VIJAYAWADA : Chief Minister YS 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 the Navaratnalu-Pedalandariki Illu scheme. The interest is reimbursed twice a year.
Releasing the amount virtually from his Camp Office in Tadepalli on Thursday, Jagan explained that the reimbursement of interest over and above three per cent on a bank loan of Rs 35,000 each would help beneficiaries as they would then have to pay only 25 paisa interest on loans for houses constructed in Jagananna Colonies.
Pointing out that banks provide housing loans at an interest rate of 9 to 11 per cent, he said the State government decided to reimburse interest over and above three per cent to reduce the financial burden on the beneficiaries.
So far, the government has facilitated bank loans worth Rs 4,500.19 crore to 12.77 lakh beneficiaries, he added.
Elaborating on the housing scheme, Jagan said 31.19 lakh house site pattas have been distributed to the poor with more than 22 lakh houses under construction. As many as 8.6 lakh houses have been handed over to the beneficiaries, he added.
As part of the initiative, the government is also providing a benefit of Rs 2.7 lakh on construction of each house, including financial assistance of Rs 1.8 lakh, free sand worth Rs 15,000 and discounts worth `40,000 on supply of cement, steel and metal frames, he pointed out. Further, he said value of the property ranges from Rs 5 to 20 lakh depending on the area.
Housing Minister J Ramesh, Chief Secretary Dr KS Jawahar Reddy, APHC chairman Sharmila Reddy, MD Lakshmi Shah and Special CS (Housing) Ajay Jain, were among those present.