MHUPA : RAY Rajiv Awas Yojana Scheme 2013-2022

Organization : Ministry of Housing & Urban Poverty Alleviation
Facility : Rajiv Rinn Yojana
Home Page :http://mhupa.gov.in/
For more details here :http://mhupa.gov.in/RRY/RRY_Page.htm

RRY Scheme :

Rajiv Rinn Yojana (RRY) is an instrument to address the housing needs of the EWS/LIG segments in urban areas, through enhanced credit flow.

Related / Similar Service :
MHUPA PMAY Pradhan Mantri Awas Yojana

It is also formulated to channelize institutional credit to the poorer segments of the society and increasing home ownership in the country along with addressing housing shortage. RRY has been formulated by modifying the Interest Subsidy Scheme for Housing the Urban Poor (ISHUP) piloted in the 11th Plan period with enhanced scope and coverage. RRY is a Central Sector Scheme applicable in all the urban areas of the Country.

Features Of The Scheme :
Purpose :
The Scheme will provide home loan with Central Government interest subsidy to EWS/LIG persons for acquisition/ construction of house to such beneficiary, who does not own a house in his/her name or in the name of his/her spouse or any dependent child. Assistance would also be available to such of the EWS/LIG beneficiaries with less than 40 Sq. m who intend to make additions to the living areas of existing dwelling units by extending the same. Such beneficiaries who own land in any urban area but do not have any pucca house in their name or in the name of their spouse or any dependent child will also be covered under the Scheme.

Eligibility :
The economic parameter of EWS is defined as households having an average annual income up to Rs. 1,00,000/- and the economic parameter of LIG is defined as households having an average annual income between Rs.1,00,001/- up to Rs.2,00,000/-. This will be subject to revision by the Steering Committee of the Scheme from time to time.

Loan amount admissible :
The scheme will provide an interest subsidy for a maximum amount of Rs.5,00,000 for an EWS individual for a house at least of 21 sq.mts. There should be a provision for toilet wherever new construction of house is contemplated. Additional loans, if needed would be at unsubsidized rates. The loan tenure can be between 15 – 20 years.

The subsidy will be passed on as follows :-
The Scheduled Commercial Banks and Housing Finance Companies (collectively called Primary Lending Institutions or PLIs) will sign a MOU with any of the Central Nodal Agencies (namely HUDCO and NHB) based on the agreed target number of beneficiaries that the Bank/ HFI would be servicing.

Applicants :
Applicants planning to form cooperative group housing societies or organizations like Employees Welfare Housing, Labour Housing, etc. should be given preference and wherever possible construction of houses by such cooperatives by way of 1+3 storied buildings should be promoted so that cost of land is shared among beneficiaries. However, this is not a mandatory requirement. Both individuals as well as Group Housing borrowers are equally eligible under the scheme.