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Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy has taken a significant step by disbursing nearly Rs 47 crore in interest reimbursement to over four lakh beneficiaries who had availed housing loans. This distribution is part of the biannual disbursement under the Navaratnalu-Pedalandariki Illu scheme.
Addressing the beneficiaries and officials at his camp office in Amaravati, Chief Minister Reddy underscored the importance of the interest reimbursement component of the scheme. Beneficiaries are entitled to interest reimbursement exceeding 3% on a bank loan of Rs 35,000 each, allowing them to pay just the minimal interest of 25 paise on housing loans for houses constructed in the Jagananna Colonies.
Chief Minister Reddy emphasized that this initiative aims to ease the financial burden on beneficiaries, especially considering the prevailing interest rates of 9 to 11% on housing loans offered by banks. The state government's decision to reimburse interest over and above 3% is a strategic move to make homeownership more accessible and financially viable for the citizens.
Chief Minister Reddy also shared that, thus far, bank loans totaling approximately Rs 4,500 crore have been disbursed to nearly 13 lakh beneficiaries under the Navaratnalu-Pedalandariki Illu scheme. This scheme was designed to prioritize affordable housing and stands as a cornerstone of the government's commitment to fostering inclusive development and improving living standards.
The interest reimbursement disbursement is a testament to the government's dedication to socio-economic welfare and housing development. By consistently implementing such schemes, the Andhra Pradesh government continues to make strides towards ensuring housing affordability and providing financial relief for its citizens. This initiative aligns with the government's broader vision of inclusive growth and improving the quality of life for the residents of Andhra Pradesh.
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