Apun Ghar is a new home loan scheme for Assam Government employees, announced in the Budget Speech 2016-2017, under which home loans will be provided to State Government employees at subsidised interest rates.
Interest Subvention Scheme For Housing Loan For Regular State Government Employee Under APUN GHAR - Introduction
Apun Ghar is a new home loan scheme for Assam Government employees as per announcement made in the Budget Speech, 2016-2017 under which home loans will be provided to the state Government employees at subsidized interest rates to purchase/construct a new house/flat, purchase of an existing/old house/flat or takeover of Home Loans from other Banks only. With Assam Government Interest Subvention Scheme of 3.50%, the present effective rate will be 5% for women and 5.05% for men.
The subsidy amount will be released by way of credit to the salary accounts of the employees from where the installment towards the home loan is recovered by charging to the prefunded subsidy account maintained by the Government of Assam. The list of beneficiaries will be submitted to Govt. of Assam on a monthly basis after the release of the subsidy.
On the basis of SBI’s proposal, the State Government has decided to provide a loan repayment schedule to the State Government employees with pensionable service beyond the age of retirement up to 70 years of age. SBI offered this proposal for those employees who maintain their pension account with SBI and who would provide an undertaking and Standard Instruction (SI) to SBI for the suitable deduction against the EMIs from the account.
Benefits
- The State Government has decided to provide an interest subvention of 3.5%. After applying this subvention, employees would get housing loans up to ₹15.00 lakh at 5.0% for women and 5.05% for men.
- Based on the SBI proposal, the state government has decided to provide a loan repayment schedule to state government employees with pensionable service beyond the age of retirement up to 70 years of age.
- The SBI will take responsibility for deducting the housing loan beyond the age of retirement up to 70 years, as the pension accounts are with SBI. For the convenience of employees, the deduction of EMIs will be higher during the service period and lower after retirement.
- There will be no need for a mortgage of property for a loan amount up to ₹10.00 lakh. However, SBI has referred this matter to its corporate center to increase the margin up to ₹15.00 lakhs.
- The SBI team will ensure that employees receive hassle-free service and that concerned departments get a single dedicated window at the bank level for all dealings related to the scheme.
- The house or flat purchased or constructed with the bank’s finance will be comprehensively insured against risks such as fire, riots, earthquake, lightning, floods, etc.
- A check-off facility will be provided by the Drawing and Disbursing Officer to recover interest and principal from the employee’s salary.
- The reduced interest rate on housing loans with state government subvention will apply up to 240 EMIs, i.e., up to 20 years of EMI deduction.
Eligibility
- Permanent employees of the State Government of Assam with at least 5 years residual service will be eligible for the scheme once during their service tenure.
- Minimum age 21 years and at least 5 years residual service are required to be eligible for the loan. The maximum age is 70 years for employees with pensionable service and 60 years for non-pensionable service.
- The benefits of interest subvention will be available to eligible employees who apply for a housing loan within two (2) years from the date of issuance of the Government Office Memorandum/Notification.
- Employees who do not have a salary account with SBI or who have had a salary account for less than one year must submit a ‘No Dues’ certificate from their existing or previous bank.
- However, an employee can avail a loan of more than ₹15 lacs, but the Assam Government Interest Subvention Scheme will be available only on loans up to the prescribed limit under the scheme.
- Close relatives can avail the loan jointly if all are government employees of Assam. In such cases, the Assam Government Interest Subvention Scheme will be available on the loan, clubbing together the prescribed limit under the scheme.
- Those who have already benefited under the Apun Ghar scheme are not eligible.
- Purchase of an ancestral plot of land from any close relative such as parents, spouse, siblings, or children is not covered by the scheme under any circumstances.
Exclusions
Application Process
- Step 01: Employees will apply through an application form specially designed for the scheme through their respective Drawing and Disbursing Officer (DDO).
- Step 02: Salary Certificate with Deduction, Grade, Date of Joining, Date of Retirement, Nature of Service (Pensionable or non-pensionable) and any other required information will be certified by the DDO, who will perform preliminary scrutiny and forward the application along with a check-off letter to the special team at SBI. Each DDO will be mapped to a special team located nearby.
- Step 03: The file will be processed for sanction by a special team to be formed at each regional business office and some identified SBI branches. This will ensure that employees receive hassle-free service and the concerned department gets a single dedicated window at the bank level.
- Step 04: Upon finding the case suitable for consideration under the scheme, the special team will accord sanction based on the criteria of the proposed scheme as prescribed by the bank.
- Step 05: Post sanction, the file will be sent for documentation and disbursement to a branch nearer either to the place of property or the place of posting, as per the choice of the applicant.
- Step 06: A grievance redressal cell is to be created at each regional business office, some identified SBI branches, and the local head office in Guwahati, specifically for the scheme, to address grievances of employees of the Government of Assam.