Apun Ghar is a new home loan scheme for Assam Government employees under which home loans will be provided to the state govt employees at subsidised interest rates. The Assam government has signed a MoU with the state bank of India to provide home loans at hugely subsidised interest rates to its employees.
Apun Ghar Home Loan Scheme – Introduction
Under the Apun Ghar scheme, the state government would provide housing loans at a subsidised rate of 5% for its women employees and 5.5% for men employees. The credit would be given without and collateral security and processing fee. The primary objective of Apun Ghar housing loan scheme is to provide housing to all state residents. Though, Pradhan Mantri Awas Yojana is also running in all the towns and cities of the state under which loans at subsidised rates are provided.
Under the Apun Ghar scheme, the state government employees can avail a loan of up to Rs 15 Lakh for with an interest subsidy of 3.5%. The subsidy on interest rates would benefit state government employees regarding lower interest rates and lower EMI’s.
Apun Ghar Home Loan – Interest Rates and Subsidy
|Loan Amount||Rs. 15 Lakh||Rs. 15 Lakh|
|Interest Rate after Subsidy||5.5%||5%|
|Maximum Loan Tenure||20 Years||20 Years|
|Effective EMI (for a loan of Rs. 15 Lakh for 20 Years)|
|Before Subsidy||Rs. 13,017||Rs. 13,017|
|After Subsidy||Rs. 10,318||Rs. 9,899|
Eligibility for Apun Ghar Home Loan Scheme
Apun Ghar home loan scheme is however targeted to the government employees belonging to the lower income group of the society but applicable for all. The government employees are eligible for the Apun Ghar home loan scheme which has
– Minimum age of 21 years
– Residual service of five years
How to Apply for Apun Ghar Home Loan
The state government employees need not visit the bank branch to apply for the Apun Ghar scheme, but they can simply submit the applications forms or submit their request to several district drawing and disbursing officer.
The State Bank of India has a target to disburse about 10000 home loans by May next year.