Apun Ghar Home Loan Scheme for Assam Govt. Employees
All the govt. employees under the Assam state govt. have a reason to cheer as they have been provided to a great home loan scheme offer. Under this scheme, all employees of the Assam state govt. may apply for home loans at very subsidized rate, compared to the market rate. Two separate MoUs have been signed with the SBI group by the Assam Govt. under the directorship of the Hon’ble Finance Minister, Shree Himanta Sarma.
Eligibility
This scheme is extensively for those govt. employees of Assam who are in lower income categories. However, all state govt. employees who are aged 21 years and above are free to apply. The state govt. employees must be in residual service in Assam for a minimum period of 5 years.
Loan Amount and EMI
| Sl. No. | Fields | Female govt. employees | Male govt. employees |
| 1 | Maximum loan tenure | 20 years | 20 years |
| 2 | Maximum loan amount | Rs. 15 lakh | Rs. 15 lakh |
| 3 | Rate of interest applicable | 5 % | 5.5 % |
| 4 | Effective EMI (20 years tenure, Rs. 15 lakh loan) | Rs. 9,899 | Rs. 10,318 |
| 5 | Subsidy in interest rate | 3.5 % | 3 % |
Subsidized Interest Rate
The SBI will provide easy home loans to the Assam state govt. employees at a very subsidized rate. The male govt. employees will enjoy a flat subsidy of 3 % on the normal home loan rates where as the female employees will have an upper edge with 3.5 % subsidy.
Period of loan
The maximum tenure of loan which will be provided is 20 years. However, one may opt for lower loan term as the higher the loan tenure, the more interest one has to pay.
Difference btw SBI loan rate and the scheme loan rate
Under this scheme provided by joint collaboration of Assam Govt. and SBI, the state govt. employees will have a huge advantage in applying and getting easy home loans for subsidized interest rates. The general SBI loan interest rate is 8.5 %, which is reduced to 5.5 % for male employees and 5 % for female employees.
Covered Area
As per govt. reports, near about 4.2 lakh state govt. employees of Assam will get direct benefit of the subsidized home loan scheme in Assam. All the districts of Assam will be entirely covered under the scheme.
How to Apply and required doc
The eligible beneficiaries of the AGY scheme in Assam can collect the application forms from the Drawing officer of the districts and apply for the scheme. It is not mandatory to visit the SBI branch to apply for this scheme. The documents which would be required are identity proof, address proof, PAN, income certificate (pay slip), NOC from the department employed, etc.
All Benefits
- No collateral security money will be charged from the applicants. Also there will be no processing fee for home loan application under this scheme.
- The SBI has capped the ceiling of the maximum amount of home loan to be provided under this scheme which is Rs. 15 lakh.
- As per initial panning, 10,000 loans will be disbursed every financial year by the SBI.
Date of starting
As per SBI, it will start disbursement of the home loans under this scheme from May, 2018.
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