In 2017, the Assam government introduced a scheme called “Apna Ghar” for regular employees under its jurisdiction to purchase houses at a cost of one thousand rupees per month with the aim of building their own homes. This scheme has been extended until March 31, 2026. This means that if someone applies for this benefit before March 31, 2026, they can avail of it. In this article, we will discuss the Apna Ghar scheme, its importance, who it is important for, and some key points related to it.
We will discuss who is eligible for this loan, what qualifications are required, how much loan can be availed, what subsidies are provided, what documents are needed, in which cases the loan is provided, and in which cases it is not. The first important point is that this loan is significant because, for individuals who generally apply for a home loan from a bank, obtaining a home loan is quite challenging. It requires submitting numerous documents, and many people are unable to get a home loan due to a lack of documents. Personal loans often have high interest rates, making it difficult to start or manage expenses with such loans.
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What are the Benefits of the Apna Ghar scheme
The Apna Ghar scheme significantly reduces the burden of obtaining a home loan. Under this scheme, Assam government employees can avail of the loan with minimal documentation, making it easier to secure. The loan is considered very important because of the subsidy provided. The key point is the eligibility criteria for this loan. Initially, the scheme was only for regular government employees, but now it has been extended to include contractual employees as well
Eligibility for Contractual Employees and Age Criteria
- Not all contractual employees are eligible; only those with a service tenure of at least three years are entitled to this benefit.
- The second point is that the minimum age to avail of the Apna Ghar loan is 21 years, and the maximum age is 55 years.
- However, this 55-year age limit applies only to employees who are eligible for a pension.
- For those who do not receive a pension, the loan repayment can extend up to 70 years, depending on the bank’s rules.
Loan Amount and Calculation
- The Apna Ghar scheme was initially designed to provide a maximum loan amount of 15 lakh rupees, but this has now been increased.
- The maximum loan limit depends on the applicant’s net salary. The loan amount can be up to 48 times the net salary.
- For example, if an individual’s net salary is 30,000 rupees, they can avail of a loan of up to 14.4 lakh rupees.
- If the salary is 40,000 rupees, the maximum loan amount can be 19.2 lakh rupees. For a salary of 50,000 rupees, the loan can go up to 24 lakh or 26 lakh rupees.
Subsidies and Loan Benefits
The loan comes with a subsidy of up to 3 percent, which is credited to the salary account annually. This means that while you pay the normal interest on the loan, the subsidy amount is credited to your account. The loan can be used for purchasing a house or a flat, but it cannot be used to buy ancestral property or land already in your name
Eligible Uses and Required Documents
The loan is provided for purchasing a house or flat but not for ancestral property or land already owned by the applicant. Required documents include
- proof of identity (government-issued ID like a PAN card or voter ID, preferably a government ID),
- proof of residence (such as a current electricity bill, telephone bill, or updated bank account statement),
- the last two years’ Form 16 for tax purposes. These are critical documents for the application process.
Additional Document Requirements
- If your salary is credited to a bank other than SBI, you need to submit the last six months’ bank account statement showing transactions.
- You also need to provide the latest salary certificate, detailing deductions such as NPS or professional tax as per service rules.
- Additionally, a No Objection Certificate (NOC) or No Dues Certificate from the bank is required to confirm that you have no outstanding liabilities or loans with that bank.
Property and Asset Documentation
- You must submit details of your current assets and liabilities, including any existing loans or properties.
- If you own land, a land certificate or jamabandi copy (land record) is preferable.
- While a land deed is mandatory for regular housing loans, the Apna Ghar scheme is more lenient, accepting a jamabandi copy. This makes the scheme more accessible.
Loan Tenure and Subsidy Details
Many people misunderstand or overlook the fact that the government provides a subsidy for up to 40 EMIs (equated monthly installments) under this scheme. The subsidy is provided for a maximum loan tenure of 20 years. If the loan tenure exceeds 20 years (e.g., 25 years), no subsidy is provided for the additional years. For any further queries about the Apna Ghar scheme.