Rural Housing Interest Subsidy Scheme – The government launches various kinds of schemes in order to provide houses to the citizens of the country. The government has launched Pradhan Mantri Awas Yojana in order to provide houses to all by the year 2024. There are a lot of citizens who do not have houses of their own and are not covered under the Pradhan Mantri Awas Yojana. For all those citizens the Government of India has launched a Rural Housing Interest Subsidy Scheme 2024 in order to provide easy access to institutional loans. This article will cover all the important information regarding Rural Housing Interest Subsidies Scheme 2024. You will get to know complete details including the application procedure and beneficiary list by going through this article.
About Rural Housing Interest Subsidy Scheme 2024
The Government of India has launched Rural Housing Interest Subsidy Scheme 2024 in order to provide houses to those citizens who are not covered under Pradhan Mantri Awas Yojana. Under this scheme, easy access to institutional loans will be provided to all such needy households for the construction or modification of their houses. Only houses in rural areas will be covered under this scheme. The pucca houses that are constructed or modified under this scheme should conform to the norms and standards provided in the extant guideline on construction and structural safety in the country. The Government is going to provide an interest subsidy on the amount of loan taken under this scheme.
Objective Of Rural Housing Interest Subsidy Scheme
The main objective of the Rural Housing Interest Subsidy Scheme 2024 is to provide subsidies on the number of loans taken for the construction or modification of housing units. The benefit of this scheme will be provided to those citizens who are living in rural areas and are not covered under Pradhan Mantri Awas Yojana. With the implementation of this scheme, the standard of living of the citizens will be improved. Other than that citizens will also become self-dependent. Pucca houses will be provided to the beneficiaries with the implementation of this scheme. The Ministry of Rural Development will be responsible for implementing a scheme.
Details Of Rural Housing Interest Subsidy Scheme
| Name Of The Scheme | Rural Housing Interest Subsidy Scheme |
| Launched By | Government Of India |
| Beneficiary | Citizens Of India |
| Objective | To Provide Pucca House |
| Official Website | Click Here |
| Year | 2024 |
Subsidy Under Rural Housing Interest Subsidy Scheme
| Particulars | RHISS |
| Interest Subsidy (% p.a.) | 3.00% |
| Maximum Housing Loan Tenure (in years) | 20 |
| Eligible Housing Loan Amount for Interest Subsidy (Rs) | 2,00,000 |
| Discount Rate for NPV calculation of interest subsidy (%) | 9.00% |
Some Information Regarding Subsidy
- The interest subsidy will be provided at the rate of 3% on the principal amount of the loan for the beneficiary
- The subsidy will be admissible for a maximum loan amount of the first 2 lakh irrespective of the quantum of the house loan for 20 years or the full period of the loan whichever is less
- If the quantum of the housing loan is less than Rs 200000 then the subsidy will be calculated based on the actual loan amount
- Based on the national discount rate of 9% the net present value of the subsidy will be calculated for the period of the loan
- The net present value of interest subsidy will be deducted from the principal loan amount of the beneficiary
Implementation Methodology Of Rural Housing Interest Subsidy Scheme
- Only for the housing loan amount, the interest subsidy will be available
- An additional amount of housing loan beyond the specified limit will be a nonsubsidized rate
- In the housing loan account of the beneficiary, the net present value of the interest subsidy will be credited through a primary lending Institution
- The national housing bank will be the Central nodal agency in order to channelize the subsidy to the lending Institution and monitor the progress of this scheme
- The primary lending institution can register with only one CNA by signing a memorandum of understanding
- CNA will be responsible for ensuring the proper implementation and monitoring of the scheme
- Periodic monitoring inputs will be provided by CNA to the Ministry of Rural Development through regular monthly and quarterly reports
- If any borrower has taken a housing loan and availed the interest subsidy under any government scheme of India and later switches to another PLI for balance transfer then such beneficiary will not be eligible to claim the benefit of interest subsidy again
Mechanism For Release Of Central Subsidy
- The government is going to release an advance for subsidy payment to CNA at the start of the Rural Housing Interest Subsidy Scheme 2024
- The subsequent amount will be released to the CNA of the interest subsidy after 70% utilization of the earlier amount on a quarterly basis
- Based on the disbursement of the loan to the beneficiaries the central nodal agency will release the Subsidy amount directly
- The net present value of the interest subsidy will be credited by the PLI to the beneficiary’s account by deducting it from the principal loan amount of the beneficiary
- Beneficiaries are required to pay EMI as per lending rates on the remainder of the principal loan amount
- 0.25% of the total fund disbursement by the central nodal agency to the PLI will be paid to the central nodal agency for their administrative expenses
- PLI cannot take any processing charge from the beneficiary under the scheme
- The PLI will be provided a lump sum amount of Rs 2000 per sanction application in lieu of the processing fees for the housing loan for the borrower
Monitoring And Implementation Of The Scheme
- This scheme will be implemented and monitored by the Ministry of Rural Development, Government of India through the Central nodal agency
- At the state level the State Government, and State level bankers committee will monitor this scheme through its prevalent institutional mechanism
- If the beneficiary submits false information in order to get the benefit from this scheme then he or she would be liable for legal proceedings under the relevant law
- Under the scheme, the decision of the Ministry of Rural Development will be considered final
Benefits And Features Of Rural Housing Interest Subsidy Scheme
- The Government of India has launched Rural Housing Interest Subsidy Scheme 2024 in order to provide houses to those citizens who are not covered under Pradhan Mantri Awas Yojana.
- Under this scheme, easy access to institutional loans will be provided to all such needy households for the construction or modification of their houses.
- Only houses in rural areas will be covered under this scheme.
- The pucca houses that are constructed or modified under this scheme should conform to the norms and standards provided in the extant guideline on construction and structural safety in the country.
- The Government is going to provide an interest subsidy on the amount of loan taken under this scheme.
- This scheme is going to improve the standard of living of the citizens
- Citizens will also become self-dependent with the implementation of this scheme
Eligibility Criteria
- Applicant must be a permanent resident of India
- The applicant must be living in the rural area
- Applicant must not own a pucca house
- The applicant must not be covered under Pradhanmantri Awas Yojana
Required Documents
- Aadhar Card
- Residence certificate
- Income certificate
- Passport size photograph
- Mobile number
- Email id etc
Procedure To Apply Under Rural Housing Interest Subsidy Scheme
- First of all, you have to go to the nearest office of the Ministry of Rural Development
- Now you have to take the Application form from there
- You have to furnish all the required details in this application form
- Now you have to attach all the required documents
- After that you have to click on submit
- By following this
- s procedure you can apply under Rural Housing Interest Subsidy Scheme 2024