Under the ‘Housing for All’ initiative, the central government aims to provide affordable housing for people by 2022. In addition to the center-run scheme, a housing plan of action is also undertaken by numerous state governments. NTR housing is one such venture under PMAY introduced by the Andhra Pradesh government in the year 2016 for the underprivileged people belonging to the urban and rural areas.
A general overview of the NTR housing scheme
- Under the 3rd phase of the scheme, 4 lakh houses were added to the scheme by the chief minister of Andhra Pradesh ready for distribution to the beneficiaries.
- The government has approved the construction of 15.78 lakh houses at an approximate expense of Rs.31,793 crore under the NTR rural housing, the PMAY-NTR Gramin and Urban Beneficiary led construction scheme.
- In January 2018, Vijayawada Municipal Corporation assigned 8,200 units to the PMAY liaised NTR Nagar housing scheme.
- The unit cost of various home sizes –
- Rs.7.71 Lakh for a 430 sq.ft. property
- Rs.6.74 Lakh for a 365 sq.ft. property
- Rs.5.62 Lakh for a 300 sq.ft. property
- 1 lakh beneficiaries have already been handed over the houses on the occasion of Gandhi Jayanti.
NTR housing aims to facilitate affordable housing for the homeless in addition to the reconstruction of existing houses. However, the following points should be considered in order to avail the benefits of the scheme-
- The individual should be a resident of Andhra Pradesh.
- He/she should possess a white ration card or below the poverty line (BPL) card.
- Any other property should not be owned by him/her.
- Address proof – The applicant needs to furnish the details of their present as well as a permanent address.
- Identification details – Aadhaar card is mandatory under the NTR housing scheme. The voter ID card and Driving License may also be required.
- Income details – Certificate or documents that state the income as per the employment nature of the individual should be provided.
- Surveys are conducted frequently to identify beneficiaries.
- Registration online can be done via the Pradhan Mantri Awas Yojana website.
The individual’s application will be processed and verified and if selected, he/she can approach a PMAY compliant bank to avail the loan for house.
Availing loan under NTR housing
Major financial institutions provide home loans to eligible candidates. The credits are associated with attractive offers such as flexible repayment tenor, affordable interest rates, and so on.
NTR offers the following interest subsidy in the form of a housing loan –
- The beneficiary of NTR Rural housing avails a subsidy of Rs.1.5 lakh.
- SC/ST recipients acquire an additional subsidy of Rs.50,000.
- PMAY NTR Urban scheme beneficiaries can obtain a subsidy of Rs.2.5 lakh.
The eligible candidates can gain a home loan interest rate of up to 6.5% under the scheme.
Management of finances can be done by paying the interest as EMI for the initial tenor. Several financial institutions offer no-charge prepayment and foreclosure. Borrowers should look up the important factors to keep in mind while prepaying their home loans.
If the prospective buyers want to avail a home loan in Nellore, they should refer to the above-mentioned guidelines.NTR housing thus aims to fulfill the government’s ambitious plan to provide affordable housing solutions for all. Refer to the information outlined above for a comprehensive idea about the scheme. Upon selection as a beneficiary of the scheme, avail a home loan at subsidized interest rates.
You can also refer to the key benefits of the central government’s PMAY scheme to avail as a home loan at subsidized interest rates. Know the key benefits of the PMAY before applying for a home loan through it.