Everything to know about the AP NTR Housing Scheme

Everything to know about the AP NTR Housing Scheme

November 5, 2019 0 By Sachi kaushik

A part of the Pradhan Mantri Awas Yojana (PMAY) initiative, NTR Nagar Housing Scheme had already built 1 Lakh houses since its inauguration back in 2nd October, 2017. An initiative to provide a roof over the head of the roofless, the third phase of AP NTR housing scheme began on February 2019. Further, this scheme intends to build at least 1.90 Lakh houses to shelter the homeless urban.

Under Andhra Pradesh NTR scheme, easy home loans are provided to the poor individuals residing in cities. These loans cover not only construction of new houses but can also aid in reconstruction and repair costs of existing structures. Though a part of PMAY initiative, home loan under NTR scheme has several regulations specific to it. Resultantly, all details regarding Andhra Pradesh NTR housing scheme are discussed underneath.

Eligibility criteria

The eligibility criteria for application and home loans under this scheme are vital requirements. It is advisable to use an online calculator to calculate home loan eligibility.

The following constitute the basic criteria that are required to be eligible for the Andhra Pradesh NTR scheme.

  • All applicants must be a resident of Andhra Pradesh.
  • Every applicant should mandatorily have either of the 2 documents viz. white ration card or a Below Poverty Line (BPL) Card.
  • The applicants should not own any house or property under any other government scheme.

Documents required

For interested applicants, it is crucial that they also go through a list of all the documents required for a home loan in case they go on to avail financial assistance.

  • Residential address proof: This includes residential proof of both permanent and current address of the applicant.
  • Housing details: This refers to all details regarding any pre-owned property or house in another part of the country. Additionally, this also requires details regarding size of house, number of rooms required, etc.
  • Identity proof: This includes Aadhaar card. Additionally, Voter Card or Driver’s Licence can be produced too.
  • Income details of individual as well as the whole
  • Family details: Number of family members and their ages along with age proof are details that are mandatory for the completion of application.
  • Bank details: Account details like number and branch are also necessary.
  • Proof of caste and religion are necessary too.

Costs and features of houses

Equipped with 9W LED bulbs, 20W LED tube lights, 50W fans and LED street lamps in the vicinity, the AP NTR housing scheme has 3 types of house variants.

  • 430 square feet houses costing at Rs. 7.71 Lakh.
  • 365 square feet houses with the reduced cost of Rs. 6.74 Lakh.
  • 300 square feet houses, the final of the offerings costing at Rs. 5.62 Lakh.

Subsidies received by beneficiaries

Along with easy housing loan in India under PMAY, this initiative offers numerous further subsidies to aid the people below poverty line in Andhra Pradesh.

  • Beneficiaries from general caste categories receive a sum of Rs. 1.5 Lakh in subsidy.
  • SC/ST beneficiaries receive additional Rs. 50,000.
  • Beneficiaries of PMAY NTR Urban scheme can avail a total subsidy of Rs. 2.5 Lakh.

With numerous individuals from urban sector getting a residence, Andhra Pradesh NTR scheme has already led financial institutions come up with numerous loan offers. NBFCs like Bajaj Finserv also ensure minimal document requirements, making the application process more convenient for the applicants.

Under AP NTR scheme, a further declaration has been made of around 4 Lakh houses for common people. With housing provided to reserved category candidates under these extensions, AP NTR housing scheme promises to provide every resident of Andhra Pradesh with a house by 2022.