Apun Ghar Loan Scheme 2024: Check Eligibility, Interest Rate And Application Form

The Apun Ghar Loan Scheme 2024 is a remarkable initiative by the Assam state government aimed at providing affordable housing loans to government employees. Tailored to uplift the living standards of these employees, this scheme offers substantial financial assistance, ensuring that owning a home becomes a realistic goal rather than a distant dream.

This scheme is of significant importance to government employees in Assam due to its favorable terms and conditions. By offering lower interest rates and subsidies, it makes homeownership more accessible. Understanding the eligibility criteria, interest rates, and application process is essential for potential beneficiaries to make informed decisions about availing the benefits of this scheme.

• Grasping the eligibility criteria helps determine whether one qualifies for the benefits.
• Knowing the interest rates and subsidies can aid in better financial planning.
• Familiarity with the application process ensures a smooth and hassle-free experience.

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Apun Ghar Loan Scheme

The Apun Ghar Loan Scheme, launched in the financial year 2016-17, is a government initiative specifically designed to provide financial assistance to government employees in Assam. This scheme aims to uplift living standards by facilitating home ownership for state employees and making housing more affordable and accessible.

Overview Of The Scheme

Scheme Name	Apun Ghar Loan Scheme
Launched by	Assam State Government
Year Launched	2016-17
Objective	Provide housing loans to Assam state employees
Maximum Loan Amount	INR 30 lakh
Interest Subsidy	3.5% for loans up to INR 15 lakh
Loan Duration	20 years
Eligibility	Permanent residents of Assam, government employees
Income Limit	Annual family income not exceeding INR 20 lakh
Application Process	Online through official Apun Ghar Loan website

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Objectives of the Scheme

The primary objectives of the Apun Ghar Loan Scheme include:

• Uplifting Living Standards: By providing subsidized home loans, the scheme helps government employees secure quality housing, thereby improving their overall living conditions.
• Affordable Housing: The scheme is aligned with broader initiatives like “Housing for All,” targeting first-time homebuyers who are permanent residents of Assam.

Through these objectives, the scheme endeavors to create a positive impact on the socio-economic status of government employees, fostering a sense of stability and well-being.

Financial Assistance SAnd Statistics

The Apun Ghar Loan Scheme provides significant financial support to eligible beneficiaries:

• Total Loans Provided: Since its inception, the scheme has disbursed loans amounting to ₹5663 crores. This substantial financial outlay underscores the government’s commitment to improving housing affordability for its employees.
• Interest Subsidy: One of the key benefits is an interest subsidy of 3.5% on loans up to INR 15 lakh, making home loans more affordable compared to standard market rates.

Key Features

Some defining features of the Apun Ghar Loan Scheme include:

• Maximum Loan Amount: Government employees can avail loans up to INR 30 lakh under this scheme.
• Subsidized Interest Rates: The reduced interest rate on loans ensures that monthly repayments are manageable for beneficiaries.
• Eligibility Criteria: Limited to permanent residents of Assam with a family income below INR 20 lakh. The scheme is specifically targeted at first-time homebuyers.

Read Also –Pradhan Mantri Awas Yojana

Eligibility Criteria

Key Eligibility Requirements

1. Applicants must be permanent residents of Assam.
2. Proof of residency such as voter ID cards, utility bills, or other government-issued documents are typically required.
3. The family income of the applicant should not exceed INR 20 lakh per annum.
4. To qualify, applicants must be first-time homebuyers.
5. Applicants should not have owned a home previously.
6. Beneficiaries of prior housing schemes, including earlier versions of the Apun Ghar Loan Scheme, are not eligible.
7. Applicants must submit valid income proof, such as salary slips or income tax returns.
8. Additional residency proof may include lease agreements or property tax receipts.
9. Meeting all eligibility criteria is essential to benefit from this scheme.
10. Prospective applicants should gather necessary documentation and verify eligibility before applying.

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Loan Amount And Interest Subsidy Details

Loan Amounts Available

The Apun Ghar Loan Scheme offers substantial financial assistance to government employees in Assam. The scheme allows eligible applicants to secure a maximum loan amount of INR 30 lakh. This upper limit ensures that beneficiaries can afford homes that align with their needs and aspirations, significantly easing the financial burden associated with purchasing a home.

Interest Subsidy Details

The interest subsidy under the Apun Ghar Loan Scheme is one of its most attractive features. Applicants can benefit from an interest rate reduction of 3.5% on loans up to INR 15 lakh. This subsidy aims to make home loans more affordable by reducing the overall interest paid over the loan tenure.

For example, if a government employee secures a loan of INR 15 lakh, they would enjoy a significantly lower interest rate compared to standard market rates. This translates into considerable savings and makes home ownership more accessible for state employees.

Breakdown Of Interest Subsidy

• Loans up to INR 15 lakh: Eligible for a reduced interest rate of 3.5%.
• Loans above INR 15 lakh and up to INR 30 lakh: Standard interest rates apply beyond the subsidized amount.

The subsidy on the first INR 15 lakh ensures that even larger loans remain partially subsidized, offering balanced financial support for those seeking higher loan amounts.

Read Also –Credit Linked Subsidy Scheme

Apun Ghar Loan Scheme Application Form 2024

Online Mode

• Visit the Official Website: Navigate to the Finance Department, Government of Assam’s official website.
• Locate the Loan Section: Click on the “Apun Ghar Loan Scheme” section.
• Eligibility Check: Use the eligibility checker tool to verify if you meet the criteria.
• Fill Out the Application Form: Provide personal details such as name, address, date of birth, etc. Include family income information and employment details.
• Upload Required Documents: Ensure all necessary documents are scanned and ready for upload.
• Submit the Form: After filling in all required fields and uploading documents, click “Submit.”
• Receive Acknowledgement: An acknowledgment receipt will be generated. Save or print this document for future reference.

Offline Application

• Visit nearest bank branch: Go to any participating bank.
• Collect application form: Request from bank officials.
• Fill out the form manually: Provide personal, income, and employment details.
• Attach required documents: Photocopies of necessary documents.
• Submit to bank official: Hand over completed form and documents.
• Receive acknowledgment receipt: Bank will provide after submission.

Required Documents

1. Identity Proof: Aadhaar card, Voter ID, Passport
2. Address Proof: Utility bills (electricity/water), Ration card
3. Income Certificate: Issued by a competent authority
4. Employment Certificate: From current employer showing government employee status
5. Bank Statements: Last six months’ bank statements
6. Photographs: Recent passport-sized photographs
7. Property Documents (if applicable): Sale agreement or property title deed, Property tax receipts

Financial Institutions Involved In Disbursing Loans Under the Scheme

The Apun Ghar Loan Scheme collaborates with various financial institutions to ensure the smooth disbursement of loans to eligible government employees. These institutions include:

1. Assam Cooperative Apex Bank
2. Scheduled Commercial Banks
3. Regional Rural Banks

Assam Cooperative Apex Bank

Assam Cooperative Apex Bank plays a critical role in the Apun Ghar Loan Scheme. As a regional bank, it understands the local landscape and provides tailored solutions to meet the specific needs of Assam’s residents. Government employees often find it convenient to approach this bank due to its localized services and deep-rooted understanding of the community.

Scheduled Commercial Banks

Scheduled Commercial Banks (SCBs) are also key players in disbursing loans under this scheme. These banks are known for their extensive branch networks and robust financial services, making it easy for applicants to access loan facilities regardless of their location within Assam. SCBs typically offer:

• Faster approval times due to streamlined processes.
• Lower processing fees, which can significantly reduce the overall cost of borrowing.
• Enhanced customer service, providing applicants with detailed guidance throughout the loan application process.

Regional Rural Banks

Regional Rural Banks (RRBs) serve as another important segment in this scheme. RRBs focus on rural areas, ensuring that government employees residing in less urbanized regions have equal access to home loans. The benefits of opting for RRBs include:

• Personalized service tailored to rural customers’ needs.
• Competitive interest rates, often lower than those offered by larger commercial banks.
• Greater accessibility for residents in remote areas, ensuring they are not left out of financial opportunities.

Interest Rates Comparison With Other Housing Loan Schemes In India

When evaluating the Apun Ghar Loan Scheme, it is essential to consider how its interest rates stack up against other popular housing loan schemes available in India. The Apun Ghar Loan Scheme offers a competitive interest subsidy of 3.5% on loans up to INR 15 lakh for government employees, which can make a significant difference in the overall cost of the loan.

Current Interest Rates

Apun Ghar Loan Scheme:

1. Interest Rate: 3.5% subsidy on loans up to INR 15 lakh
2. Loan Limit: Up to INR 30 lakh for government employees

Comparative Housing Loan Schemes:

Pradhan Mantri Awas Yojana (PMAY):

1. Interest Rate: Subsidy of 6.5% for loans up to INR 6 lakh
2. Loan Limit: Up to INR 12 lakh for Economically Weaker Sections (EWS) and Lower Income Groups (LIG)

SBI Home Loans:

1. Interest Rate: Starting at around 6.7% per annum
2. Loan Limit: Based on applicant’s eligibility and property value

HDFC Housing Loans:

1. Interest Rate: Starting at approximately 6.75% per annum
2. Loan Limit: Varies according to eligibility criteria

ICICI Home Loans:

1. Interest Rate: From 6.75% per annum
2. Loan Limit: Depends on applicant’s income and property valuation

Conclusion

The Apun Ghar Loan Scheme provides a significant financial advantage for government employees in Assam by offering a competitive interest subsidy of 3.5% on loans up to INR 15 lakh. This can substantially reduce the overall cost of the loan, making it a more affordable option compared to other housing loan schemes available in India. With a loan limit of up to INR 30 lakh, the scheme stands out in terms of the financial relief it offers, thereby fulfilling its objective of making homeownership more accessible for government employees.

FAQ’s