Interest Subvention Scheme For Housing Loan For Regular State Government Employee Under APUN GHAR

Interest Subvention Scheme for Housing Loans for Regular State Government Employees (Apun Ghar)

The Apun Ghar scheme is an innovative initiative launched by the Government of Assam to support its employees in acquiring housing loans at subsidized interest rates. Introduced during the Budget Speech of 2016-2017, this scheme is tailored for State Government employees looking to purchase or construct a new home, buy an existing property, or transfer home loans from other financial institutions.

Overview of the Scheme

The Apun Ghar scheme offers an attractive interest subvention of 3.5%. As a result, the effective interest rates for housing loans under this initiative are set at 5% for women and 5.05% for men, making home ownership more accessible. The scheme allows loans of up to ₹15 lakh, and the subsidy is directly credited to the employees’ salary accounts, simplifying the repayment process.

Key Benefits of the Apun Ghar Scheme

• Interest Subvention: A reduction of 3.5% on interest rates, leading to effective rates of 5% for female employees and 5.05% for male employees.
• Extended Repayment Schedule: Employees with pensionable service can avail of a repayment schedule extending up to the age of 70.
• Flexible EMI Deductions: The State Bank of India (SBI) will manage EMI deductions from pension accounts, ensuring ease of payment.
• No Mortgage Requirement: No property mortgage is required for loan amounts up to ₹10 lakh; discussions are ongoing about increasing this limit to ₹15 lakh.
• Dedicated Assistance: A dedicated team at SBI will facilitate hassle-free services for employees, ensuring a streamlined experience.
• Comprehensive Insurance: Properties financed through the scheme will be insured against risks like fire and natural disasters.
• Loan Recovery: Recovery of interest and principal amounts will be managed by the Drawing and Disbursing Officer (DDO) from the employee’s salary.
• Long-Term Benefits: The reduced interest rates are applicable for up to 240 EMIs, or 20 years of repayment.

Eligibility Requirements

• Permanent State Government employees of Assam with a minimum of 5 years of remaining service are eligible to apply.
• Applicants must be at least 21 years old and not exceed 70 years for pensionable service or 60 years for non-pensionable service.
• To benefit from the interest subvention, employees must apply for housing loans within two years from the notification date issued by the Government.
• Employees without an SBI salary account or those with accounts for less than one year must provide a ‘No Dues’ certificate from their previous bank.
• While loans above ₹15 lakh are possible, the interest subvention applies only up to the specified limit of the scheme.
• Loans can be jointly availed by close relatives, provided all are State Government employees of Assam, with the total amount not exceeding the prescribed limit.
• Employees who have previously benefited from the Apun Ghar scheme are ineligible for further assistance.
• Purchasing ancestral land from close relatives is not covered under this scheme.

Application Procedure

Apply Offline

Employees interested in the Apun Ghar scheme need to follow these steps to apply:

1. Complete the designated application form through your respective Drawing and Disbursing Officer (DDO).
2. The DDO will certify necessary details including the salary certificate, grade, date of joining, retirement date, and nature of service before forwarding the application along with a check-off letter to the special SBI team.
3. A special team will process the application at each regional business office and selected SBI branches, ensuring a streamlined service for applicants.
4. Once the application is deemed suitable, the special team will grant sanction based on the established criteria.
5. Following approval, documentation and disbursement will occur at a branch convenient to either the property location or the applicant’s workplace.
6. A grievance redressal cell will be set up at each regional business office and specific SBI branches to assist with any issues.

Conclusion

The Apun Ghar scheme stands as a significant support system for the State Government employees of Assam, facilitating their journey towards home ownership with reduced financial burdens. By offering attractive interest rates and a structured application process, the scheme aims to empower employees to secure their dream homes while ensuring a hassle-free experience.