The residents of India can apply for this prestigious scheme if they are not able to take part in the Pradhan Mantri Awas Yojana due to various circumstances. The applicant must be a permanent resident of India to apply for this prestigious scheme. You can check out the details related to the Rural Housing Interest Subsidy Scheme 2024 from the article provided below and we will also share with you all the step-by-step procedures through which you will be able to apply online for the scheme. We will also share with you all the step-by-step procedures to check the status of the scheme and apply for this prestigious scheme.
About Rural Housing Interest Subsidy Scheme
Interest subsidy will be provided at a rate of 3% on the principal amount. The people who were not covered in the Pradhan Mantri Awas Yojana will be presented with these proper opportunities so that they can continue modifying their houses without having to worry about the financial differences that they are going through. They can apply for this prestigious Rural Housing Interest Subsidy Scheme if they belong to a minority community and they are not able to continue their livelihood due to the various financial differences that they have. The subsidy will be provided on the loan that is to be taken by the concerned beneficiaries and they will be able to take the loan without having to worry about security also. You can easily rebuild your house through the development of this scheme.
Also Check: Gramin Awas Yojana List
Benefits Of Rural Housing Interest Subsidy Scheme
The Government of India has created the Rural Housing Interest Subsidy Scheme 2024 to provide houses to citizens who are not covered under the Pradhan Mantri Awas Yojana. The scheme will provide proper information related to access to institutional loans and all the households will be able to get the opportunity to construct or modify their houses. The houses which are in the rural areas will be covered under the prestigious scheme. The pakka house should all follow the rules and regulations on the guidelines presented by the scheme to get the benefit and the government will provide a subsidy on the amount of the loan that is taken by the authorities. The scheme is present to improve the standard of living and the customers will also become self-independent through the development of this scheme.
Implementation Of Rural Housing Interest Subsidy Scheme
The scheme will be implemented by the Ministry of Rural Development which is under the Government of India through a central nodal agency and at the state level, the state government and the state-level bankers will be able to monitor this scheme. The government will provide proper opportunities to all the beneficiaries but if the beneficiaries are submitting false information then they will be liable to go through legal proceedings to make them understand that the scheme is only available for the people who are not able to modify their houses. The Ministry of Rural Development which is under the Government of India will have the final say in the names of the beneficiaries who will be getting this treatment.
Subsidy Release
The central nodal agency will be releasing the subsidy in this scheme by following the following procedure:-
- The subsequent amount will be released to the CNA of the interest subsidy after 70% utilization of the earlier amount.
- The net present value of the interest subsidy will be credited by the PLI to the beneficiary’s account by deducting it from the loan amount.
- 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 instead of the processing fees for the housing loan for the borrower
Interest Subsidy Details
The citizens will be able to get the details related to the following interest subsidy:-
| 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% |
Eligibility Criteria
The applicant must follow the following eligibility criteria to successfully apply for this scheme:-
- Applicant must be a permanent resident of India
- The applicant must be living in a rural area
- Applicant must not own a pucca house
- The applicant must not be covered under Pradhan Mantri Awas Yojana
Required Documents
The following documents are required in order to apply for this scheme:-
- Aadhar Card
- Residence certificate
- Income certificate
- Passport size photograph
- Mobile number
- Email id etc
Also Read: Affordable Rental Housing Scheme
Rural Housing Interest Subsidy Scheme 2024 Application Process
The applicant will have to visit the nearest office for the Ministry of Rural Development or the official website. After then ask for the application form. You have to fill out the application form and upload all of the documents. Then successfully submit the application form to apply for this scheme.