Telangana Home Loan Interest Subsidy Scheme :- The government would bear the interest component of the home loans to be availed by the middle class people who are aspiring to buy apartments in the range of 1200 sq ft to 1500 sq ft under Telangana BRS Home Loan Interest Subsidy Scheme which will be implemented in its third term of governance after the November 30 elections. It is announced by the Bharat Rashtra Samithi (BRS) working President and Minister K.T. Rama Rao. In this article we will discuss about the program in details including Key Highlights, Objectives, Benefits, Eligibility Criteria, Documents Requires, Application Procedure, etc.
Telangana BRS Home Loan Interest Subsidy Scheme
The new Telangana BRS Home Loan Interest Subsidy Scheme announced by the BRS working President and Minister K.T. Rama Rao will be a component of the Housing for All initiative by the party. The party president and Chief Minister K Chandrashekhar Rao was working out modalities for the new scheme, which will be implemented in parallel to the existing double bedroom housing and Gruha Lakshmi programme. Through this scheme, the citizens of the state will be given financial assistance to buy flats, so that they do not have to face financial crunch to buy a flat.
Key Highlights of BRS Home Loan Scheme
| Name of the Scheme | Home Loan Interest Subsidy Scheme |
| Announced By | BRS working President and Minister K.T. Rama Rao |
| Announced On | 24 November 2023 |
| State | Telangana |
| Beneficiaries | Middle Class families of the state |
| Benefits | Interest Subversion |
| Mode of Application | Online and Offline |
| Official Website | To be launched soon |
Objectives of BRS Home Loan Scheme
The objectives of the Home loan scheme are as follows:
- The primary objective of the scheme is to provide loan amount to middle class families to buy flats to get the benefit of Interest subversion.
- Another objective of the scheme is to provide interest free house to the middle class family.
- Housing loan of up to Rs. 50,00,000/- will be provided and subsidy of 3% to 6% will also be provided on loan interest.
- The plan is to have this initiative run parallel to the existing housing programme of the state government.
Benefits of Home Loan Interest Subsidy Scheme
The benefits of Home Loan Interest Subsidy Scheme are as follows:
- Those who fall into MIG (Middle Income Group) are able to buy flats without thinking of the loan interest.
- Eligible families will buy 1200 sq ft to 1500 sq ft house or apartment without paying interests.
- Applicants have to only pay the loan amount as interest component will be borne by the government.
- This scheme will be initiated after the BRS Government will win assembly elections of 2023.
Eligibility Criteria
- Applicants should be Indian Resident.
- Those who have Domicile Certificate of Telangana.
- Only Middle Income Group (MIG) people are eligible.
Documents Required
- Aadhar Card
- Caste Certificate
- Income Certificate
- Land Documents
- Mobile Number
Application Procedure for Home Loan Interest Subsidy Scheme
Citizens who wants to buy a flat will have to wait for some time as the official website for BRS Home Loan Interest Subsidy Yojana has not been launched yet. As soon as the registration process for this scheme will be initiated through online or offline mode,we will publish the step by step guide for you.