
Covered Area/ beneficiaries
This special home loan scheme offered to the state government employees of the Assam state covers all the districts of the state. And both the male and female employees of the state government department can avail the benefits under this scheme. In fact, female employees receive lowest interest rate for their loan amount when compared with male employees. All they need is to visit the nearest drawing and disbursing offices in the respective districts to avail this low interest home loan from SBI.
How To Apply and required doc
To make this easier for the government employees, the respective administration makes things ease under this scheme. The respective eligible government employees no need to visit the SBI branches for submitting their application for receiving home loans under this Apun Ghar Home loan. Instead they are supposed to visit nearest District Drawing and Disbursing Office and can submit their loan application. This saves lots of time to the beneficiaries and they should submit their application along with the proof of being in service for minimum 5 years along with valid proof of coming from Low income group.
Date of starting
This apun ghar housing loan scheme of Assam government was announced by the Assam government in the month of March 2017, which is often considered as the financial year end. It is believed that the start of this special housing loan scheme for Assam government employees will kick start from the new financial year which is April 2017.
On witnessing the step taken by the state government of Assam, it’s clearly pictured as the initiative taken in order to match the vision of the Pradhan Mantri Awas Yojana on providing housing for all by the year of 2022. In addition to that, this loan scheme will helps Assam government to build strong infrastructure in the state.
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