With the support of major public sector banks, the Mukkom municipality will invest ₹24 crore during this fiscal for a new housing scheme. In the first phase, 300 houses will be constructed after categorising beneficiaries on the basis of their income.
Municipal authorities said the project would be implemented in such a way to cover all eligible beneficiaries. There would be two categories on the basis of income and each would get a deserving subsidy to fulfil their dream, they said.
The participating banks in the project were given the final blueprint at a recent function. The aid of the Central and State governments for various housing schemes too would be used for the project.
Home loan
Applicants whose annual income is below ₹18 lakh would be considered for the scheme. Such persons would be given loan at an interest rate below 7%. Special consideration would be given to families whose annual income is below ₹6 lakh. They would be granted home loans at a cheaper interest rate of 4%.
Under the scheme, special consideration would be given to senior citizens and differently-abled persons from weaker sections. An expert committee would be entrusted with the short-listing of eligible beneficiaries without any discrimination on the basis of political affiliation.
Bank officials said the fund allotted through the Pradhan Mantri Awas Yojana (PMAY) would be one of the main components of the housing scheme in Mukkom.
Municipal authorities exuded confidence that the new scheme would address the demand of owning a house for a majority of the families in their limit. No other housing schemes were put on hold for the new project, they said.
