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

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

Apun Ghar is a new home loan scheme for Assam Government employees as per announcement made in the Budget Speech,2016-2017 under which home loans will be provided to the State Government employees at subsidized interest rates.

Benefit

1) The State Government has decided to provide a subvention of interest @3.5 % and after applying this interest subvention, the employees would get housing loans upto ₹ 15.00 lakh@ 5.0% (for women) and @ 5.05 %(for men) 2) On the basis of the SBI Proposal, the state government has decided to provide a loan repayment schedule to the State Government employees with pensionable service beyond the age of retirement up to 70 yrs of age. 3) The SBI will take responsibility to deduct the housing loan beyond the age of retirement up to 70 years as such the pension accounts are with SBI. For the convenience and interest of employees, the deduction of EMIs will be adjusted in such a way to be on the higher side during the service period and it will be on the lower side after their retirement period. 4) There will be no need for a mortgage of property for a loan amount up to ₹ 10.00 lakh. However, the SBI has referred this matter to their corporate center to increase the margin up to ₹ 15.00 lakhs. 5) The SBI team will ensure that the employees get hassle-free service and that concerned departments get a single dedicated window at the bank level for all dealings related to the scheme. 6) The house/flat purchased /constructed with the Bank’s finance would be insured comprehensively for risk of fire/riots/earthquake/lightning/floods. etc by the employees. 7) Check-off facility will be given by the Drawing and Disbursing Officer of the concerned employees for recovery of interest and princ

Level

State — Assam

Ministry / Dept.

Finance Department

Benefit type

other

Key eligibility

1. Permanent Employees of State Government of Assam with at least 5 years residual service will be eligible for the scheme once in his/her service tenure. 1. Minimum 21 years and at least 5 years residual service to be eligible for the loan and maximum of 70 years for employees with pensionable serv

Last verified

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Benefits

1) The State Government has decided to provide a subvention of interest @3.5 % and after applying this interest subvention, the employees would get housing loans upto ₹ 15.00 lakh@ 5.0% (for women) and @ 5.05 %(for men) 2) On the basis of the SBI Proposal, the state government has decided to provide a loan repayment schedule to the State Government employees with pensionable service beyond the age of retirement up to 70 yrs of age. 3) The SBI will take responsibility to deduct the housing loan beyond the age of retirement up to 70 years as such the pension accounts are with SBI. For the convenience and interest of employees, the deduction of EMIs will be adjusted in such a way to be on the higher side during the service period and it will be on the lower side after their retirement period. 4) There will be no need for a mortgage of property for a loan amount up to ₹ 10.00 lakh. However, the SBI has referred this matter to their corporate center to increase the margin up to ₹ 15.00 lakhs. 5) The SBI team will ensure that the employees get hassle-free service and that concerned departments get a single dedicated window at the bank level for all dealings related to the scheme. 6) The house/flat purchased /constructed with the Bank’s finance would be insured comprehensively for risk of fire/riots/earthquake/lightning/floods. etc by the employees. 7) Check-off facility will be given by the Drawing and Disbursing Officer of the concerned employees for recovery of interest and princ

Eligibility

Documents Required

How to Apply

1. Step 1: Offline application — step 1

   Step 01: Employees will apply through an application form specially designed for the scheme through their respective Drawing and Disbursing Officer(DDO)

2. Step 2: Offline application — step 3

   Step 02: Salary Certificate with Deduction, Grade, Date of Joining, Date of retirement, Nature of Service Pensionable or non-pensionable any other required information will be certified by DDO who will do preliminary scrutiny and forward the application along with check off letter to the special team at SBI. Each DDO will be mapped to a special team located nearby.

3. Step 3: Offline application — step 5

   Step 03: The file would be processed for sanction by a special team to be formed at each regional business office and some identified SBI Branches. This will ensure that the employees get hassle-free service and the concerned department get a single dedicated window at the bank level.

4. Step 4: Offline application — step 7

   Step 04: Upon finding the case suitable for consideration under the scheme, the Special Team will accord sanction based on the criteria of the proposed scheme as prescribed by the Bank.

5. Step 5: Offline application — step 9

   Step 05: Post Sanction, the file would be sent for documentation and Disbursement to a branch nearer either to the place of property or place of posting as per the choice of the applicant

6. Step 6: Offline application — step 11

   Step 06: A grievance redressal cell is to be created at each regional business office and some identified SBI Branch and Local head office, Guwahati particularly for the scheme to take care of grievances of the Employees of the govt. of Assam

Sources & References

• Official scheme website ↗
• View on myScheme (Government of India) ↗
• Information is summarised from official government sources. Verify all details on the official website before applying.