Assistance for construction of a house
A) Eligibility :
Every registered construction worker who is a beneficiary for a period of not less than 5 years and having 15 years of service for superannuation and who owns a site in his name or the name of his spouse is eligible to apply for assistance of loans and advances for construction of a house.
- Every registered construction worker who is eligible for assistance loans and advances for construction of a house under sub-rule (1) shall apply to the Board in the Form XVI.
- Every such application shall accompany with original sale deed showing that he owns the site, approved plan by the local authority, etc., as may be prescribed by the Board in this behalf.
- The Board shall examine every application for assistance of loans and advances for purchase or construction of a house in accordance with the provisions of this clause and may accept or reject the application. The decision of the Board shall be final:
- Provided that the Board shall, before rejecting an application, given the applicant a reasonable opportunity of making the representation.
C) The quantum of assistance of subsidy for construction/ purchase of house shall be Rs. 50,000/-(Rupees fifty thousand only) by the Board which will be directly paid to the bank/financial institution subject to the beneficiary fulfilling the following terms and conditions.
- The beneficiary shall avail a loan of not less than Rs. 2.00 Lakhs;
- After deducting the subsidy amount of Rs. 50,000 provided by the board, for the remaining loan amount of Rs. 1.5 Lakhs, the differential rate of interest above 5% charged by the bank/ financial institution for the loan component shall be reimbursed by the board directly to the bank/ financial institution; and
- The beneficiary submits, house completion certificate and attested copies if the Title deeds of the Property obtained from the concerned Local Body / Local Authority / Sub-Registrar.