Chief Minister Y S Jagan Mohan Reddy released Rs 46.90 crore towards reimbursement of interest for 4,07,323 beneficiaries who have availed housing loans from banks under Navaratnalu-Pedalandariki Illu (housing for all). The reimbursement is done twice a year.
Releasing the amount virtually from his camp office at Tadepalli on Thursday, the Chief Minister said that the interest reimbursement over and above three percent on the bank loan of Rs 35,000 each helps the beneficiaries pay only 25 paisa interest on housing loans for houses constructed in Jagananna Colonies.
In an unprecedented manner, the government has distributed 31.19 lakh house site pattas to the poor and more than 22 lakh houses are under construction, he said, adding that 8.6 lakh houses have been handed over to the beneficiaries.
The government is providing a benefit of Rs 2.7 lakh on construction of each house including a financial assistance of Rs 1.8 lakh, free sand worth Rs 15,000 and discounts worth Rs. 40,000 on supply of cement, steel and metal frames, he said, adding that the property worth of each beneficiary ranges from Rs 5 lakh to Rs 20 lakh depending on the area.
As the banks are providing housing loans on 9 to 11 percent interest rates, the government has decided to reimburse interest over and above three per cent to reduce the financial burden of the beneficiaries. So far, it has provided bank loans worth Rs 4500.19 crore to 12.77 lakh beneficiaries.
Some of the beneficiaries also spoke virtually and expressed their gratitude to the Chief Minister for providing them houses.
