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Real Estate >> News
Housing Subsidy Scheme For Urban Poor Revised
By
PTI
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Thursday, February 16, 2012
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New Delhi: With the aim of a slum-free India, government has increased the loan amount to 
5 lakh for construction of houses in urban areas under the Interest Subsidy for Housing the Urban Poor (ISHUP) scheme.
Based on the recommendations made by an advisory committee set up by Housing and Urban Poverty Alleviation Ministry, it is proposed that the existing scheme of ISHUP be revised with increase in the upper ceiling of the loan for current 1 lakh with interest subsidy of per cent to 3 lakh for the economically weaker section (EWS) households and 5 lakh for the lower income group (LIG) beneficiaries.
Both these loans would be granted with 5 per cent interest subsidy, according to a release.
The ISHUP scheme was launched on December 26, 2008 with a view to enabling the access of urban poor to the long term institutional finance.
Though the ISHUP scheme was slated to be closed in 2012, the last year of the 11th Five Year Plan Period (2007-12), ministry is in the process of re-launching in it in a revised form to be implemented in the 12th Five Year Plan (2012-17).
Owing to the lack of willingness on the part of banks to provide loans to EWS and LIG people, there are only only 8,734 beneficiaries in Andhra Pradesh, Chhattisgarh, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Uttar Pradesh and Kerala have been covered under the scheme.
Since June 2011, ISHUP has been dovetailed with the government's flagship programme of Rajiv Awas Yojana (RAY) for a slum-free India.
5 lakh for construction of houses in urban areas under the Interest Subsidy for Housing the Urban Poor (ISHUP) scheme.
Based on the recommendations made by an advisory committee set up by Housing and Urban Poverty Alleviation Ministry, it is proposed that the existing scheme of ISHUP be revised with increase in the upper ceiling of the loan for current 1 lakh with interest subsidy of per cent to 3 lakh for the economically weaker section (EWS) households and 5 lakh for the lower income group (LIG) beneficiaries.
Both these loans would be granted with 5 per cent interest subsidy, according to a release.
The ISHUP scheme was launched on December 26, 2008 with a view to enabling the access of urban poor to the long term institutional finance.
Though the ISHUP scheme was slated to be closed in 2012, the last year of the 11th Five Year Plan Period (2007-12), ministry is in the process of re-launching in it in a revised form to be implemented in the 12th Five Year Plan (2012-17).
Owing to the lack of willingness on the part of banks to provide loans to EWS and LIG people, there are only only 8,734 beneficiaries in Andhra Pradesh, Chhattisgarh, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Uttar Pradesh and Kerala have been covered under the scheme.
Since June 2011, ISHUP has been dovetailed with the government's flagship programme of Rajiv Awas Yojana (RAY) for a slum-free India.
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