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Interest Subsidy Scheme For Housing The Urban Poor (ISHUP)

“Affordable Housing for all “ is an important policy agenda of Govt. of India and accordingly the Ministry of Housing and Urban Poverty Allevation ( MH & UPA) has designed an Interest Subsidy Scheme as an additional instrument  for addressing the housing needs of EWS and LIG segment in urban areas.  The scheme envisages the provision of interest subsidy to EWS and LIG segments to enable them to buy or construct houses.

Salient features of the scheme are as under:

    1. Purpose – The scheme is applicable for urban poors only EWS/LIG persons.

    2. Eligibility –

      EWS - households having an average monthly income upto Rs. 5,000.
      LIG - households having an average monthly income between Rs.5001 upto Rs.10,000.
      For salaried persons: 36 times of last drawn salary.
      For others – Max. 3 times of average annual income (for last 3 years)

    3. Loan amount admissible –

      For EWS - Max. amount Rs. 1 lac for 20 years, for a house at least of 25 sq.mts.
      For LIG - Rs. 1,60,000, for a house at least of 40 sq.mts. However,    subsidy eligibility will be on Rs. 1 lac only
      Additional loans, if needed would be at unsubsidized rates.

    4. No loan for purchase of plot.

    5. Margin – min. 20%

    6. Rate of interest: as applicable for housing loans

    7. Repayment: Maximum 20 years including moratorium period.

    8. Security: Mortgage of house constructed / purchase out of loan (no collateral / third party guarantee for loans upto Rs. 1 lac excluding group guarantee.

    9. No Unified Processing charges

    10. Free Home Loan Suraksha Bima of NICL (presently)

    11. Subsidy Reimbursement: 5% interest subsidy (Net Present Value) for a maximum of principal amount of Rs. 1.00 lac is available under the scheme.

    For more details, kindly visit a Bank of Baroda Branch nearest to you.

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