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How to apply Rural Housing Interest Subsidy Scheme And online testing Rural Housing Interest Subsidy Scheme Beneficiary list and benefits
To provide houses to the citizens of the country, the government comes up with various schemes. The government has launched Pradhan Mantri Awas Yojana to provide housing to all by 2023. There are many citizens who are homeless and are not covered under Pradhan Mantri Awas Yojana. For all those citizens the Government of India a Rural Housing Interest Subsidy Scheme 2023 To provide easy access to institutional loans. This article contains all the important information regarding Rural Housing Interest Subsidy Scheme 2023. By going through this article you will know complete details including application procedure and beneficiary list.
2023 about Rural Housing Interest Subsidy Scheme
Govt of India started Rural Housing Interest Subsidy Scheme 2023 In order to provide houses to the citizens who are not covered Pradhan Mantri Awas Yojana Under this scheme, all such needy families will be given easy access to institutional loans for construction or modification of their houses. Only houses in rural areas are covered under this scheme. Prefab houses constructed or modified under this scheme shall conform to the norms and standards laid down in the existing guidelines on construction and structural safety in the country. The government is going to subsidize the interest on the loan amount taken under this scheme.
Objective of Rural Housing Interest Subsidy Scheme
The main objective of Rural Housing Interest Subsidy Scheme 2023 is to subsidize the number of loans taken for construction or modification of housing units. Citizens living in rural areas who are not covered under Pradhan Mantri Awas Yojana will benefit from this scheme. With the implementation of this project, the quality of life of the citizens will improve. Otherwise, citizens will become self-reliant. With the implementation of this project, the beneficiaries will also be provided with houses. The Ministry of Rural Development will be responsible for implementing the project.
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Key Highlights of Rural Housing Interest Subsidy Scheme
| Name of the scheme | Rural Housing Interest Subsidy Scheme |
| started with | Government of India |
| Beneficiary | Citizens of India |
| the aim | To give a mature house |
| Official website | Click here |
| year | 2023 |
Subsidy under Rural Housing Interest Subsidy Scheme
| particulars | RHISS |
| Interest Subsidy (% pa) | 3.00% |
| Maximum Home Loan Tenure (in Years) | 20 |
| Eligible Home Loan Amount for Interest Subsidy (Rs.) | 2,00,000 |
| Discount Rate (%) for NPV Calculation of Interest Subsidy | 9.00% |
Some information about subsidy
- The beneficiary will be given interest subsidy at the rate of 3% of the principal amount of the loan.
- Subsidy will be admissible for a maximum loan amount of first 2 lakhs irrespective of the 20-year home loan amount or the entire tenure of the loan.
- If the home loan amount is less than Rs.200000, the subsidy will be calculated based on the actual loan amount.
- Based on the national discount rate of 9%, the total value of the subsidy will be calculated for the duration of the loan.
- The present value of the interest subsidy will be deducted from the principal loan amount of the beneficiary
Housing for all
Mode of implementation of Rural Housing Interest Subsidy Scheme
- Interest subsidy is available only on the home loan amount
- Excess amount of home loan beyond the specified limit will be at unsubsidized rate
- In the beneficiary’s home loan account, the net interest subsidy value will be credited through a primary lending institution.
- National Housing Bank will be the central nodal agency for subsidizing the lending institution and monitoring the progress of this scheme.
- The primary lending institution can only sign a memorandum of understanding and register with a CNA
- CNA will be responsible for ensuring proper implementation and monitoring of the project
- CNA will provide periodic monitoring inputs to the Ministry of Rural Development through regular monthly and quarterly reports.
- If any borrower avails interest subsidy under any Government scheme of India by taking home loan and later switches to another PLI for balance transfer, such beneficiary will not be eligible to claim the benefit of interest subsidy again.
Mechanism for release of central subsidy
- Government is going to give advance for subsidy payment at the beginning of CNA Rural Housing Interest Subsidy Scheme 2023
- After disbursement of 70% of the previous amount on quarterly basis the subsequent amount will be released to CNA for interest subsidy.
- The subsidy amount will be directly sanctioned by the central nodal agency on the basis of disbursement of loans to the beneficiaries.
- PLI will credit the beneficiary’s account after deducting the net interest subsidy value from the principal loan amount of the beneficiary.
- Beneficiaries have to pay EMI for the balance of the principal loan amount as per the loan rates
- 0.25% of the total funds provided by the Central Nodal Agency to the PLI will be paid to the Central Nodal Agency for their administrative expenses.
- PLI cannot take any processing charge from the beneficiary under the scheme
- 2000 per sanction application to PLI against the processing fee of home loan to the borrower.
Project monitoring and implementation
- The scheme will be implemented and monitored by the Union Ministry of Rural Development through the Central Nodal Agency
- At the state level the state government and the state level bankers committee will monitor the scheme through existing institutional mechanism
- If the beneficiary submits false information to avail the benefit of this scheme, he or she will be liable for legal action under the relevant law.
- According to the plan, the decision of the Ministry of Rural Development will be considered final
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Advantages and Features of Rural Housing Interest Subsidy Scheme
- Govt of India started Rural Housing Interest Subsidy Scheme 2023 To provide housing to citizens not covered under Pradhan Mantri Awas Yojana.
- Under this scheme, all such needy families will be given easy access to institutional loans for construction or modification of their houses.
- Only houses in rural areas are covered under this scheme.
- Prefab houses constructed or modified under this scheme shall conform to the norms and standards laid down in the existing guidelines on construction and structural safety in the country.
- The government is going to subsidize the interest on the loan amount taken under this scheme.
- This project is going to improve the standard of living of the citizens
- With the implementation of this scheme, the citizens will also become self-reliant
Eligibility Criteria
- Applicant must be a permanent resident of India
- Applicant must be resident in rural area
- The applicant should not own an old house
- Applicant should not come under Pradhan Mantri Awas Yojana
Required Documents
- Aadhaar Card
- Residence Certificate
- Income certificate
- Passport size photograph
- mobile number
- Email ID etc
Application Procedure under Rural Housing Interest Subsidy Scheme
- First of all, you should go to the nearest office of the Ministry of Rural Development
- Now take the application form from there
- You must provide all the required details in this application form
- Now you need to attach all the required documents
- After that click on submit
- Following this
- You can apply under the procedure of Rural Housing Interest Subsidy Scheme 2023