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Scheme of Interest Subsidy for Housing the Urban Poor (ISHUP)

Purpose


The Ministry of Housing and Urban Poverty Alleviation (MH & UPA), Government of India has designed an Interest Subsidy Scheme for addressing the Housing needs of Economically Weaker Section (EWS)/ Low Income Group (LIG) segments in urban area under “Affordable Housing for All”, an important policy agenda of Government of India. Such beneficiary who own land in any urban area but do not have any pucca house in their name or of any family member will be covered under this scheme. The Scheme has been approved by our Bank for implementation.
The salient features are given here under:

Eligibility

Economic parameter Average monthly income
Economically Weaker Section (EWS) Household having an average monthly income upto Rs. 3300/-
Low Income Group (LIG) Household having an average monthly income upto Rs. 3301/- to Rs. 7300/-

Loan Amount

Economically Weaker Section (EWS) Low Income Group (LIG)
Subsidized loan for 15 to 20 years) Subsidy will be given for loan amount upto Rs. 1.00 Lakh only and additional loan if needed will be unsubsidized.
Maximum amount Rs 1.00 Lakh per person Maximum loan amount 1.60 Lakh
For a House – at least of 25 sq mtrs. House – at least 40 sq.mtrs.

Repayment

Moratorium Period 12 months from the disbursement of 1st installment of the loan or 2 months after completion of construction of house whichever is earlier
Mode of repayment and installments Borrower friendly and installments fixed for repayment would be decided realistically based on expected cash flow from the activities of the borrower.
Charges No Prepayment charges will be levied.

Security

Loan upto Rs 1.00 Lakh Mortgage of dwelling unit may be accepted as primary security No Collateral security / Third party guarantee for loan up to and inclusive of Rs 1.00 lakh excluding group guarantee.
Above Rs 1.00 Lakh Mortgage of property and as long as the loan repayment is outstanding. The property will be mortgaged to the Bank and therefore not free to be sold by the borrower.

Rate of Interest


Click here to view Interest Rates

Other terms & conditions

  • Moratorium Period – 12 months
  • Repayment-After 12 months from the first disbursement or two months after completion of constructions.
  • Installment- Borrower friendly and to be decided on realistic expected cash flow from the activities of the borrower.
  • Charges - No prepayment / service charges.
N.B. For further details, please contact our nearest branch office.
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