The
Ministry of Housing and Urban Poverty Alleviation aims to target around a 10
lakh households through the Rajiv Rin Yojana (RRY), which provides subsidised
housing loans to people from economically weaker sections for buying houses.
Under the
revised terms, a household from the economically weaker section (EWS) will be
provided a loan of up to र 3 lakh for buying a house with a
5% interest subsidy a year and a repayment period of up to 20 years.
Under the
same scheme, households in the low income group (LIG) category will get loans
up to र 5 lakh and with the same terms.
A senior
housing and urban poverty alleviation ministry official, said, "We have
floated a Cabinet note on increasing the home loan amount in the EWS & LIG
category, which is under inter-ministerial consultation now. We have said it
that we expect about a 10 lakh people to benefit from the scheme. That is our
target but it will depend on the funds we get from the central government in
the Union Budge,"
The scheme
implementation will also depend on the willingness of banks to lend.
Now, home
loan limit in the EWS category is र 1 lakh the LIG category is र 1.80
lakh. The primary reason for the
lukewarm response to the scheme has been due to lack of willingness on the part
of banks to provide loans to EWS and LIG segments.
Sametime,
the ministry is hopeful of getting a big response this time. The ministry feels
that the government's announcement in November, 2012 to raise the bar on annual
income required to qualify for benefits under its existing housing schemes for
EWS and LIG category will help in getting more beneficiaries.
Urban poor
with an annual household income of up to र 1 lakh (up from र 60,000)
are being classified as EWS and those between र 1 lakh
and र 2 lakh
(up from र 1.20 lakh) have been categorised as LIG.
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