Andhra Launches New Program To Forgo Home Loans For The Poor | Latest India News

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Andhra Pradesh Chief Minister YS Jagan Mohan Reddy on Tuesday launched a new program for the poor to forgo all loans and their interest on government-sanctioned homes and provide them with full rights to their properties with payment of a nominal amount.

Launching the program, called Jagananna Sampoorna Gruha Hakku Pathakam (Jagan Total Housing Rights Program), at a reception in Tanuku in West Godavari District, the chief minister said the program would benefit more than 5, 2 million families who would obtain registered title deeds on payment of a nominal amount under a single settlement plan (OTS).

Addressing the rally, Jagan said that with the beneficiaries having full rights with the registration documents, they could pass the assets on to subsequent generations, receive bank loans, and also sell their property at market rate without any problems.

“The government renounces ??10,000 crore of outstanding housing loans from beneficiaries who have benefited from AP Housing Board Corporation loans since 2011 and beneficiaries will receive house documents with clear titles with free registration benefiting 52 lakh people ”, a he declared.

Reacting to criticism from opposition parties that the program aimed to raise money from beneficiaries in the form of OTS, the chief minister said that over the past 30 months, his government had credited ??1.16 lakh crore to people through direct benefit transfer (DBT) without the interference of middlemen in social initiatives.

“Why should I take money from the poor in the name of the OTS when ??Was 1.16 lakh crore provided through various programs? ” He asked.

As part of the program, the Chief Minister distributed registered documents to 826,000 people who registered with the OTS. “Likewise, people who have built houses on the land allocated by the government with their own money and do not have all the rights can benefit from the registration by paying just ??10 and secure their property. For free registrations alone, the government spent ??6,000 crores, ”he said.

Jagan said the total asset value would be around ??1.58,000 crore, and beneficiaries can benefit from the scheme by paying nominal amounts of ??10,000 in the villages, ??15,000 in municipalities, and ??20,000 in municipal corporations.

“If the loan amount is less than the stipulated amounts, then the beneficiaries can pay the outstanding loan amount and get full rights to their property,” he said, adding that the program is being extended up to the festival. ‘Ugadi which falls on April 2.

He said that after registration, the property would be removed from the land prohibited under Section 22 (A) and the beneficiary could complete any legal transaction without any problems.

“Also to facilitate the registration process, beneficiaries can register their property with the village and neighborhood secretariats at no additional cost. With this document record, the beneficiary does not need any binding document to complete property related transactions, ”Jagan said.


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