Good News! Assam Cabinet Increases 'Apun Ghar' Home Loan Threshold

The Assam cabinet on Wednesday decided to increase the threshold loan amount under the 'Apun Ghar' scheme from Rs 15 lakh to Rs 30 lakh for state government employees.

Under the home loan subsidy scheme, state government employees in Assam can avail loans with the government providing a subvention of one per cent on the interest.

Addressing media persons, Assam minister Ranoj Pegu said, "The Apun Ghar scheme was introduced for state government employees in 2016-17 with Rs 15 lakh loan and an interest subvention from the government. So far, 37,277 employees have availed the scheme and taken home loans amounting to Rs 5,663 crore. The Assam government has paid Rs 596 crore as interest subvention on these loans."

"The cabinet has decided to increase the loan threshold from Rs 15 lakh to Rs 30 lakh. Addtionally, the government will also pay one per cent interest subvention for 20 years. This is a good news for employees as they can now avail Rs 30 lakh loan from banks with interest subvention from the Assam government," the state education minister added.

The government of Assam launched the 'Apun Ghar' home loan scheme to offer home loans to state government employees at subsidized interest rates. To facilitate this, the Assam government signed a Memorandum of Understanding (MoU) with the State Bank of India.

Apun Ghar home loan scheme eligibility criteria

To be eligible for the Apun Ghar Home Loan Scheme, applicants must meet the following criteria:

• The applicant must be a resident of Assam.

• The applicant must be at least 21 years old.

• The applicant must be a government employee of Assam in a lower-income category.

• The state employee must have a minimum of five years of experience.

• Employees who have already taken an education or home loan from SBI at regular rates can switch to the subsidized loan scheme after one year.

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