Loan up to Rs.70,000 for homeless, mud houses dwellers

Loan up to Rs.70,000 for homeless, mud houses dwellers

A good news for the people or families who are homeless or stay in mud houses. Sources from the government have said that families and individuals staying in mud houses or being homeless will be given a loan of Rs.70000 from banks with which they can build proper house.

Loan Amount Provided under which scheme? PMAY Scheme
Loan amount transferred via which mode? DBT (direct benefit transfer) mode
Estimated Number of beneficiaries under this scheme? About Rs 1.30 lakh per person
Estimated budget for this loan scheme? Around Rs 1.30 lakh crore

mud houses dwellers

Details about Loan Scheme:

  • The loan will be given in addition to the loan of Rs.1,300,00 which is being given under the PMAY Scheme. Under which the beneficiary people able to avail loan amount for low interest.
  • Loan can be availed by people who are living without any home or currently living in mud houses.
  • Around one crore beneficiaries will be targeted under this scheme. As per the scheme, the loan amounts will be shared by both central and state governments.
  • It has been said that the Rural Development Ministry will be the nodal ministry for this scheme. This department will make association with different banks and financial institutions of the country in order to process this loan and understand eligible candidates.
  • Sources have said the grant will be directly transferred to the bank accounts of the loan applicants. So one of the important eligibility criteria to get this loan will be to have a bank account in any of the nationalized banks.
  • The money that will be given under this scheme should only be used for building proper houses. The loans will be provide at low interest rates so that people are encouraged to take loans and improve their living standard.
  • For the people living in hilly areas a loan amount of Rs.1.50 lakhs will be transferred to each of the family or person. And for the people staying in plain areas, an amount of Rs.1.30 lakhs will be transferred.
  • To ensure that the funds under this loan scheme are not misused, the houses that would be built would be geo-tagged which bring transparency to the scheme.
  • Sources have also revealed that the beneficiaries for this loans have been recognized and the loan will be transferred on a Direct Benefit Transfer mode. The amount will be transferred to the beneficiary’s account in the form of installment in the coming three years.
  • It is being said that from the next month, October, the transfer of loans will start and along with this the construction of houses will also start.

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